INDIA: Biscuit firm Britannia sees profits leap
Britannia Industries, India's largest biscuit maker, has posted bumper annual profits after a robust fourth quarter.
The company, which has seen owners Danone and India's Wadia Group embroiled in a trademark dispute in recent months, posted net income of INR1.9bn (US$44.7m) for the 12 months to the end of March - a jump of 77.6%. Sales were up 17.5% to INR25.8bn.
Margins rose by over 3% despite increased investment behind its biscuits, which includes flagship brand Tiger.
MD Vinita Bali said: "The company improved its market share during the quarter in an extremely competitive environment and sustained the top line momentum at 18% for the year on top of 28% delivered last year."
Fourth-quarter net profit climbed 53.6% to INR610m; sales were up 15.6% to INR6.9bn.
Speculation has swirled around Britannia throughout the last year after Danone and Wadia fell out over trademark agreements linked to the business.
Wadia has accused Danone of breaking trademark contracts drawn up as part of the venture.
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