Packaged food major, Britannia Industries' net profit rose 24.8% on year to Rs 263.2 crore for the quarter ended March 31, beating estimates.
Reuters poll of analysts had expected the company to post net profit of Rs 260 crore.
The biscuit-maker's total revenue rose 13.14 percent at Rs 2,537.5 on the back of double digit volume growth.
Earnings before interest, tax, depreciation and amortisation (EBITDA) rose 29 percent year-on-year to Rs 397.1 crore.
EBITDA Margin were 15.6 percent vs 13.7 percent YoY.
Commenting on the performance, Varun Berry, Managing Director, said, "We have witnessed positive momentum in the market growth over the last few months. Our double digit growth for the quarter is backed by a double digit volume growth on the back of investment in brands and widening our distribution network through focus on direct reach, rural market and weak states."
"Our accelerated cost efficiency program and endeavour to leverage fixed costs have helped us improve our profitability," he added.
The company's international business grew in double digits despite a slow-down in geographies like the Middle East and Africa.
Growth in dairy business was subdued due to the company's focus on driving value added products. On the commodity front, prices of key raw material have seen a marginal inflation in the quarter under review.
The company's new greenfield factories at Guwahati and SEZ in Mundra have been commercialised, the company said in a statement to exchanges.
Additionally, the company is also setting up an integrated food park at Ranjangaon, in Maharashtra and a Greenfield plant in Nepal.
Speaking on the outlook, Berry said,"In the coming year priority will be on bridging portfolio gaps in our bakery business and other adjacent macro snacking business opportunities to ensure we stay ahead of market and achieve profitable growth to take our company to the next level."
The board has recommended dividend of Rs 25 per share. Britannia Industries stock closed at Rs 5,448.65 on the BSE, marginally lower from May 14.
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