Indian food giant Britannia Industries has booked higher annual profits as it controlled costs and saw NPD improve sales.

The bakery and dairy group reported a 48.5% jump in consolidated net profit to INR2bn (US$358.5m) for the year to the end of March. Revenue increased 19% to INR54.6bn.

"Our three priorities during the year were managing revenue, managing cost and generating new value through innovation in products, processes and technology. This focus enabled us to deliver a top line growth of 19% and a profit growth of 48.5%, on a consolidated basis. Each business, in India and overseas, showed a significant improvement in performance," MD Vinita Bali said.

"Britannia's emphasis on innovation was reflected in several new introductions both in the health and nutrition products, as well as indulgent products."