Indian food group Britannia Industries has booked higher half-year sales and earnings.
The company posted a 14.1% increase in sales to INR34.52bn (US$559.2m) for the six months to the end of September.
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Net profit almost doubled from INR1.82bn a year earlier to INR3.61bn, although Britannia did book a one-off gain of INR1.24bn.
Underlying net profit increased 30.2% to INR2.37bn.
Amnish Aggarwal, an analyst covering Britannia at Indian brokerage Prabhudas Lilladher, said the company’s second-quarter results had been above estimates, pointing to its underlying net profit of INR1.3bn.
However, Aggarwal said Britannia’s second-quarter sales – which climbed 12.9% – were “uninspiring”, with volumes increasing by around 7.5%, a slowdown on the first quarter.
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By GlobalDataNevertheless, the analyst said the “margin outlook” for Britannia was “strong” on the back of “improved sales mix, new manufacturing units, cost-cutting in distribution and marketing”.
