Bakery food company Britannia Industries Ltd on Friday reported a 35.65 per cent rise in consolidated net profit at Rs 455.45 crore for the first quarter ended June 2023.

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The company had posted a net profit of Rs 335.74 crore in the April-June quarter a year ago, Britannia Industries said in a BSE filing.

Its net sales rose 8.64 per cent to Rs 3,969.84 crore during the quarter under review as against Rs 3,653.80 crore in the year-ago period.

Executive Vice-Chairman and Managing Director Varun Berry said: "We come out of a very successful financial year that witnessed economic recovery amidst unprecedented inflationary conditions."

During the April-June quarter, commodity prices marginally softened and hence the local competition intensified.

"In view of that situation, certain price corrections were initiated to remain competitive & continue to drive topline while maintaining profitability," he said.

The total income of Britannia Industries in the June quarter was at Rs 4,064.63 crore, up 8.2 per cent. Total expenses were at Rs 3,445.63 crore, up 4.63 per cent in the first quarter of FY2023-24.

"We delivered a healthy revenue growth of 9 per cent on the back of robust distribution gains coupled with requisite investments in Brands. We continued to display diligent market practices and strong on-ground execution, which also reflects in our rural performance in an overall tepid rural demand," Berry said.

The company which owns popular brands such as Good Day, Tiger, NutriChoice, Milk Bikis, and Marie Gold, delivered robust growth in our focus states as well.

Shares of Britannia Industries Ltd on Friday settled 0.17 per cent higher at Rs 4,798.25 apiece on the BSE.