Britannia Industries Ltd Share Price – NSE  /  BSE

FMCG, Mid Cap

The appointment is based on the recommendation of Nomination and Remuneration Committee.

Susheel Navanale has a Master’s Degree in Industrial & Management Systems Engineering from Arizona State University and B.E. from NITK, Surathkal. He has led global cross-functional teams to drive digital transformations through creation and execution of IT strategies.

Navanale has worked in Companies such as IFFCO Group, Tata Consumer Products, Hindustan Unilever wherein he achieved cost reduction, enhanced efficiencies and revenue growth leading to competitive edge.

Britannia Industries (BIL) is one of India's leading FMCG companies. The company's principal activity is the manufacture and sale of biscuits, bread, rusk, cakes and dairy products.

Britannia Industries reported 40.11% decline in consolidated net profit to Rs 556.39 crore despite of 2.2% rise in revenue from operations to Rs 4,191.83 crore in Q3 FY24 over Q3 FY23.

The scrip fell 1.09% to trade at Rs 4,842 on the BSE.

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Britannia Industries Ltd is down for a fifth straight session today. The stock is quoting at Rs 4806.3, down 0.4% on the day as on 13:19 IST on the NSE. The benchmark NIFTY is down around 0.32% on the day, quoting at 22285. The Sensex is at 73540.65, down 0.19%.Britannia Industries Ltd has lost around 5.36% in last one month.Meanwhile, Nifty FMCG index of which Britannia Industries Ltd is a constituent, has eased around 2.6% in last one month and is currently quoting at 53653.1, down 0.56% on the day. The volume in the stock stood at 1.08 lakh shares today, compared to the daily average of 3 lakh shares in last one month.

The benchmark March futures contract for the stock is quoting at Rs 4830.5, down 0.48% on the day. Britannia Industries Ltd jumped 10.75% in last one year as compared to a 25.52% rally in NIFTY and a 16.68% spurt in the Nifty FMCG index.

The PE of the stock is 55.02 based on TTM earnings ending December 23.

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Revenue from operations rose 2.2% to Rs 4,191.83 crore during the third quarter of FY24 from Rs 4,101.49 crore recorded in the corresponding quarter previous year.

Profit before tax stood at Rs 758.23 crore in the quarter ended 31 December 2023, registering de-growth of 34% YoY.

The company’s operating profit was at Rs 743 crore for the quarter ended 31 December 2023.

On 9-Month basis, the company’s consolidated net profit declined 9.16% to Rs 1601.53 crore despite 3.63% increase in revenue from operations to Rs 12,532.14 crore in 9M FY24 over 9M FY23.

Varun Berry, vice chairman & managing director, said, “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. We capitalized on the power of our brands with requisite investments, and actioned judicious price corrections, which helped us maintain competitiveness and gain market share.

We continued to expand our direct reach and accelerate our rural journey, partnering with more than 29,000 rural distributors during the quarter. As a result, our focus states outperformed other regions in terms of growth, despite a generally subdued rural demand. Our new offerings viz. BeYou Bars, Makhanas, Jim Jam Pops and unique cheese formats continued to excite & delight our consumers. Our international business performed extremely well with robust double-digit growths across key markets.

On cost & profitability front, we will stay vigilant of the commodity prices & evolving geopolitical situation. We will continue to invest behind our brands and stay price competitive with a clear objective of driving market share while sustaining profitability.”

Britannia Industries (BIL) is one of India's leading FMCG companies. The company's principal activity is the manufacture and sale of biscuits, bread, rusk, cakes and dairy products.

The scrip rose 1.06% to Rs 5,059.25 on the BSE.

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Britannia Industries will hold a meeting of the Board of Directors of the Company on 6 February 2024.

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