New Delhi: Biscuit maker British Industries Ltd. may name a new CEO (CEO) within three to four months after Rajneet Kohli’s exit.
Varun Berry, the company’s executive vice chairman and managing director, has received additional charges from the CEO, which complies with the Securities and Exchange Commission of India (SEBI) listing regulations and will take effect on May 8, 2025.
He will therefore be re-appointed as the company’s executive vice chairman, managing director and CEO, a regulatory application for the local fast mobile consumer goods (FMCG) company.
In a phone call after a tribute from the Kolkata-based company on Monday, Berry said the succession plan is underway.
“The statutory requirement that the CEO position must be filled,” Berry said. “But the inheritance plan is working, and over the next three to four months, it will be clear that things are working. I can’t comment on anything.”
The company’s former CEO Kohli announced his resignation from Britannia on March 6 and resigned in an active role from March 14. He was subsequently appointed as Executive Director of Foods for Hindustan Unilever Ltd (HUL), effective April 7, 2025.
Please read also: Rajneet Kohli of Britannia joins Unilever Hindustan as executive director
Kohli was appointed CEO of Britannia in 2022. At that time, Berry, who was then managing director, became executive vice chairman and managing director, and Kohli reported to him.
On Friday, Britannia Industries Limited announced its full-year and March earnings.
Consolidated sales increased by 9% for the quarter ended March 31, 2025 ₹437.6 million, while net profit increased by 4% year-on-year ₹55.9 billion. In the year to March, consolidated sales increased by 6% ₹175.35 billion, while net profit increased by 2% ₹21.78 million.
The company’s share price increased by 3.5% ₹Monday was 5,613 on BSE.
Meanwhile, the company is unlikely to raise product prices in the coming months after implementing price increases in the past two quarters. This roughly increases the total price ₹Rs 100 million in the third quarter of fiscal 2024-25 due to the surge in costs of key ingredients in palm oil and cocoa.
“…I don’t think we need to add up. Some residues from the price increase will enter the remaining two months of the quarter, but after that, I think the appearance of the commodity condition may not be necessary to price. But, other than that, it all depends on the trends in the quarter and we will have to accept the trends based on these trends.
The company is closely monitoring commodity price changes.
The company relies heavily on wheat, palm oil and sugar as key ingredients in its product portfolio. Berry added that the focus will remain while maintaining profit margins while remaining competitive.
For example, palm oil prices rose 54% year-on-year in the March quarter, while cocoa prices rose 83% during the same period, while sugar prices fell.
“We are going through a new season of wheat coming in, where inflation will be in terms of the impact of wheat, we are not very clear yet, but we are closely monitoring, but the same other commodities are also very alert, and we are not paying damage to our prices, and we are not liable to our prices, which is causing us to be more and more responsible, which makes us feel more and more painful, which makes our mobility suffer.
The company targets double-digit growth in fiscal 26. “Our efforts are to regain double-digit numbers … India is a developing country … It is important that in our category we are seeing double-digit growth.”
When commenting on future demand, management remains “quite optimistic” about recovery.
“I don’t think it’s a hockey stick, but I do think we’ve recovered gradually, and I do think that trend will continue until next year, too,” said Nusli Wadia, chairman of the company.
