Bakery food company Britannia Industries Ltd on Wednesday reported a two-fold jump in consolidated net profit at Rs 932.40 crore for the third quarter ended December, helped by a gain from the sale of a stake in a subsidiary.
The company had posted a net profit of Rs 369.18 crore in the October-December quarter a year ago, it said in a regulatory filing.
Its total revenue from operations was up 17.39 per cent to Rs 4,196.80 crore during the quarter under review as against Rs 3,574.98 crore in the year-ago period.
"The net profit includes an exceptional gain (net of tax) of Rs 359 crore, pursuant to a joint venture agreement with Bel SA for the cheese business and consequent sale of 49 per cent equity stake in its subsidiary & fair valuation of the residual stake of 51 per cent," a company's earning statement said.
Britannia Industries' total expenses were at Rs 3,475.31 crore in the third quarter of FY23, up 11.28 per cent from Rs 3,123.02 crore in the corresponding period of the previous year.
Britannia Industries Vice Chairman & Managing Director Varun Berry said continued focus on enhancing direct reach coupled with rural agenda has helped us deliver solid growth over the past few quarters.
"We have witnessed a positive growth momentum over the last few quarters. Our go-to-market strategy and investments in brands & innovation have helped us register a robust topline growth of 16 per cent YoY (Year-on-Year). Our growing consumer franchise and brand strength are evident in the consistent market share gains over the past 39 quarters," he said.
On Wednesday, shares of Britannia Industries Ltd settled 1.19 per cent higher at Rs 4,369.30 on the BSE.