India's Britannia Industries reported second-quarter revenue that fell short of analysts' expectations on Wednesday, as the biscuit maker cut prices of some of its key products to stave off competition. "As the commodity started to soften this quarter, we have seen pricing activity by competition in certain categories," said Managing Director Varun Berry, adding that Britannia cut prices in some of its key brands to increase its market share. Lower costs in the quarter ended September, however, helped Britannia post a 19.1% rise in consolidated net profit of 5.88 billion rupees, topping analysts' estimate of 5.46 billion rupees.
BENGALURU (Reuters) -India's Britannia Industries reported a near-36% jump in quarterly earnings on Friday as the Marie Gold biscuits maker stocked up its products in mom-and-pop stores across rural markets. Britannia has also tied up with more dealers, especially in rural India, and upped its budget for product launches and advertisements as it tries to attract customers. Peer Nestle India, meanwhile, beat quarterly earnings expectations as it benefited from price increases and demand for its chocolates and packaged foods, including Maggi noodles.