Britannia Industries' second quarter earnings witnessed a fall due to bad operating performanceBakery products maker Britannia Industries' net earnings for September duration of the current fiscal taped a 22.9 percent year-on-year fall due to poor operating efficiency on greater input costs.The business's combined earnings was up to Rs 381.8 crore in the second quarter of 2021-22 from Rs 495.2 crore recorded in the corresponding period of last year.
Throughout the quarter, the impact of the 2nd wave of Covid-19 began declining, and the financial activity started picking up.
Inflationary trends remained rampant around the world, throughout sectors, said Britannia's managing director Varun Berry.Referring to the expense front, he stated that the international economy continued to witness supply-led constraints throughout different input products, sustaining inflation.
As an outcome, we are seeing unmatched inflation in market value of palm oil at 54 per cent, industrial fuel at 35 per cent and packaging materials at 30 percent resulting in a total inflation in the quarter of around 14 percent, he stated.