Investors were pleased, and the stock closed 1.4% up on Wednesday, a day when the benchmark Nifty 50 rose marginally. But the pace of volume growth from here on needs to be tracked. Britannia noted that consumption in rural areas was still subdued, although its focus states outperformed other regions in growth. This was helped by the company's efforts to expand its direct reach and accelerate its rural journey. Britannia partnered with 29,000 rural distributors in Q3.
While this augurs well, a good share of volume-growth benefits in Q3 vanished due to weak pricing. The company cut prices, leading to a 4% year-onyear drop in prices. Thus, Britannia's consolidated operating revenue (excluding other operating revenue) grew by only 2.2%, slower than volumes.
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