India’s largest biscuit maker Britannia Industries, partly controlled by French food giant Groupe Danone, has reported a leap in first-quarter profits.
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Britannia posted a 19% rise in net profit to INR361m (US$9m) on the back of an identical rise in turnover. Sales reached INR5.8bn for the three months to 30 June.
The company warned, however, of pressure from rising raw material costs as the price of wheat and dairy products continued to rise.
There has growing speculation in recent months that Danone could sell its 25.5% stake in Britannia amid a long-running spat with venture partner, India’s Wadia Group. Wadia has accused Danone of violating the agreement that underpins the venture.
Danone has admitted that a stake sale could be “one solution among others” but the companies remain in talks over the future of the venture.
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