Britannia CEO Rajneet Singh Kohli resigns

BENGALURU: Britannia Industries’ CEO, Rajneet Singh Kohli, has resigned from the company to pursue an opportunity outside the firm. Kohli will be relieved from his duties on March 14, showed the stock exchange filing. Britannia is yet to announce his successor.

The exit comes at a crucial juncture for Britannia, as the company navigates inflationary pressures and pricing strategies to protect its margins. In February, the company announced its plans to increase prices by 4.5% by the end of the 2024-25 financial year, after implementing a 2% price hike in the third quarter, which contributed Rs 100 crore to revenues. The move was part of a broader strategy to mitigate rising input costs, including cereal, oil, and cocoa price inflation, which the company said remained higher than anticipated.

Under Kohli’s leadership, Britannia focused on premiumisation, innovation, and rural expansion. The company expanded its direct distribution network from 27.9 lakh outlets in March to 28.8 lakh outlets in December, while its rural distributor base grew from 30,000 to 31,000. These efforts aimed at deepening penetration in key markets, with states such as Madhya Pradesh, Rajasthan, Uttar Pradesh, and Gujarat emerging as high-growth regions.

Britannia’s revenue for the December quarter stood at Rs 4,463 crore, reflecting a 6.5% year-on-year growth, while its net profit rose 4.5% to Rs 582 crore. However, vice chairman Varun Berry noted that inflationary challenges persisted, with the Consumer Food Price Index (CFPI) nearing double digits. He emphasised that the impact of govt-imposed palm oil duties and volatile cocoa prices lasted longer than expected.

Kohli, who took charge as CEO in 2022, previously held leadership roles at Hindustan Coca-Cola Beverages and Asian Paints.

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