On August 4, Britannia reported a 14 percent year-on-year decline in consolidated profit after tax (PAT) at Rs 336 crore for the quarter ended June (Q1FY23). On a sequential basis, profit slipped 11.6 percent. Consolidated revenue for the confectioner rose 8.7 percent year on year to Rs 3,701 crore. On a sequential basis, revenue increased 4.2 percent. CNBC-TV18 had polled for a revenue of Rs 3,750 crore.
“On cost & profitability front, global factors continued to impact the economy, which led to further surge in inflation during the quarter”, said Berry. “Certain commodities, relevant to bakery business, such as Wheat & Industrial fuel witnessed steep sequential inflation during the quarter ranging between 15 and 20%”. EBITDA (earnings before interest, tax, depreciation and amortization) for the quarter was 10 percent lower at Rs 501 crore as against an EBITDA of 554 crore during the same period last year. On a sequential basis, the EBITDA is down 9 percent from Rs 550 crore achieved during the previous quarter. CNBC-TV18 poll had forecasted an EBITDA of Rs 576 crore.