On consolidated basis
Quarter ended September 2024 compared with Quarter ended September 2023.
Net sales (including other operating income) of Britannia Industries has increased 5.29% to Rs 4667.57 crore. Operating profit margin has declined from 19.68% to 16.78%, leading to 10.20% decline in operating profit to Rs 783.41 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 51.32% to 54.52%. Purchase of finished goods cost fell from 5.94% to 4.49%. Employee cost increased from 3.59% to 4.91%. Other expenses fell from 19.53% to 19.51%. Other income fell 12.13% to Rs 46 crore. PBIDT fell 10.31% to Rs 829.41 crore. Provision for interest fell 35.16% to Rs 34.64 crore. Loan funds declined from Rs 2,778.39 crore as of 30 September 2023 to Rs 2,753.56 crore as of 30 September 2024. Inventories rose to Rs 1,972.39 crore as of 30 September 2024 from Rs 1,649.29 crore as of 30 September 2023. Sundry debtors were higher at Rs 510.00 crore as of 30 September 2024 compared to Rs 412.81 crore as of 30 September 2023. Cash and bank balance rose to Rs 250.31 crore as of 30 September 2024 from Rs 235.56 crore as of 30 September 2023. Investments rose to Rs 2,368.38 crore as of 30 September 2024 from Rs 1,937.74 crore as of 30 September 2023 . PBDT fell 8.79% to Rs 794.77 crore. Provision for depreciation rose 6.12% to Rs 76.07 crore. Fixed assets increased to Rs 2,875.77 crore as of 30 September 2024 from Rs 2,697.68 crore as of 30 September 2023. Intangible assets declined from Rs 141.76 crore to Rs 130.42 crore. Profit before tax down 10.13% to Rs 718.70 crore. Share of profit/loss was 226.92% lower at Rs -3.4 crore. Provision for tax was expense of Rs 183.6 crore, compared to Rs 212.13 crore. Effective tax rate was 25.67% compared to 26.56%. Net profit attributable to owners of the company decreased 9.55% to Rs 531.45 crore. Equity capital stood at Rs 24.09 crore as of 30 September 2024 to Rs 24.09 crore as of 30 September 2023. Per share face Value remained same at Rs 1.00. Promoters’ stake was 50.55% as of 30 September 2024 ,compared to 50.55% as of 30 September 2023 .
For year-to-date (YTD) results analysis.
Net sales (including other operating income) of Britannia Industries has increased 5.62% to Rs 8917.86 crore. Operating profit margin has declined from 18.49% to 17.24%, leading to 1.55% decline in operating profit to Rs 1,537.07 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 51.59% to 53.37%. Purchase of finished goods cost fell from 6.03% to 4.49%. Employee cost increased from 4.12% to 4.84%. Other expenses rose from 19.80% to 20.18%. Other income fell 4.39% to Rs 101.61 crore. PBIDT fell 1.73% to Rs 1638.68 crore. Provision for interest fell 40.27% to Rs 63.59 crore. Loan funds declined from Rs 2,778.39 crore as of 30 September 2023 to Rs 2,753.56 crore as of 30 September 2024. Inventories rose to Rs 1,972.39 crore as of 30 September 2024 from Rs 1,649.29 crore as of 30 September 2023. Sundry debtors were higher at Rs 510.00 crore as of 30 September 2024 compared to Rs 412.81 crore as of 30 September 2023. Cash and bank balance rose to Rs 250.31 crore as of 30 September 2024 from Rs 235.56 crore as of 30 September 2023. Investments rose to Rs 2,368.38 crore as of 30 September 2024 from Rs 1,937.74 crore as of 30 September 2023 . PBDT rose 0.90% to Rs 1575.09 crore. Provision for depreciation rose 5.31% to Rs 150 crore. Fixed assets increased to Rs 2,875.77 crore as of 30 September 2024 from Rs 2,697.68 crore as of 30 September 2023. Intangible assets declined from Rs 141.76 crore to Rs 130.42 crore. Profit before tax grew 0.45% to Rs 1,425.09 crore. Provision for tax was expense of Rs 359.82 crore, compared to Rs 378.67 crore. Effective tax rate was 25.77% compared to 26.66%.Minority interest increased 79.31% to Rs -0.66 crore. Net profit attributable to owners of the company decreased 0.77% to Rs 1,037.09 crore. Equity capital stood at Rs 24.09 crore as of 30 September 2024 to Rs 24.09 crore as of 30 September 2023. Per share face Value remained same at Rs 1.00. Promoters’ stake was 50.55% as of 30 September 2024 ,compared to 50.55% as of 30 September 2023 . Cash flow from operating activities decreased to Rs 545.84 crore for YTD ended September 2024 from Rs 967.21 crore for YTD ended September 2023. Cash flow used in acquiring fixed assets during the YTD ended September 2024 stood at Rs 197.04 crore, compared to Rs 293.11 crore during the YTD ended September 2023.
Full year results analysis.
Net sales (including other operating income) of Britannia Industries has increased 2.88% to Rs 16769.27 crore. Operating profit margin has jumped from 17.37% to 18.90%, leading to 11.97% rise in operating profit to Rs 3,169.84 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 50.86% to 50.98%. Purchase of finished goods cost fell from 8.17% to 5.62%. Employee cost increased from 4.02% to 4.23%. Other expenses rose from 19.67% to 20.27%. Other income fell 0.78% to Rs 214.18 crore. PBIDT rose 11.07% to Rs 3384.02 crore. Provision for interest fell 3.02% to Rs 164 crore. Loan funds declined from Rs 2,997.37 crore as of 31 March 2023 to Rs 2,064.96 crore as of 31 March 2024. Inventories declined from Rs 1,193.26 crore as of 31 March 2023 to Rs 1,181.22 crore as of 31 March 2024. Sundry debtors were higher at Rs 393.33 crore as of 31 March 2024 compared to Rs 328.94 crore as of 31 March 2023. Cash and bank balance rose to Rs 446.35 crore as of 31 March 2024 from Rs 197.98 crore as of 31 March 2023. Investments declined from Rs 3,324.24 crore as of 31 March 2023 to Rs 2,766.72 crore as of 31 March 2024. PBDT rose 11.90% to Rs 3220.02 crore. Provision for depreciation rose 33% to Rs 300.46 crore. Fixed assets increased to Rs 2,828.86 crore as of 31 March 2024 from Rs 2,632.06 crore as of 31 March 2023. Intangible assets increased from Rs 128.16 crore to Rs 129.82 crore. Profit before tax grew 10.10% to Rs 2,919.56 crore. Provision for tax was expense of Rs 779.25 crore, compared to Rs 716.45 crore. Effective tax rate was 26.75% compared to 23.62%. Minority interest decreased 2.57% to Rs -5.59 crore. Net profit attributable to owners of the company decreased 7.84% to Rs 2,139.81 crore. Equity capital stood at Rs 24.09 crore as of 31 March 2024 to Rs 24.09 crore as of 31 March 2023. Per share face Value remained same at Rs 1.00. Promoters’ stake was 50.55% as of 31 March 2024 ,compared to 50.55% as of 31 March 2023 . Cash flow from operating activities increased to Rs 2,572.98 crore for year ended March 2024 from Rs 2,526.21 crore for year ended March 2023. Cash flow used in acquiring fixed assets during the year ended March 2024 stood at Rs 561.52 crore, compared to Rs 711.46 crore during the year ended March 2023.
Management Comments :
Mr. Varun Berry, Vice Chairman &
Managing Director, said: “A 8% volume growth with a sequential increase in
revenue and operating profits are satisfactory results in the face of severe
commodity inflation leading to a tepid consumer demand scenario in most FMCG
categories. In the context of steep rise in prices of key commodities such as
Wheat, Palm, Cocoa etc, we demonstrated agility in initiating focused pricing
actions and identifying new levers for cost optimization across the
value-chain. As a result, we maintained a healthy operating margin of ~15.5%
during the quarter. We are committed to investing in capability enhancement and
brand development with the clear objective of driving market share and
sustaining profits. Our agenda of being a “Total Global Foods Company” is
progressing well with our adjacent businesses such as Croissant, Milk Shakes,
Wafers and International growing at a healthy pace. Making strides in this
direction, we are working on redefining our distribution strategy to optimize
range distribution and improve outlet servicing, and the preliminary results of
the pilots across 25 cities covering more than 50,000 outlets are encouraging.
We reaffirm our commitment to our ESG framework of People, Growth, Governance
and Resources and shall continue to focus on our initiatives to build a
Sustainable and Profitable business.”
| Britannia Industries : Consolidated Results | | | Quarter ended | Year to Date | Year ended |
|---|
| Particulars | 202409 | 202309 | Var.(%) | 202409 | 202309 | Var.(%) | 202403 | 202303 | Var.(%) |
|---|
| Net Sales (including other operating income) | 4,667.57 | 4,432.88 | 5.29 | 8,917.86 | 8,443.58 | 5.62 | 16,769.27 | 16,300.55 | 2.88 | | OPM (%) | 16.78 | 19.68 | -290 bps | 17.24 | 18.49 | -126 bps | 18.90 | 17.37 | 154 bps | | OP | 783.41 | 872.42 | -10.20 | 1,537.07 | 1,561.30 | -1.55 | 3,169.84 | 2,830.91 | 11.97 | | Other Inc. | 46.00 | 52.35 | -12.13 | 101.61 | 106.28 | -4.39 | 214.18 | 215.86 | -0.78 | | PBIDT | 829.41 | 924.77 | -10.31 | 1,638.68 | 1,667.58 | -1.73 | 3,384.02 | 3,046.77 | 11.07 | | Interest | 34.64 | 53.42 | -35.16 | 63.59 | 106.47 | -40.27 | 164.00 | 169.10 | -3.02 | | PBDT | 794.77 | 871.35 | -8.79 | 1,575.09 | 1,561.11 | 0.90 | 3,220.02 | 2,877.67 | 11.90 | | Depreciation | 76.07 | 71.68 | 6.12 | 150 | 142.44 | 5.31 | 300.46 | 225.91 | 33.00 | | PBT | 718.70 | 799.67 | -10.13 | 1425.09 | 1418.67 | 0.45 | 2919.56 | 2651.76 | 10.10 | | Share of Profit/(Loss) from Associates | -3.4 | -1.04 | -226.92 | -4.05 | 1.95 | PL | -3.19 | 5.41 | PL | | PBT before EO | 715.3 | 798.63 | -10.43 | 1421.04 | 1420.62 | 0.03 | 2916.37 | 2657.17 | 9.75 | | EO Income | -0.15 | 0 | - | -24.79 | 0 | - | -2.9 | 375.6 | PL | | PBT after EO | 715.15 | 798.63 | -10.45 | 1396.25 | 1420.62 | -1.72 | 2913.47 | 3032.77 | -3.93 | | Taxation | 183.6 | 212.13 | -13.45 | 359.82 | 378.67 | -4.98 | 779.25 | 716.45 | 8.77 | | PAT | 531.55 | 586.5 | -9.37 | 1036.43 | 1041.95 | -0.53 | 2134.22 | 2316.32 | -7.86 | | Minority Interest (MI) | 0.1 | -1.09 | PL | -0.66 | -3.19 | 79.31 | -5.59 | -5.45 | -2.57 | | Net profit | 531.45 | 587.59 | -9.55 | 1037.09 | 1045.14 | -0.77 | 2139.81 | 2321.77 | -7.84 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 531.45 | 587.59 | -9.55 | 1037.09 | 1045.14 | -0.77 | 2139.81 | 2321.77 | -7.84 | | EPS (Rs)* | 22.07 | 24.39 | -9.54 | 43.82 | 43.39 | 0.99 | 88.93 | 84.46 | 5.29 | | | * EPS is on current equity of Rs 24.09 crore, Face value of Rs 1, Excluding extraordinary items. | | # EPS is not annualised | | bps : Basis points | | EO : Extraordinary items | | Figures in Rs crore | | Source: Capitaline Corporate Database |
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