Commenting on the performance, Varun Berry, vice chairman and managing director, said, “We delivered a good performance in a challenging environment on the back of two years of high inflation. Our innovation  this quarter was led by Jim Jam Pops and 50-50 Golmaal, delivering a robust performance. We also launched differentiated  cheese formats this quarter making focused inroads to retail shelves.” He added, “Our potential in rural areas continues to remain high and hence, expansion in rural distribution continued despite reported rural slowdown.  

Britannia’s journey of building factories progressed well with commercialisation of the new Greenfield in Bihar during the quarter; in addition to its recent greenfield additions in Uttar Pradesh and Tamil Nadu. The company has also planned to increase its capacity in Ranjangaon Food Park, and aims to extract productivity and enhance competitiveness in these growing markets.

Berry said, “As the commodity started to soften this quarter, we have seen pricing activity by competition in certain categories. To ensure that we remain competitive, we took strategic pricing corrections in some of our key brands and SKUs. As a result, our market share recovered this quarter.” He emphasised that with the ongoing strife in the Middle East and Russia, the global commodity prices remain volatile. Britannia is being watchful of the situation and its impact on our business. Our strategy will remain focused on driving market share while sustaining profitability.

On the sustainability front, the company aims to stay committed to its ESG framework of people, growth, governance and resources, and shall continue to focus on the initiatives to build a sustainable and profitable business.