Indian food products company Britannia Industries has appointed Varun Berry as its new CEO.
The appointment is in addition to Berry’s current roles as executive vice-chairman and managing director, the company said in a stock exchange filing.
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Berry succeeds Rajneet Kohli, who departed in March to join Hindustan Unilever as executive director of the foods business.
He joined Britannia in 2013 as vice president and chief operating officer.
Berry has over 38 years of experience with companies such as Hindustan Unilever and Pepsico, both in India and internationally.
The owner of Good Day, Tiger and NutriChoice biscuit brands said Berry has a “successful track record in leading start-ups, joint ventures, and growing businesses”.
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By GlobalDataAlongside the CEO announcement, Britannia reported its financial results for the fourth quarter and full fiscal year ended 31 March.
The company posted total revenue from operations for the quarter of Rs44.32bn ($519m), marking a year-on-year increase of 9.3%.
Total comprehensive income for the quarter rose 4.2% to Rs5.56bn.
The company’s net profit for the period rose to Rs5.59bn from Rs5.36bn a year earlier.
According to Berry, the performance highlights the group’s “resilience in a challenging operating environment marked by rising commodity prices, changing channel dynamics, and subdued demand across FMCG categories”.
For the full fiscal year, consolidated revenue from operations grew 7% to Rs 179.42bn and total comprehensive income edged up 2% to Rs21.84bn.
Net profit for the year rose marginally to Rs21.77bn from Rs21.34bn in the year ago period.
Full-year basic and diluted earnings per share increased 1.8% to Rs90.45.
The board has recommended a final dividend of Rs75 per equity share for FY2024–25, subject to approval at the AGM.
Looking ahead, the new CEO said Britannia will “closely monitor commodity prices and evaluate their impact, while staying focused on driving healthy, profitable growth and strengthening our market leadership”.
