India · Delayed Price · Currency is INR Britannia Industries Earnings Call Transcripts
Fiscal Year 2026
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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, with strong performance in adjacencies and e-commerce. Price hikes and cost efficiencies are set to offset 11% commodity inflation, while CapEx will remain limited.
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Q2 FY25 saw 4.5% sales growth and 8% volume growth amid high inflation and weak urban demand. Price hikes of 4%-5% are planned to offset input costs, with margins expected to remain stable. Rural and adjacent businesses outperformed, while a one-time INR 50 crore stock cost impacted results.
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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.