Britannia on Friday reported a 22.4 per cent rise in net profit at Rs 452 crore for the quarter ended December 31, 2020 (Q3FY21). It was Rs 369.6 crore during the corresponding period a year ago. However, sequentially, the profit declined 8.6 per cent. The company had posted a profit of Rs 495.20 crore in the September quarter (Q2FY21).
Commenting on the performance, Varun Berry, managing director, said: "We continue to focus our efforts on the basic building blocks of our business which include direct reach, rural distribution, range selling, higher throughput, salesmen productivity and invest in enhancing our brand equity through focused product campaigns."
Revenue from operations rose 6.1 per cent year-on-year to Rs 3,165 crore compared to the revenue of Rs 2,982 crore during the same period a year earlier. The revenue was Rs 3,419.61 crore in the September quarter.
"The company has been consistently gaining market share over the last several quarters," Britannia said in a stock exchange filing.
The company's earnings before interest, taxes, depreciation and amortisation (EBITDA) came in at Rs 611 crore.
"On the cost front, we witnessed moderate inflation in the materials prices except Palm oil where we witnessed a significant increase. We neutralised the inflation by accelerating our cost efficiencies and sustained the new efficiencies that we witnessed during the Covid-19 induced lockdown. These measures helped us record a 260 bps increase in operating profit during the current quarter compared to last year," Berry said.
The total income of the company came in at Rs 3,248.17 crore during the quarter under review as against Rs 3,047.86 crore in the same period a year earlier. Meanwhile the total expenses stood at Rs 2,634.46 crore in Q3FY21.
Shares of Britannia closed 1.07 per cent lower at Rs 3,541.30 a piece on BSE.