Britannia Industries Ltd shares gained 3% on May 7, after the company reported its fourth quarter results of the financial year 2023-24.

During the final quarter of the same year, the company’s total revenue from operations slightly increased by 1.14% to Rs 4,069.36 crore in comparison to Rs 4,023.18 crore in the year-ago period. 

However, it decreased significantly from Rs 4,256.33 crore in the December 2023 quarter. 

Britannia Industries’ shares increased by 10% due to its market share expansion in Q4FY24. The company’s consolidated net profit for the quarter ending in March 2024 was Rs 536.61 crore, which is 3.76% lower than the same period the previous year.

The net profit margin also decreased to 13% from 13.67% in the year-ago period while the operating margin declined to 17.29% in the quarter ended in March 2024 from 18.38% in the same quarter of the previous fiscal year. 

The bottom line also fell from Rs 555.66 crore witnessed in the preceding quarter. 

Despite the poor financial results, Britannia Industries experienced an increase in market share during the March-ended quarter. 

This was due to the company’s competitive pricing strategy, increased investments in brands, and distribution expansion. 

The company’s executive vice chairman and managing director, Varun Berry, stated in the earnings conference call that Britannia is expected to increase its revenues through route-to-market 2.0, set to take off in the second half of the ongoing financial year. 

The company has recommended a final dividend of Rs 73.5 per share of Rs 1 each for the financial year 2024, which will be declared at its 105th Annual General Meeting (AGM).

At 2:31 pm, shares of Britannia Industries were trading 2.28% higher at Rs 5,177.00 on NSE.