Biscuit maker Britannia drops most on Nifty 50 after Q1 profit miss

7/08/2023 10:36:45 AM | Source: Reuters

Biscuit maker Britannia drops most on Nifty 50 after Q1 profit miss

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Shares in India's Britannia Industries fell as much as 2.2% on Monday - the biggest loser on India's bluechip index - after the Marie Gold biscuits maker reported quarterly earnings below estimates partly due to higher expenses.

Britannia, which also sells cakes and breads, on Friday posted a consolidated profit of 4.58 billion rupees ($55.36 million) for the first quarter ended June 30, compared with 3.37 billion rupees a year earlier.

However, that was below market expectations of 5.06 billion rupees, according to IBES data from Refinitiv.

($1 = 82.7250 Indian rupees)

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Biscuit maker Britannia drops most on Nifty 50 after Q1 profit miss

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