The famous cookie manufacturer Britannia Industries has made the heartbreaking announcement that its Taratala factory, which is the second-oldest in India after the Mumbai site, will soon close. This factory was founded in 1947 and has quietly witnessed decades of biscuit manufacture, its machinery humming along with tradition.
The decision to close the Taratala unit is still felt in the nostalgic hallways. Voluntary retirement packages (VRS) were provided to long-time employees, who accepted them with mixed feelings. Although 150 workers are impacted by the shutdown, insiders reassure us that it will have little effect on overall revenue for the business.
Kotak || Britannia Industries
— Exencial Research Partners (@exencial_RP) May 7, 2024
➔BRIT reported 6%/3.1%/(-)2% growth in volumes/net sales/EBITDA.
➔Volume growth was partly driven by #grammage increase-led price reduction.
➔Having improved profitability by 300 bps in the past 3-4 years (utilizing the inflation deflation… pic.twitter.com/a4ERtDJmbW
Britannia’s legacy is etched in golden memories—the aroma of freshly baked biscuits, the camaraderie among workers, and the pride of contributing to India’s snack culture. As the Taratala factory gates prepare to close, we bid farewell to an era, hoping that the next chapter in Britannia’s journey will be equally sweet.
#MarketsWithMC | Britannia Industries' stock opened at ₹4,990 and touched a high of ₹5,000 before pulling back to close at ₹4,980. The stock has gained 15% YTD, outperforming the Nifty FMCG index, which has gained 18% in the same period.
— Moneycontrol (@moneycontrolcom) June 15, 2023
Read here👇https://t.co/I428IhyJdw… pic.twitter.com/ZGcTfRR8CM
