Britannia Industries, the Indian food group, has reported growth in sales and earnings in the first quarter of its financial year, with the company insisting it was “outpacing” the market.
Net profit grew 13% to INR2.19bn (US$32.7m) in the three months to the end of June. Profit from operations was up 11% at INR2.88bn.
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The improved profitability came in part of higher sales. Britannia said its net sales grew 8% to INR21.62bn.
Varun Berry, Britannia’s MD, said: “We continue to outpace the market with our go-to-market strategy of creating a robust distribution network with [an] unrelenting focus on rural and our weak states.”
However, Berry said category growth in India was “subdued” during the quarter. He added: “I am hopeful that a good monsoon and impact of 7th pay commission would aid consumption and boost demand going forward.”
Looking ahead, Berry said started a “combination of price increase and cost-efficiency measures” to offset a rise in commodity prices, which had “firmed up significantly over the last quarters”.
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