August 6, 2018 / 6:01 AM / 2 months ago

India's Britannia posts quarterly profit below estimates on higher expenses

Aug 6 (Reuters) - Good Day biscuits maker Britannia Industries Ltd reported quarterly profit below analysts’ estimates on Monday, hurt by subdued growth in the dairy business and an increase in expenses.

Net profit was 2.58 billion rupees ($37.57 million) in the quarter ended June 30, compared with 2.16 billion rupees reported a year ago.

Analysts on average had expected a profit of 2.69 billion rupees, according to Thomson Reuters I/B/E/S.

Total expenses rose 7.2 percent to 21.93 billion rupees.

Britannia shares were up 0.60 percent in morning trade, while the NSE index was 0.4 percent higher.

$1 = 68.6750 Indian rupees Reporting By Aparajita Saxena in Bengaluru; Editing by Subhranshu Sahu

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