India's Britannia misses profit estimates hurt by tight competition
CHENNAI/BENGALURU, Aug 2 (Reuters) -Indian biscuit maker Britannia Industries BRIT.NS reported quarterly earnings below market expectations on Friday as competition from smaller rivals that offer cheaper alternatives mounted.
Britannia, which sells Jim Jam and NutriChoice biscuits, reported a consolidated net profit of 5.06 billion rupees ($60.44 million) for the first quarter ended June 30, compared with 4.58 billion rupees a year earlier.
Analysts, on average, had expected a profit of 5.36 billion rupees, according to data from LSEG.
($1 = 83.7250 Indian rupees)
Reporting by Ashna Teresa Britto in Bengaluru and Praveen Paramasivam in Chennai; Editing by Mrigank Dhaniwala
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