November 12, 2018 / 9:53 AM / a year ago

Britannia Industries second-quarter profit rises 16 percent

FILE PHOTO A worker stands next to a production line at the Britannia biscuit factory in New Delhi June 3, 2011. REUTERS/Adnan Abidi/File Photo

(Reuters) - Packaged-food maker Britannia Industries Ltd posted a 16.1 percent rise in second-quarter profit on Monday, in line with estimates, boosted by higher sales.

Net profit was here 3.03 billion rupees ($41.54 million) in the quarter ended Sept. 30, compared with 2.61 billion rupees a year earlier.

Analysts on average had expected a profit of 3.02 billion rupees, according to Refinitiv IBES estimates.

Sales of goods at Britannia, which makes biscuits such as “Good Day” and “Milk Bikis”, rose 12.5 percent to 28.55 billion rupees.

Shares of the company recovered from early falls to rise as much as 1.3 percent after the results were announced, while the NSE index was 0.9 percent lower.

($1 = 72.9500 Indian rupees)

Reporting by Chris Thomas in Bengaluru; Editing by Subhranshu Sahu

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