New Delhi, Aug. 28 -- Makers of packaged foods from biscuits to beverages may feel the bitter aftertaste of a sugar spike soon, just as they recover from their worst profitability crisis in at least four years.

Raw material costs jumped 20% in the June quarter at seven consumer companies with significant exposure to sugar in their food portfolios, a Mint analysis found. Consequently, their operating margins hit a four-year low of 22.2%, slipping below the levels at the height of the Russia-Ukraine war, while combined net profits declined 7%. Six of them, including Britannia Industries, Nestle India, Varun Beverages, ITC and Dabur are part of the Nifty FMCG index.

Industry experts said a spike in crude-linked raw material costs, along wi...