According to the news report by PTI, Britannia Industries Limited, a prominent FMCG player, has divulged in its 2022-23 annual report that the food sector, within which it operates, has been grappling with a significant impact stemming from several factors. These include the surge in commodity prices, the rise in interest rates, and the repercussions of the Russia-Ukraine conflict.
Despite facing the challenges of volatile commodity prices and unprecedented inflation levels, Britannia found solace in the post-COVID normalization of economic activities, which lent support to the company’s growth throughout the fiscal year 2022-23.
Notably, the food industry confronted a major hurdle during the preceding fiscal year—managing inflation in key input costs such as wheat, milk, sugar, palm oil, and crude oil—according to the insights provided in the company’s annual report.
