4.7 C
London
Sunday, January 29, 2023

Impact of price hike will be seen next quarter, Varun Berry says after Britannia net first quarter fell 11%

Must read

Microsoft, GitHub and OpenAI are asking the court to drop the AI ​​copyright lawsuit

Microsoft, GitHub and OpenAI want the court to dismiss a proposed class action complaint accusing the companies of scraping licensed code to build GitHub's...

Is buying an old business a good idea?

Getting a business off the ground is difficult. Especially when your company has to meet age and business credit requirements...

The Untold Truth of Reba McEntire’s Son

Known from moviesBlake Shelton Live: It's All About Tonight 2010as Miscellaneous Crew20/20 2012as Himself - Reba's Son (segment "Reba McEntire")Short...

6 dead and 3 seriously injured after collision between bus and box truck in Upstate New York

Six people are dead and three seriously injured in Louisville, New York after an accident Saturday involving a 2021 Freightliner box truck and a...
Shreya Christinahttps://londonbusinessblog.com
Shreya has been with londonbusinessblog.com for 3 years, writing copy for client websites, blog posts, EDMs and other mediums to engage readers and encourage action. By collaborating with clients, our SEO manager and the wider londonbusinessblog.com team, Shreya seeks to understand an audience before creating memorable, persuasive copy.

  • The cookie maker Britannia reported an 11% drop in net profit to 335 crore compared to the same quarter last year.
  • The company’s president, Varun Berry, attributed this decline in profits to global factors that ultimately impacted commodity prices in the country.
  • The company’s fate in the next quarter will depend on the monsoon and Kharif season, which will determine the extent of recovery in the countryside.

Commodity price inflation hurt cookie maker Britannia as it reported an 11% drop in net profit to ₹335 crore compared to the same quarter last year. Revenues increased marginally by 4% to ₹3,700 crore in the same period.

The company’s president, Varun Berry, attributed this decline in profits to global factors that ultimately impacted commodity prices in the country.

“In terms of costs and profitability, global factors continued to influence the economy, leading to a further rise in inflation during the quarter. Certain commodities relevant to the bakery sector, such as wheat and industrial fuel, showed steep sequential inflation during the quarter, ranging between 15 and 20%,” Berry said during an analyst call.

The company had passed some of this initial push to consumers as price increases. “While we have made the necessary price increases to cover this, the full impact of price correction should be reflected in the next quarter,” he said.

The company’s fate in the next quarter will depend on the monsoon and Kharif season, which will determine the extent of recovery in the countryside.

Particularities Q1 FY23 Q1 FY22 % Modify
Total revenue from operations ₹3.700 crore ₹3,550 crore 4%
Net profit ₹335 crore ₹377 crore -11%


Meanwhile, the FMCG player has expanded its nationwide footprint by adding approximately 27,000 nationwide preferred dealers. During the quarter, it launched new products — Biscafe, Bourbon Vanilla Cheesecake, Nutrichoice Seeds & Herbs.

ALSO SEE: Markets become wary of highs after a series of 6 sessions, sliding into the red
VI bet on rate hike as it lost over $10 million each day in Q1 FY23

More articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest article

Microsoft, GitHub and OpenAI are asking the court to drop the AI ​​copyright lawsuit

Microsoft, GitHub and OpenAI want the court to dismiss a proposed class action complaint accusing the companies of scraping licensed code to build GitHub's...

Is buying an old business a good idea?

Getting a business off the ground is difficult. Especially when your company has to meet age and business credit requirements...

The Untold Truth of Reba McEntire’s Son

Known from moviesBlake Shelton Live: It's All About Tonight 2010as Miscellaneous Crew20/20 2012as Himself - Reba's Son (segment "Reba McEntire")Short...

6 dead and 3 seriously injured after collision between bus and box truck in Upstate New York

Six people are dead and three seriously injured in Louisville, New York after an accident Saturday involving a 2021 Freightliner box truck and a...

Stripe sees an exit, Dell bets on the cloud and Shutterstock embraces generative AI • londonbusinessblog.com

Hey, partiers, it's Kyle, who continues to help Greg write Week in Review while spending time with his newborn. I don't know about...