NEW DELHI: Bakery food company Britannia Industries on Tuesday reported a 40.4% decline in consolidated net profit at Rs 555.66 crore for the third quarter ended December 2023.
The company had posted a net profit of Rs 932.40 crore in the October-December quarter a year ago, Britannia Industries said in a BSE filing. Its net sales during the third quarter of the current fiscal grew 2.2 per cent to Rs 4,191.83 crore against Rs 4,101.49 crore in the year-ago period.
“In a progressively recovering demand environment with heightened competition, our performance this quarter reflects our resilience and competitiveness. Over the last 24 months, we achieved a robust 19% growth in revenue, coupled with a commendable 52% increase in operating profit,” said Vice Chairman & MD Varun Berry.
The net profit base in the year-ago quarter was higher as the company had gains on the sale of a 49 per cent equity stake held in Britannia Dairy Private to French cheese maker Bel SA.