Britannia on Wednesday reported a 2.5 times jump in net profit to Rs 932.4 crore for the quarter ended December 2022, more than double than analysts' estimates owing to a strong operational performance. Revenue of the FMCG giant came in at Rs 4,196.8 crore for the three-month period, up 17.4 per cent compared with the corresponding period a year ago, according to a regulatory filing.

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According to Zee Business research, Britannia's quarterly net profit was estimated at Rs 460 crore and revenue at Rs 4,211 crore. 

“We have witnessed positive growth momentum over the last few quarters. Our go-to market strategy and investments in brands and innovation have helped us register robust topline growth. Our growing consumer franchise and brand strength is evident in the consistent market share gains over the past 39 quarters. Continued focus on enhancing direct reach coupled with rural agenda have helped us deliver solid growths over the past few quarters," said Varun Berry, Vice Chairman and Managing Director, Britannia.

Bengaluru-based Britannia's margin — a key measure of profitability for businesses — improved by 440 basis points on a year-on-year basis to 19.5 per cent. 

The company reported Rs 818 crore in earnings before interest, taxes, depreciation and ammortisation (EBITDA) for the third quarter of the current financial year, as against Rs 540 crore for 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 (France's) Bel SA for the Cheese business, and the consequent sale of 49 per cent equity stake in its subsidiary and fair valuation of the residual stake of 51 per cent," Britannia said in a statement.

Britannia shares ended stronger by Rs 51.2 or 1.2 per cent at Rs 4,369.3 apiece on BSE ahead of the earnings announcement.

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