Britannia MD takes interim CEO role, permanent successor expected within months
Britannia Industries announced on Monday that Executive Vice-Chairman and Managing Director Varun Berry will assume the additional role of Chief Executive Officer on an interim basis. This development comes in the wake of the departure of former CEO Rajneet Kohli, who officially resigned in March and has since joined Hindustan Unilever Ltd (HUL).
Berry’s expanded role became effective on 8 May 2025, according to a regulatory filing made by the company last Friday. This re-designation ensures compliance with the Securities and Exchange Board of India (Sebi) listing norms, which mandate that the position of CEO cannot remain vacant.
Speaking during the company’s post-earnings conference call on Monday, Berry confirmed that a structured succession plan is in progress and that a permanent CEO is expected to be announced within the next three to four months. “It is a statutory requirement that the position of CEO has to be filled,” he said, reported Mint. “Succession planning is at play, and it will definitely be clear to you in the next three to four months. Things are in play. I cannot comment on anything more than that right now.”
Rajneet Kohli had taken the reins as CEO in 2022, at which point Berry, then serving as managing director, was elevated to executive vice-chairman. Kohli officially stepped down from his active role at Britannia on 14 March 2025 and began his new position as Executive Director, Foods, at Hindustan Unilever on 7 April.
Despite the leadership transition, Britannia posted a stable financial performance for the March quarter and the full fiscal year ended 31 March 2025.
For Q4 FY2024-25, the company reported a 9% increase in consolidated revenue to ₹4,376 crore, while net profit rose 4% year-on-year to ₹559 crore. Annual consolidated revenue touched ₹17,535 crore, marking a 6% rise, with net profit increasing 2% to ₹2,178 crore.
Following the earnings announcement, shares of Britannia closed 3.5% higher at ₹5,613 apiece on the BSE on Monday, reflecting investor confidence despite recent internal changes.
The company, which manufactures popular biscuit brands and other food products, has undertaken several price hikes in recent quarters to combat inflationary pressures—particularly in commodities such as palm oil and cocoa. However, Berry noted that further price increases are unlikely in the near term.
“We don't think we will need to take any more price increases,” he said. “There will be some remnants of the price increase moving into the next two months, but after that, based on how the commodity trends evolve, further hikes might not be necessary.”
Palm oil prices soared by 54% year-on-year in the March quarter, while cocoa saw an even sharper rise of 83%. Sugar prices were relatively stable, showing only a marginal decline. The company is also closely monitoring wheat prices, which remain uncertain with the arrival of the new crop season.
“We are vigilant about the fact that we've already taken pricing actions and we need to ensure we are not priced out of the market,” Berry added, while noting that inflation appears to be impacting the broader sector.
Growth and recovery
As Britannia navigates this leadership transition and inflationary climate, the focus remains on maintaining margins and restoring double-digit growth in the upcoming fiscal year. “Our endeavour will be to get back to double digits,” Berry said. “With India being a developing country, it’s important that in categories like ours, we continue to see strong growth.”
Chairman Nusli Wadia also commented on the broader demand environment, expressing cautious optimism. “I don't think it's going to be a hockey stick recovery, but we’ve seen a gradual upward trend, and we expect it to continue into the next year,” he said.