India's Britannia misses profit estimates as urban demand slows

Britannia Industries

11/11/2024 12:54

Nov 11 (Reuters) - Indian biscuit maker Britannia
Industries  BRIT.NS  posted a surprise drop in second-quarter
profit on Monday, hurt by weaker demand in urban areas amid high
inflation.
    The company, which sells Jim Jam and NutriChoice biscuits,
reported a consolidated net profit of 5.31 billion rupees 
($62.95 million) for the three months ended Sept. 30, compared
with 5.88 billion rupees a year earlier.
    Analysts, on average, had expected a profit of 6.22 billion
rupees, according to estimates compiled by LSEG.

($1 = 84.3580 Indian rupees)

 (Reporting by Ashna Teresa Britto in Bengaluru and Praveen
Paramasivam in Chennai; Editing by Abinaya Vijayaraghavan)
 ((AshnaTeresa.Britto@thomsonreuters.com;))