India · Delayed Price · Currency is INR Britannia Industries Earnings Call Transcripts
Fiscal Year 2026
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Q4 FY26 saw 7.1% revenue growth and 21.1% PAT growth, with strong e-commerce and premium segment performance. Dual pricing and West Asia disruptions impacted some channels, but normalization and GST benefits are expected to drive growth and margins in FY27.
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Q3 saw robust 9.5% revenue growth and strong margin expansion, driven by stable commodity prices and double-digit growth in adjacencies. Strategic focus remains on brand investment, innovation, and e-commerce, with ongoing efforts to counter regional competition and optimize fiscal incentives.
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Q2 FY25-26 delivered 4.1% revenue and 23% profit growth, with GST changes causing a temporary sales dip but setting up for double-digit growth ahead. Margins remain strong, and rural demand is robust, while brand investments and regional strategies are being accelerated.
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Q1 FY26 saw 9.8% revenue growth and 3% PAT growth, with strong rural and urban performance, robust innovation, and premiumization. Margin outlook is positive as commodity prices stabilize, and CapEx is set at INR 100 crore for the year.
Fiscal Year 2025
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Q4 revenue grew 9% year-over-year, with full-year revenue up 6% and operating profit margin at 16.4%. Adjacencies now make up 25% of the portfolio, with strong growth in croissant, wafers, and cheese. Management expects gradual recovery and aims for double-digit growth as inflation and input costs are closely monitored.
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Revenue and profit grew 6.5% and 4.5% year-over-year, respectively, despite 11% commodity inflation. Price increases and cost efficiencies are being implemented to protect margins, with strong growth in adjacencies and e-commerce channels.
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Revenue grew 4.5% year-over-year with 8% volume growth, but operating profit declined 12% due to high input inflation and a one-time salary cost. Price hikes of 4%-5% are planned to offset commodity inflation, with margins expected to remain stable.
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Q1 2024-25 delivered 4% revenue growth and 10% operating profit growth year-over-year, with strong volume gains and continued market share expansion. Adjacency and dairy businesses improved margins, while inflation and competition remain key watchpoints.