Britannia Industries Ltd.Volume +9%, Profit Ahead of Sales

Britannia reported Q1 FY27 consolidated revenue of ₹4,964 Cr, up 9.5%, with tonnage volume up close to 9% and operating profit, PBT and PAT up 12.7%, 13.7% and 13.6%, all ahead of sales.

PAT was 11.9% of revenue. Management said general trade has recovered as the dual-pricing disruption in rural and wholesale channels ended in June, and the quarter exited at mid-teens growth without any channel loading. Input costs are a headwind: LPG and PNG are at about 1.5 times February levels after a 2.5 times spike, palm oil is near ₹140, up over 20%, and sugar has risen ₹7 a kg in recent weeks. Price increases, mostly shrinkflation, offset about half of the inflation, with another 1.5-2% pricing coming, and brand spends are ahead of sales growth.

Croissant is growing over 30% at a margin in line with the company's, the non-biscuit portfolio and e-commerce grew in double digits, and international is expected to return to growth from this quarter. No PLI incentive has been booked because the growth threshold was not met.