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Corporate Results


Britannia Industries
(10:24, 09 May 2025)
On consolidated basis

Quarter ended March 2025 compared with Quarter ended March 2024.

Net sales (including other operating income) of Britannia Industries has increased 8.92% to Rs 4432.19 crore.  Operating profit margin has declined from 19.35% to 18.17%, leading to 2.25% rise in operating profit to Rs 805.17 crore.  Raw material cost as a % of total sales (net of stock adjustments) increased from 50.44% to 55.16%.   Purchase of finished goods cost fell from 4.74% to 4.66%.   Employee cost decreased from 3.98% to 3.72%.   Other expenses fell from 21.53% to 18.26%.   

Other income rose 9.91% to Rs 63.02 crore.  PBIDT rose 2.77% to Rs 868.19 crore.  Provision for interest rose 15.92% to Rs 30.65 crore.  Loan funds declined from Rs 2,064.96 crore as of 31 March 2024 to Rs 1,246.51 crore as of 31 March 2025.  Inventories rose to Rs 1,236.51 crore as of 31 March 2025 from Rs 1,181.22 crore as of 31 March 2024.  Sundry debtors were higher at Rs 448.61 crore as of 31 March 2025 compared to Rs 393.33 crore as of 31 March 2024.  Cash and bank balance declined from Rs 446.35 crore as of 31 March 2024 to Rs 312.48 crore as of 31 March 2025.  Investments rose to Rs 2,865.43 crore as of 31 March 2025 from Rs 2,766.72 crore as of 31 March 2024 .  

PBDT rose 2.34% to Rs 837.54 crore.  Provision for depreciation rose 1.29% to Rs 80.96 crore.  Fixed assets increased to Rs 2,860.22 crore as of 31 March 2025 from Rs 2,828.86 crore as of 31 March 2024.  Intangible assets increased from Rs 129.82 crore to Rs 132.78 crore.  

Profit before tax grew 2.46% to Rs 756.58 crore.  Share of profit/loss was 22.37% lower at Rs -4.65 crore.  Provision for tax was expense of Rs 192.8 crore, compared to Rs 198.01 crore.  Effective tax rate was 25.64% compared to 26.95%.

Minority interest increased 50.90% to Rs -0.82 crore.  Net profit attributable to owners of the company increased 4.03% to Rs 559.95 crore.  

Equity capital stood at Rs 24.09 crore as of 31 March 2025 to Rs 24.09 crore as of 31 March 2024.  Per share face Value remained same at Rs 1.00.  

Promoters' stake was 50.55% as of 31 March 2025 ,compared to 50.55% as of 31 March 2024 .  


Full year results analysis.

Net sales (including other operating income) of Britannia Industries has increased 7% to Rs 17942.67 crore.  Operating profit margin has declined from 18.90% to 17.76%, leading to 0.55% rise in operating profit to Rs 3,187.15 crore.  Raw material cost as a % of total sales (net of stock adjustments) increased from 50.98% to 54.75%.   Purchase of finished goods cost fell from 5.62% to 4.49%.   Employee cost decreased from 4.23% to 3.91%.   Other expenses fell from 20.27% to 19.14%.   

Other income rose 6.03% to Rs 227.09 crore.  PBIDT rose 0.89% to Rs 3414.24 crore.  Provision for interest fell 15.37% to Rs 138.8 crore.  Loan funds declined from Rs 2,064.96 crore as of 31 March 2024 to Rs 1,246.51 crore as of 31 March 2025.  Inventories rose to Rs 1,236.51 crore as of 31 March 2025 from Rs 1,181.22 crore as of 31 March 2024.  Sundry debtors were higher at Rs 448.61 crore as of 31 March 2025 compared to Rs 393.33 crore as of 31 March 2024.  Cash and bank balance declined from Rs 446.35 crore as of 31 March 2024 to Rs 312.48 crore as of 31 March 2025.  Investments rose to Rs 2,865.43 crore as of 31 March 2025 from Rs 2,766.72 crore as of 31 March 2024 .  

PBDT rose 1.72% to Rs 3275.44 crore.  Provision for depreciation rose 4.29% to Rs 313.34 crore.  Fixed assets increased to Rs 2,860.22 crore as of 31 March 2025 from Rs 2,828.86 crore as of 31 March 2024.  Intangible assets increased from Rs 129.82 crore to Rs 132.78 crore.  

Profit before tax grew 1.46% to Rs 2,962.10 crore.  Share of profit/loss was 236.68% lower at Rs -10.74 crore.  Extraordinary items were decreased to Rs -24.79 crore.  Provision for tax was expense of Rs 748.71 crore, compared to Rs 779.25 crore.  Effective tax rate was 25.58% compared to 26.75%.

Minority interest increased 84.44% to Rs -0.87 crore.  Net profit attributable to owners of the company increased 1.82% to Rs 2,178.73 crore.  

Equity capital stood at Rs 24.09 crore as of 31 March 2025 to Rs 24.09 crore as of 31 March 2024.  Per share face Value remained same at Rs 1.00.  

Promoters' stake was 50.55% as of 31 March 2025 ,compared to 50.55% as of 31 March 2024 .  

Cash flow from operating activities decreased to Rs 2,480.65 crore for year ended March 2025 from Rs 2,572.98 crore for year ended March 2024.  Cash flow used in acquiring fixed assets during the year ended March 2025 stood at Rs 374.85 crore, compared to Rs 552.87 crore during the year ended March 2024.  

Other Highlights

The board recommended a final dividend of Rs 75 per Equity Share of face value of Re 1 each for the financial year ended 31 March 2025. Record date for the purpose is 4 Aug 2025.


Management Comments :
Mr. Varun Berry, Vice Chairman & Managing Director, said: 'With a high single-digit value growth of 9% during the last quarter of the year amidst a tight consumption scenario, the performance underscores our resilience in a challenging operating environment marked by rising commodity prices, changing channel dynamics, and subdued demand across FMCG categories. Strategic Pricing actions, nimble approach in emerging channels, combined with robust cost efficiency initiatives delivering savings of approximately 3% of revenue, helped us sustain our growth and profitability as we navigated the year effectively. Our distribution footprint now directly caters to about 29 Lakh outlets across the country, with the rural distributors aiding towards strengthening our presence in the rural markets. New launches across the product categories, such as the E-comm first launch of our Premium range of Pure Magic Choco Frames, Winkin Cow Grow further reinforced our adjacent businesses while we continued to invest behind the legacy brands through distinctive promotions for Marie Gold and Good Day during the quarter. As we enter the new financial year, we will continue to closely monitor commodity prices and evaluate their impact, while staying focused on driving healthy, profitable growth and strengthening our market leadership. We reaffirm our commitment to our ESG framework of People, Growth, Governance and Resources and shall continue to focus on our initiatives to build a Sustainable and Profitable business.'

Britannia Industries : Consolidated Results
 Quarter endedYear ended
Particulars202503202403Var.(%)202503202403Var.(%)
Net Sales (including other operating income)4,432.194,069.368.9217,942.6716,769.277.00
OPM (%)18.1719.35-118 bps17.7618.90-114 bps
OP805.17787.452.253,187.153,169.840.55
Other Inc.63.0257.349.91227.09214.186.03
PBIDT868.19844.792.773,414.243,384.020.89
Interest30.6526.4415.92138.80164.00-15.37
PBDT837.54818.352.343,275.443,220.021.72
Depreciation80.9679.931.29313.34300.464.29
PBT756.58738.422.462962.12919.561.46
Share of Profit/(Loss) from Associates-4.65-3.8-22.37-10.74-3.19-236.68
PBT before EO751.93734.622.362951.362916.371.20
EO Income00--24.79-2.9-754.83
PBT after EO751.93734.622.362926.572913.470.45
Taxation192.8198.01-2.63748.71779.25-3.92
PAT559.13536.614.202177.862134.222.04
Minority Interest (MI)-0.82-1.6750.90-0.87-5.5984.44
Net profit559.95538.284.032178.732139.811.82
P/(L) from discontinued operations net of tax00-00-
Net profit after discontinued operations559.95538.284.032178.732139.811.82
EPS (Rs)*23.2522.354.0391.2288.932.58
* EPS is on current equity of Rs 24.09 crore, Face value of Rs 1, Excluding extraordinary items.
# EPS is not annualised
bps : Basis points
EO : Extraordinary items
Figures in Rs crore
Source: Capitaline Corporate Database


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