Food company Britannia Industries Ltd (BIL) reported a 117 per cent rise in net profit at Rs 546 crore for the April-June quarter, while its revenue grew 26 per cent to Rs 3,384 crore. The company's profit for the same quarter last year stood at Rs 248.64 crore. The company's consolidated EBITDA rose to Rs 717.4 crore in Q1 compared to Rs 395 crore in the year-ago period. The company's margin stood at 20.98 per cent.
The company clocked in 21 per cent growth in its consolidated net profit at Rs 1,402.63 crore for the full financial year ended March 31, 2020. The country's leading food company posted a net profit of Rs 1,159.12 crore in FY19. Consolidated income of the company had risen 5.48 per cent to Rs 11,878.95 crore in FY20 as compared to Rs 11,261.12 crore in FY19.
"The quarter posed an uphill task for the economy in wake of COVID-19 and caused significant disruptions due to lockdowns imposed to curtail its spread. Factories, depots, transport and vendors across the supply chain were impacted. Our top priority was to ensure the safety of our employees & the eco-system we work with for which we laid out clear & stringent standard operating procedures and implemented them meticulously," said Varun Berry, Managing Director of Britannia.
He said the company had implemented some innovative ways of working in sales, supply chain and other support functions. "Our nimble culture helped us quickly adapt to the situation and meet market demand. As soon as the lockdown was eased, we focussed on getting our distribution back to the pre-COVID levels and increasing our rural and hinterland reach. He said the recent measures taken by the company helped it improve the shape of business and record a massive 670 bps increase in operating profit during the quarter.
Britannia Industries Ltd share was down 0.18 per cent or Rs 7.75 at Rs 3,844.95 during the intra-day trade, compared to the previous day close of Rs 3,854.75, on the National Stock Exchange.
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