“Biscuits are our bread and butter. This has to grow aggressively,” Berry said, making it clear that the company’s foundational business must remain strong even as it explores adjacencies like milk-based drinks, cheese, and other bakery products.
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Addressing criticism around nutrition, Berry noted, “There is nothing wrong with our products. It is wheat, oil and sugar… the cheapest form of food.” He stressed the importance of catering to consumers at the base of the pyramid, where price sensitivity is critical. “We cannot say that we will add some additional ingredients and take this price from ₹10 to ₹20. That is going to be a price shock.”
Britannia plans to steadily grow its portfolio to include healthier options, but without abandoning affordability or accessibility. “I am not saying healthy. I am saying healthier,” Berry said. He added that while some product lines like milk drinks have made good progress, others like cheese have yet to scale meaningfully.
On performance metrics, the company is focused on two key goals – boosting volume per outlet (VPO) and expanding reach. “We will increase our distribution by at least 100,000 outlets every year,” Berry said. Despite growing in smaller towns, the goal is to maintain or grow average volumes per outlet by expanding SKU count in urban areas, from the current average of nine SKUs to at least ten.
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Britannia is also looking to improve margins as inflationary pressures ease. “We are in the top quartile of food company margins globally,” Berry noted, while warning against complacency. “You have got to make sure that you do not take the consumers for granted. Give them the product at the right price and keep an eye on competition.”
With a current market capitalisation of ₹1.34 lakh crore and stock up over 3% in the past year, Britannia believes it is on track for steady growth.
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