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Britannia Industries reports a significant impact on the food sector due to high commodity prices, interest rates, and geopolitical conflicts. Despite inflation challenges, post-COVID normalization supported growth

Food industry affected by soaring commodity prices: Britannia

Britannia Industries reports a significant impact on the food sector due to high commodity prices, interest rates, and geopolitical conflicts. Despite inflation challenges, post-COVID normalization supported growth

FMCG major Britannia Industries Limited said that the food sector in which it operates has been significantly impacted by high commodity prices, rising interest rates and the Russia-Ukraine conflict. The long-term effects of these factors continue to be felt extensively, the company said in its annual report for 2022-23.
It said that although commodity prices were volatile and inflation was at unprecedented levels, the post-COVID normalisation of economic activities supported growth throughout 2022-23.
During the last fiscal, the major challenge confronting the food industry was managing inflation in the cost of key inputs like wheat, milk, sugar, palm oil and crude oil, the company annual report said.
The foods vertical of Britannia comprise segments like biscuits, cakes, rusks, bread and dairy.
On the outlook for the foods vertical, the company said that businesses in the country are still optimistic on demand conditions despite apprehensions about global recession.
The inflation trajectory during the coming year will depend on a host of domestic and global factors. The outlook for food prices and rural growth will depend significantly on the climate and adequacy of monsoon rain, it said.
Britannia said that the company's international business weathered the difficult inflationary environment and expanded to new geographies during 2022-23.
The company's strategy in its international business is to strengthen brand equity, offer new products, establish and grow local operations in fast emerging markets like contract manufacturing, acquisitions and joint ventures.
The international business of Britannia is primarily focussed in the countries of the Middle East, America, Africa, Asia Pacific and SAARC

Jehangir&nbsp;Wadia&nbsp;has quit all the listed businesses of the Wadia&nbsp;Group after his latest resignation from the boards of Britannia Industries and Bombay Burmah&nbsp;Trading Corporation.
Jeh Wadia&rsquo;s departure is connected to differences with his father,&nbsp;Nusli Wadia, as per a Mint report.
In March, Jehangir&nbsp;resigned as the managing director of his&nbsp;family-controlled airline of Go Airlines, which has now been&nbsp;rebranded as Go First. He stepped down from Bombay Dyeing and Manufacturing Company as its managing director a month after.
Britannia&rsquo;s latest annual report last week said Jehangir (or Jeh in media reports) did not offer himself for reappointment to the board.&nbsp;
Bombay Burmah's annual report carries an identical notice that says a resolution will be brought before shareholders at its annual meeting.

Jeh Wadia quits boards of Britannia, Bombay Burmah months after stepping down from Go Air

Family drama continues, Jeh&nbsp;Wadia&nbsp;steps down from the board of Wadia&nbsp;Group Companies&nbsp;

Jehangir&nbsp;Wadia&nbsp;has quit all the listed businesses of the Wadia&nbsp;Group after his latest resignation from the boards of Britannia Industries and Bombay Burmah&nbsp;Trading Corporation.
Jeh Wadia&rsquo;s departure is connected to differences with his father,&nbsp;Nusli Wadia, as per a Mint report.
In March, Jehangir&nbsp;resigned as the managing director of his&nbsp;family-controlled airline of Go Airlines, which has now been&nbsp;rebranded as Go First. He stepped down from Bombay Dyeing and Manufacturing Company as its managing director a month after.
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Jehangir&nbsp;Wadia&nbsp;has quit all the listed businesses of the $15-billion&nbsp;Wadia&nbsp;Group

In a new twist in the Wadia&nbsp;Grooup&nbsp;Saga,&nbsp;Jeh&nbsp;Wadia&nbsp;has quit all the listed businesses of the Wadia&nbsp;Group after his latest resignation from the boards of Britannia Industries and Bombay Burmah&nbsp;Trading Corporation.
Jeh Wadia&rsquo;s departure is connected to differences with his father,&nbsp;Nusli Wadia, as per a Mint report.
In March, Jehangir&nbsp;resigned as the managing director of his&nbsp;family-controlled airline of Go Airlines, which has now been&nbsp;rebranded as Go First. He stepped down from Bombay Dyeing and Manufacturing Company as its managing director a month after.
Britannia&rsquo;s latest annual report last week said Jehangir (or Jeh in media reports) did not offer himself for reappointment to the board.&nbsp;
Bombay Burmah's annual report carries an identical notice that says a resolution will be brought before shareholders at its annual meeting.

Markets almost flat; Nifty trades above 11,500 mark

Indian markets opened on a flat note on Wednesday following mixed Asian peers.
At 9:20 am, the Sensex was 34 points in the green at 39,079 and the Nifty was trading above 11,500 level.
Tata Motors, M&amp;M, Bajaj&nbsp;Auto, Britannia and BPCL&nbsp;were the top five Nifty gainers. Whereas&nbsp;UPL, Axis Bank, IndusInd&nbsp;Bank, Wipro&nbsp;and SBI&nbsp;were the top losers.

11,530.80&nbsp; 9.00 (0.08%)
39,079.23 +34.88 +0.09%
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Indian markets opened on a flat note on Wednesday following mixed Asian peers.
At 9:20 am, the Sensex was 34 points in the green at 39,079 and the Nifty was trading above 11,500 level.
Tata Motors, M&amp;M, Bajaj&nbsp;Auto, Britannia and BPCL&nbsp;were the top five Nifty gainers. Whereas&nbsp;UPL, Axis Bank, IndusInd&nbsp;Bank, Wipro&nbsp;and SBI&nbsp;were the top losers.

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