India-based biscuit-to-dairy group Britannia Industries has reported higher first-quarter sales and earnings, driven by moves to make its products more affordable but also improvements in operating efficiency.
The company saw its net profit increase more than two-third to INR1.9bn (US$29.7m). Operating profit jumped 89.5% to INR2.61bn.
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The higher profits came in part due to growing sales. Britannia booked a 13% rise in revenue to INR20.03bn for the quarter to the end of June.
MD Varun Berry said: "Our results are a reflection of our focus on driving consumer off-take and operational efficiencies to generate sustainable and profitable growth, despite the slowdown that is being witnessed in the FMCG sector. We have passed off the benefits of benign commodity prices and made our brands more affordable to the consumers. We continued our efforts to expand our distribution footprint and ensure efficiency in operations through reduction in wastages and tight management of fixed costs."
He added: "We remain committed to tap new sources of growth and focus on commercialising consumption opportunities across our product portfolio."
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