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View Risks →Britannia Industries Ltd — Q1 FY24
Britannia reported Q1 FY24 revenue growth of 9% YoY, driven entirely by transaction growth, with operating profit surging 37% YoY.
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Britannia reported Q1 FY24 revenue growth of 9% YoY, driven entirely by transaction growth, with operating profit surging 37% YoY. EBITDA margin came in at 15.6%, reflecting cost efficiencies and benign input costs, though down sequentially from Q4's elevated levels due to price reversals (~1.8%) and higher A&P spends. Volume growth was flat as the company ceded grammage to stay competitive amid local player aggression, especially in rural and traditional trade. Management flagged sluggish market conditions but expects volumes to recover as pricing actions annualize. Innovation contributed ~4% of revenue, led by dairy and new categories. Risks include sustained local competition and potential wheat inflation. Capex guidance of INR 400-450 crore for FY24.
ब्रिटानिया ने पहली तिमाही में अपनी कमाई में पिछले साल के मुकाबले 9% का इज़ाफा किया, जो पूरी तरह से ज़्यादा बिक्री की वजह से हुआ। मुनाफा 37% बढ़ा। कंपनी की कमाई का 15.6% हिस्सा खर्च निकालने के बाद बचा, जो पिछली तिमाही से थोड़ा कम है, क्योंकि कीमतें घटाई गईं और विज्ञापन पर ज़्यादा खर्च किया गया। बिक्री की मात्रा में कोई बढ़ोतरी नहीं हुई, क्योंकि कंपनी ने स्थानीय प्रतिस्पर्धा से निपटने के लिए पैकेट का वज़न कम किया। प्रबंधन का कहना है कि बाजार धीमा है, लेकिन उम्मीद है कि आने वाले समय में बिक्री सुधरेगी। नए उत्पादों से 4% कमाई आई। खतरे में स्थानीय प्रतिस्पर्धा और गेहूं की बढ़ती कीमतें शामिल हैं। कंपनी इस साल 400-450 करोड़ रुपये खर्च करेगी।
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Transaction Growth
9%
+9% YoY
Revenue growth entirely driven by transaction growth, indicating stable volume in terms of packets sold.
Distribution Outlets
26.7 lakh
+2.7 lakh YoY
Increased distribution footprint, with focus states growing 2.2x faster than rest of India.
Rural Distributors
28,000
Not specified
Rural distribution network expanded, supporting rural market penetration.
Innovation Contribution
4%
Not specified
Innovation (products launched in last 24 months) contributed 4% of total revenue, expected to remain at 4-5%.
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Guidance and risk preview
Capital expenditure for FY24 expected to be around INR 400-450 crore, primarily for ongoing factory expansions in Ranjangaon, Bihar, and Orissa.
Local players have gained market share by offering aggressive pricing and schemes, particularly in biscuits and rusk categories.
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