BBTC

March 27 (Reuters) -

• BOMBAY BURMAH TRADING CORPORATION LTD - SELLS DUNSANDLE ESTATE TEA PLANTATIONS FOR 1.20 BILLION RUPEES

Source text: ID:nBSE33NvCf

Further company coverage: BBRM.NS

((Reuters.Briefs@thomsonreuters.com;))

Feb 25 (Reuters) - Bombay Burmah Trading Corporation, Ltd BBRM.NS:

• REVISED TAX LIABILITY NOW 1.23 BILLION RUPEES

Source text: ID:nNSE5Vn2n9

Further company coverage: BBRM.NS

((Reuters.Briefs@thomsonreuters.com;;))

Feb 13 (Reuters) - Bombay Burmah Trading Corporation, Ltd BBRM.NS:

• BOMBAY BURMAH TRADING CORPORATION LTD - DEC-QUARTER CONSOL NET PROFIT 3.16 BILLION RUPEES

• BOMBAY BURMAH TRADING CORPORATION LTD DEC-QUARTER CONSOL TOTAL REVENUE FROM OPERATIONS 50.66 BILLION RUPEES

Source text: [ID:]

Further company coverage: BBRM.NS

((Reuters.Briefs@thomsonreuters.com;;))

By Komal Salecha

Feb 11 (Reuters) - Indian packaged foods maker Britannia Industries BRIT.NS is betting on the e-commerce and quick-commerce channels to capitalise on the convenience and impulse buying that the country's online consumer base increasingly seeks.

The quick commerce channel currently brings in high-single-digit percentage sales in segments such as "indulgence and impulse", Chief Commercial Officer Vipin Kataria said in a post-earnings call on Wednesday.

Sales in the segment, comprises sweet treats such as cakes, croissants and wafers, are expected to climb up to the high tweens to high teens percentages in fiscal 2027, according to Kataria.

India's quick-commerce market, which promises to deliver everything from iPhones to milk in minutes, has rapidly grown in the last few years as consumers in the world's most populous country court convenience. This has also led to a shift in strategy for consumer firms.

We are looking to add more digital-first brands to drive quick-commerce growth, which is expected to be margin accretive, CEO Rakshit Hargave said, adding that the company plans to increase its investments in its quick-commerce unit.

The packaged foods firm posted a 17% rise in third-quarter profit on Tuesday, driven by price hikes and tax cuts. Its stock closed 2.3% higher on the day.

E-commerce is also a major driver for the "indulgence and impulse" category, and the company plans to focus on the channel as a business unit in itself.

Online delivery platforms contributed three times more to sales in cakes, rusks, croissants and wafers in the December quarter, compared to its mainstay biscuits portfolio, the company said.

"Going forward, an omnichannel approach, very strong price points, pushing back competition and increased investments will drive growth," he said.

(Reporting by Komal Salecha in Bengaluru; Editing by Janane Venkatraman)

((Komal@thomsonreuters.com;))

Recasts with details throughout, CEO comment in paragraph 7, Shares in paragraph 11

Feb 10 (Reuters) - Indian biscuit maker Britannia Industries BRIT.NS reported a 17% rise in third-quarter profit on Tuesday, helped by price hikes and tax cuts.

The company, known for its Marie Gold and Good Day brand of biscuits, reported a consolidated net profit of 6.8 billion rupees ($75.12 million) for the quarter ended December 31, up from 5.82 billion rupees a year ago.

Analysts, on average, were expecting a profit of 6.64 billion rupees, according to LSEG data.

In its first earnings since a top management reshuffle in November, Britannia's revenue for the quarter grew 8.2% to 49.7 billion rupees, up from 4% growth in the previous quarter and in line with the 8% growth reported a year earlier.

Britannia and peers ITC ITC.NS, Hindustan Unilever HLL.NS and Dabur DABU.NS have been seeing a gradual recovery in demand, after several quarters of pressure, aided by the tax cuts and slowing inflation.

The goods and services (GST) reductions, which came into effect at the end of September, have helped lift sales of Indian consumer firms during the reported quarter.

The earnings underscore a healthy return to growth driven by strong momentum across both the biscuits and adjacent categories, alongside a relatively stable commodity environment, Managing Director and CEO Rakshit Hargave said in a statement.

The company's margins have been under pressure over the last few quarters due to sustained inflation in the prices of key commodities such as palm oil, cocoa and sugar.

Compared to its overall sales growth, Britannia has also been seeing faster growth in categories such as wafers, croissants and cakes driven by online delivery platforms.

It also took a one-time charge of 485.6 million rupees tied to the country's new labour codes during the quarter.

Shares of the company closed 0.5% up ahead of the results.

($1 = 90.5240 Indian rupees)

(Reporting by Komal Salecha in Bengaluru; Editing by Shailesh Kuber)

((Komal@thomsonreuters.com;))

Adds more details of quarterly results

Nov 5 (Reuters) - Indian biscuit maker Britannia Industries BRIT.NS reported a 23% rise in second-quarter profit and named former Birla Opus chief Rakshit Hargave as its CEO on Wednesday.

The news come as consumer goods makers in India are navigating a period of tax rate cuts and shifting demand trends, adding pressure to protect margins and sustain growth.

The maker of Jim Jam and NutriChoice biscuits said its consolidated net profit rose to 6.54 billion rupees ($74.4 million) in the July-September quarter, from 5.31 billion rupees a year earlier.

Net profit margins came in at 13.5%, versus 11.4% a year earlier, powered by price hikes. Brokerage Jefferies had estimated price hikes of 5% to 6% in the period.

Sales rose 4% to 47.52 billion rupees.

India had cut goods and services tax on several items in late September. Consumer goods firms faced short-term disruption in new orders as retailers rushed to clear higher-priced inventory ahead of the tax change.

NEW FACE AT THE HELM

Hargave will start his term as Britannia's CEO on December 15, succeeding Rajneet Kohli, who stepped down in March.

Earlier in the day, Hargave announced his resignation from Birla Opus, Grasim Industries' GRAS.NS paints unit.

Under his leadership, Birla Opus gave market leader Asian Paints ASPN.NS one of its biggest challenges in decades, cornering a significant market share in about a year of its launch in February 2024.

Hargave was at Grasim for four years. He has also worked with Indian units of consumer goods giant Unilever ULVR.L and pizza chain Domino's Pizza DPZ.O.

($1 = 87.8950 Indian rupees)

(Reporting by Hritam Mukherjee, Ananta Agarwal and Meenakshi Maidas in Bengaluru; Editing by Leroy Leo)

((Hritam.Mukherjee@thomsonreuters.com; X: @MukherjeeHritam;))

** Analysts at Nomura and Jefferies say Colgate COLG.NS, Britannia Industries BRIT.NS and Nestle India NEST.NS will be the key beneficiaries of tax cuts on everyday items

** Government slashed rates to 5% on a wide range of everyday items including personal care products, household goods and packaged foods.

** Colgate, up 3.6%, was the top gainer on Nifty FMCG index .NIFTYFMCG which rose 0.7%

** Britannia, Dabur and Nestle were also among the top gainers on the index, gaining 3%, 2.2% and 1.7%, respectively

** Nomura expects 100% of COLG's portfolio to benefit from tax cuts, while Jefferies estimates that number to be 95%

** 85% of Britannia's portfolio to benefit - Nomura and Jefferies

** Analysts flag that around 70% of Nestle's and 50%-60% of Dabur's portfolio to benefit

** Median PT for Colgate is 2472 rupees, Britannia's at 5900 rupees; Nestle and Dabur at 1200 and 545 rupees, respectively - data complied by LSEG

(Reporting by Nishit Navin in Bengaluru)

((nishit.navin@thomsonreuters.com))

** Proposed reductions in India's goods and services tax (GST) will drive formalization of consumer goods industries, Nomura says

** Marico MRCO.NS, Tata Consumer TACN.NS and Britannia Industries BRIT.NS are brokerage's top picks

** BRIT, with 80% of revenue from biscuits and Colgate-Palmolive (India) with 80% revenue from toothpastes COLG.NS to benefit most from tax rate cut on staples to 5% from 18%

** Quick service restaurants, thanks to reduced tax on key material cheese, as well as snacks --Bikaji BIKA.NS-- and stationary makers --ITC ITC.NS-- to benefit most from tax rate cut to 5% from 12%

** Meanwhile, if GST rate on cigarettes rises to 40% and all other taxes are unchanged, Nomura argues this would lead to a roughly 7% increase in effective tax burden for companies like ITC, "which we believe will be passed on to consumers without any major backlash."

** However, ITC could see lower volumes if main GST rate as well as other taxes are raised on cigarettes -- Nomura

** Indian consumer stocks .NIFTYFMCG have risen 4% since Prime Minister Narendra Modi announced tax cut plans on August 15

(Reporting by Nandan Mandayam in Bengaluru)

((Nandan.Mandayam@thomsonreuters.com; Mobile: +91 9591011727;))

** Bank of America says company-specific factors, not GST cuts, are key for growth and earnings upgrades for consumer firms

** Nifty FMCG Index .NIFTYFMCG is up nearly 1%, driven by a near 4% rise in Britannia Industries BRIT.NS on hopes of GST cut on biscuits

** BofA says if only the 12% GST slab is subsumed with no change to 5% and 18% slabs, the direct impact would be limited

** But moving some categories from 18% slab to lower could imply higher upside

** Brokerage remains selective in the consumer space, prefers Titan TITN.NS among discretionaries; says risk/reward is favourable for Varun Beverages VARB.NS and United Breweries UBBW.NS

** Brokerage more cautious on Avenue Supermarts AVEU.NS and quick service restaurant stocks like Westlife Foodworld WEST.NS, Devyani International DEVY.NS and Sapphire Foods SAPI.NS

** FMCG index is down 1% in 2025 so far, lagging the benchmark Nifty 50's .NSEI 5% rise

(Reporting by Nandan Mandayam and Nishit Navin in Bengaluru)

((Nandan.Mandayam@thomsonreuters.com; Mobile: +91 9591011727;))

** Indian biscuit maker Britannia Industries BRIT.NS down ~2% to 5,523 rupees following Q1 results

** 'Bourbon' biscuits maker misses Q1 profit estimates as cost inflation in key commodities and high competition crimp margins

** Macquarie says Britannia's comments, pointing to a heightened competitive landscape across categories, are concerning

** Adds, EBITDA, which was flat y/y came below its estimates

** BRIT rated 'hold' on average by 34 analysts; media PT at 5,824, implying a 5.4% upside to current price - as per data compiled by LSEG

** YTD, Britannia shares up ~16%

(Reporting by Ananta Agarwal in Bengaluru)

((Ananta.Agarwal@thomsonreuters.com))

Rewrites throughout with more earnings commentary, background and details

Aug 5 (Reuters) - Britannia Industries BRIT.NS posted first-quarter profit below estimates on Tuesday, but the Indian biscuit maker said urban consumption — dull for a few quarters — is picking up.

The seller of 'Marie Gold' and 'Bourbon' biscuits joins other domestic consumer goods makers such as Hindustan Unilever HLL.NS and ITC ITC.NS in forecasting early signs of a recovery in urban demand, aided by easing local inflation.

India's annual retail inflation slowed every month in the quarter, easing to a six-year low in June at 2.1%. That helped spur a "marginal uptick in consumption across both urban and rural markets," said Varun Berry, managing director and chief executive.

Britannia's quarterly sales grew 9.8% to 45.35 billion rupees ($516.5 million). The firm had previously flagged rise in popular demand for packaged food and confectionery items such as croissants, wafers and flavoured shakes - usually more likely to be bought on impulse.

But total spends rose 10.4%, led by a 15% jump in raw material costs. Britannia has been hiking prices to partly offset the higher costs of raw materials such as cocoa, flour and palm oil.

Profits in the reported quarter came in at 5.21 billion rupees, up 3% on-year, but below analysts' average estimate of 5.7 billion rupees, according to data compiled by LSEG.

($1 = 87.8100 Indian rupees)

(Reporting by Ananta Agarwal and Hritam Mukherjee in Bengaluru; Editing by Janane Venkatraman and Sahal Muhammed)

((Ananta.agarwal@thomsonreuters.com;))

** Britannia Industries BRIT.NS climb 0.8%; consumer goods and benchmark indexes down over 1%

** Biscuit maker's Q4 profit rises due to price hikes, which Nomura pegs at 6%

** Brokerages say 9% rev growth of 9% largely met estimates, while profit growth of 4% beat view

** Most analysts hold ratings; avg rating is equivalent to "buy", similar to most on 15-member Nifty FMCG .NIFTYFMCG

** Stock has gained 15% YTD, second-highest on index that is down 2.4% this year

(Reporting by Nandan Mandayam in Bengaluru)

((Nandan.Mandayam@thomsonreuters.com; Mobile: +91 9591011727;))

** India's Eternal ZOMT.NS, earlier known as Zomato, and Jio Financial Services JIOF.NS to see net inflows of $591 million on entry in benchmark Nifty 50 .NSEI, says Nuvama

** ZOMT and JIOF to get $391 mln and $200 mln inflows, respectively, while replacements Britannia Industries BRIT.NS and Bharat Petroleum BPCL.NS to see net outflows of $153 mln and $145 mln, respectively

** Changes effective close of March 27; changes in key indexes affects positioning of passive funds

** Indian Hotels IHTL.NS to see $85 mln inflows on Nifty Next 50 .NN50 inclusion and Power Grid Corp of India PGRD.NS to see $49 mln inflows on CPSE index .NICPSE inclusion, as per Nuvama

** IHTL and PGRD up 1% and 1.4%, respectively, on the day, while JIOF flat and ZOMT falls 2%

(Reporting by Vivek Kumar M)

((VivekKumar.M@thomsonreuters.com;))

March 24 (Reuters) - Indian biscuit maker Britannia Industries <BRIT.NS> said on Monday that operations at its Jhagadia plant in Gujarat have been partially affected due to a strike.

The company is in continuous discussions with workers to resolve the strike, which began on Monday, the company said in an exchange filing.

The impact is still being assessed, Britannia said, but stopped short of disclosing details such as the number of workers on strike or the facility's contribution to overall revenue when Reuters reached out for comment.

Britannia has about a dozen plants in India, according to the company's latest annual report.

Shares of the company had closed 0.4% lower on Monday.

(Reporting by Praveen Paramasivam in Chennai and Ashish Chandra in Bengaluru; Editing by Shailesh Kuber)

((ashish.chandra@thomsonreuters.com; +91 7982114624;))

March 17 (Reuters) - Bombay Burmah Trading Corporation, Ltd BBRM.NS:

• BOARD APPROVES SALE OF LAND IN TAMIL NADU TO ANNAI GROUP

Source text: ID:nBSE17gHMQ

Further company coverage: BBRM.NS

((Reuters.Briefs@thomsonreuters.com;;))

** Shares of Britannia Industries BRIT.NS trim gains to trade 0.5% lower after co announces CEO resignation

** The consumer goods giant says CEO Rajneet Singh Kohli has resigned, effective March 14

** Stock among the 3 decliners in the 15 member Nifty FMCG index .NIFTYFMCG, which is up 1.17%; BRIT was up as much as 1.7% before announcement

** Analysts covering BRIT on avg have a "buy" rating, same as rivals Hindustan Unilever HLL.NS and Nestle India NEST.NS - LSEG data

** The stock had gained ~24% during his tenure, which began late Sept. 2022

(Reporting by Ashna Teresa Britto in Bengaluru)

((AshnaTeresa.Britto@thomsonreuters.com ; ( +91 8078332441))

** Shares of Indian biscuit maker Britannia Industries BRIT.NS up as much as 2.2% on Q3 results to 5065 rupees

** Co reports 6% volume growth y/y in despite "ongoing subdued demand" and "increased competitive pressures"

** Net profit growth of 4.8% aided by lower employee costs and advertising spends, analysts say

** Gross margin contraction of more than 500bps higher than expected due to inflation in key commodities - JPMorgan

** Analysts see green shoots from trade promotions and distribution network expansion aiding volume growth amid ongoing margin pressure

** Stock rated "Hold" on avg by 33 analysts - LSEG

** Avg PT of 5421.88 rupees provides a 7.7% upside to current stock price

(Reporting by Ananta Agarwal in Bengaluru)

((Ananta.Agarwal@thomsonreuters.com))

By Praveen Paramasivam and Ananta Agarwal

Feb 6 (Reuters) - Indian consumer goods major ITC ITC.NS and biscuit maker Britannia Industries BRIT.NS beat estimates for quarterly profit on Thursday, benefiting from price increases and a recovery in rural demand.

Income support schemes by several states have encouraged people in rural India to spend more on food and other items, helping consumer goods companies to make up for a demand slowdown in urban areas.

"Rural consumption is expected to build on the gradual recovery momentum witnessed in recent months (on improving farm incomes)," ITC said, adding the revival was one of the "key positives" during the quarter.

Executives at consumer goods majors are now pinning their hopes on India's newly announced plans to cut income tax rates to revive urban spending.

For the third quarter ended Dec. 31, ITC reported a 1% rise in profit to 56.38 billion rupees ($643.69 million), beating market expectations of 51.9 billion rupees, according to data compiled by LSEG.

Revenue rose nearly 9% to 182.9 billion rupees, helped by the Aashirvaad and Sunfeast parent's expansion in rural and semi-urban areas as well as price increases implemented to make up for inflation in edible oil and cocoa.

Higher commodity prices squeezed margins but an 8% growth in its mainstay cigarette business cushioned the blow.

Britannia, which makes Jim Jam and NutriChoice biscuits, posted a 5% increase in quarterly profit to 5.82 billion rupees, crushing estimates of 5.21 billion rupees.

Revenue rose 8% to 45.93 billion rupees, led by "judicious price increases," with Britannia warning of more raises.

"Rural demand is undoubtedly upbeat for consumer goods makers and volume-led sales growth posted by ITC and Britannia in challenging market conditions is impressive," Centrum analyst Soham Samanta said.

(Reporting by Praveen Paramasivam in Chennai; Editing by Mrigank Dhaniwala and Anil D'Silva)

((Praveen.Paramasivam@thomsonreuters.com; +91 867-525-3569;))

Jan 10 (Reuters) -

• BOMBAY BURMAH TRADING CO, 17 OTHERS SETTLE WITH SEBI FOR VIOLATION OF ACQUISITIONS,TAKEOVERS REGULATION

((Reuters.Briefs@thomsonreuters.com;))

** Shares of Britannia Industries Ltd BRIT.NS down 13.8% in November, set for their biggest monthly drop since June 2006

** Stock currently up 0.2% at 4,934.95 rupees

** BRIT among top 5 biggest monthly pct losers on blue-chip Nifty 50 index as well as FMCG stocks .NIFTYFMCG that are down 1.2% and 2.5%

** BRIT reported smaller-than-expected Q2 profit in mid-Nov due to poor demand from inflation-wary urban customers, sending its shares down by more than 12% in two sessions

** Downbeat results also led stock to its worst week in 24 years; the stock was up by just 0.35% on the day before the results

** Avg rating on stock has fallen to "hold" from "buy" following post-results downgrades - LSEG

** Stock has 13 "hold" ratings, its most in at least two years

** YTD, BRIT down ~8%, among worst-performing stocks on Nifty 50 and Nifty FMCG index that are up 11% and ~2%, respectively

(Reporting by Nandan Mandayam in Bengaluru)

((Nandan.Mandayam@thomsonreuters.com; Mobile: +91 9591011727;))

** Shares of consumer goods maker Britannia Industries BRIT.NS fall 1.9% to 4,798.5 rupees, their lowest level since early-May

** BRIT top loser on Nifty FMCG index .NIFTYFMCG, which is down 0.5%

** Co on Tuesday said the Food Safety and Standards Authority of India (FSSAI) issued a notice over the use of a preservative in one of the batches of its product

** Co did not disclose which product was flagged by FSSAI, but says it expects no material impact on financials or operations

** More than 448,000 shares change hands, 1.1x its 30-day avg

** Avg rating of 33 analysts is a "hold"; median PT at 5,435 rupees - LSEG data

** BRIT is down 16% this month, on track for its worst month since June 2006

(Reporting by Ashna Teresa Britto in Bengaluru)

((AshnaTeresa.Britto@thomsonreuters.com ; +91 8078332441))

** Britannia Industries BRIT.NS falls 2.5% to 4,920 rupees, lowest in six months

** Stock down 14% this week, set for worst week since January 2000

** BRIT top loser and worst performing stock this week on the benchmark Nifty 50 index .NSEI, which is down 0.04%

** Indian markets are closed on Friday for a holiday

** Consumer goods major posted smaller-than-expected Q2 profit and rev on Monday amid slump in urban consumption

** At least 24 analysts slash PT post results; four downgrade rating

** BRIT rated "hold" on avg now vs "buy" before results; median PT now at 5,450 rupees vs 5,800 rupees earlier - LSEG

** Stock down ~8% YTD

(Reporting by Ashna Teresa Britto in Bengaluru)

((AshnaTeresa.Britto@thomsonreuters.com ; ( +91 8078332441))

** Britannia Industries BRIT.NS slides as much as 4.1% to 5,213 rupees, lowest since June 4

** Stock top loser on Nifty 50 index .NSEI, which is up 0.2%

** Biscuits maker posts smaller-than-expected Q2 profit, hurt by weaker demand for consumer goods, particularly in urban areas

** Rev up 5% to 46.68 bln rupees ($553 mln), but below market estimate of 47.39 bln rupees - LSEG

** Stock rated "buy" on avg; median PT is 5,800 rupees

** Day's drop trims YTD gains to 0.2%

($1 = 84.3930 Indian rupees)

(Reporting by Ashna Teresa Britto in Bengaluru)

((AshnaTeresa.Britto@thomsonreuters.com ; ( +91 8078332441))

Adds revenue, background in paragraphs 4-8

Nov 11 (Reuters) - Indian biscuit maker Britannia Industries BRIT.NS posted a smaller-than-expected second-quarter profit on Monday, hurt by weaker demand for consumer goods, particularly in urban areas amid high inflation.

The company, which sells Jim Jam and NutriChoice biscuits, reported a nearly 10% decline in consolidated net profit to 5.31 billion rupees ($62.95 million) for the three months ended Sept. 30, missing estimates.

Analysts, on average, had expected 6.22 billion rupees, according to estimates compiled by LSEG.

Urban consumers in the world's most populous country have been cutting back on spending due to rising prices of essentials, including food, squeezing the bottom lines of major packaged goods makers.

There was "tepid consumer demand" in most packaged consumer goods categories and "severe commodity inflation," Managing Director Varun Berry said, echoing comments made by many of the firm's counterparts, including Nestle India NEST.NS.

The company's earnings are in line with the downbeat results posted by its peers, such as Dove soap maker Hindustan Unilever HLL.NS, Maggi-parent Nestle India, and tobacco major ITC ITC.NS, which were hurt by factors including weak urban demand.

Britannia's revenue rose 5% to 46.68 billion rupees, but slowed from a 6% increase in the previous quarter and missed market expectations of 47.39 billion rupees, according to estimates compiled by LSEG.

The company's total expenses rose by 8% during the quarter, hurt by higher prices of ingredients such as wheat and cocoa.

($1 = 84.3580 Indian rupees)

(Reporting by Ashna Teresa Britto in Bengaluru and Praveen Paramasivam in Chennai; Editing by Abinaya Vijayaraghavan)

((AshnaTeresa.Britto@thomsonreuters.com;))

** Shares of Bombay Burmah Trading Corp BBRM.NS down 1.6% at 1,601.25 rupees

** Wadia Group-owned co said on Thursday Maharashtra state tax authority initated search at co's office

** Stock had fallen as much as 2.7% before paring some losses

** BBRM on track for first monthly decline since Aug. 2023 if trend holds; down 8.5% so far in March

(Reporting by Varun Vyas in Bengaluru)

((varunvyas.hebbalalu@thomsonreuters.com))

March 14 (Reuters) - Bombay Burmah Trading Corporation Ltd BBRM.NS:

• ASSISTANT COMMISSIONER OF STATE TAX, MAHARASHTRA INITIATED SEARCH AT CORPORATION'S REGISTERED OFFICE

• SEARCH UNDER SECTION 67 OF MAHARASHTRA GOODS AND SERVICES TAX ACT, 2017

Source text for Eikon: ID:nBSEblG9Pj

Further company coverage: BBRM.NS

((Reuters.Briefs@thomsonreuters.com;))

Feb 13 (Reuters) - Bombay Burmah Trading Corporation Ltd BBRM.NS:

• BOMBAY BURMAH TRADING CORPORATION DEC-QUARTER CONSOL NET PROFIT 4.57 BILLION RUPEES VERSUS PROFIT 1.58 BILLION RUPEES

• BOMBAY BURMAH TRADING CORPORATION DEC-QUARTER CONSOL TOTAL REVENUE FROM OPERATIONS 43.37 BILLION RUPEES VERSUS 42.8 BILLION RUPEES

Source text for Eikon: ID:nBSE5CJ9hD

Further company coverage: BBRM.NS

((reuters.briefs@thomsonreuters.com;))

By Praveen Paramasivam

CHENNAI, Nov 2 (Reuters) - Shares in India's Britannia Industries BRIT.NS climbed as much as 3.9% on Thursday, a day after reporting quarterly earnings above market expectations the biscuits maker kept a tight lid on costs amid easing commodities prices.

The Little Hearts maker has been focusing more on reducing product damages during transport, ensuring trucks are more fully loaded and setting up new plants.

Prices of raw materials including palm oil, laminates and corrugated boxes have also come off their highs, setting up Britannia for gross margin expansion that "surprised positively", JM Financial analyst Richard Liu said.

For the second quarter ended Sept. 30, Britannia's gross margin was at 42.9%, up from 41.9% in the first quarter and 38.9% a year earlier, according to LSEG data.

However, Britannia Managing Director Varun Berry stopped short of forecasting third-quarter margins on an earnings call on Thursday.

"The Middle East (is) in flames and Russia and Ukraine (are) going at each other. We don't know where this situation is leading up to."

Oil prices have risen roughly 6% since the start of the Israel-Hamas war, whose escalation may require policymakers in developing countries to take steps to manage a potential increase in headline inflation, the World Bank said earlier this week.

Analysts, however, expect Britannia to weather commodity price increases with effective cost-cutting measures.

Britannia also topped second-quarter earnings estimates on new biscuit launches and its move to ramp up distribution including in rural centres.

However, Britannia will now need to fend of competition from smaller rivals who have now re-entered the fray for market share.

Britannia shares, set to end higher after three sessions of losses, are on track for their best day in nearly five months. The stock has climbed about 5% this year, underperforming the Nifty fast-moving consumer goods .NIFTYFMCG index's 16% rise.

(Reporting by Praveen Paramasivam in Chennai)

((Praveen.Paramasivam@thomsonreuters.com; +91 867-525-3569;))

BENGALURU, Nov 1 (Reuters) - India's Britannia Industries BRIT.NS 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.

Britannia, which also sells cakes and breads, said its revenue from operations was up 1.2% at 44.33 billion rupees ($532.6 million), but fell short of analysts' estimates of 45.43 billion rupees, as per LSEG data.

"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.

Analysts have said a recovery in rural demand for packaged foods remained below expectations in the quarter due to high-food prices, but expects a pick-up in demand in the current quarter due to a delayed festive season.

"Our potential in rural continues to remain high and hence, expansion in rural distribution continued despite a reported rural slowdown," Berry added.

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.

Expenses fell 2.3% to 3.69 billion rupees.

Britannia also added that it was watchful of the impact of volatile global commodity prices on its businesses amid ongoing strife in the Middle East and Russia.

Its shares have gained nearly 2.1% in the year so far, as compared with a near 16% rise in the NIFTY FMCG index .NIFTYFMCG.

($1 = 83.2370 Indian rupees)

(Reporting by Manvi Pant and Indranil Sarkar in Bengaluru; Editing by Shailesh Kuber)

((Manvi.Pant@thomsonreuters.com; +918447554364;))

** Shares of Wadia Group-owned Bombay Burmah Trading Corp BBRM.NS rise as much as 11.9% to 1,238.9 rupees, highest since Sept. 2, 2021

** Stock logs largest intraday pct climb since June 13; on track to rise for fifth straight session, if trend holds

** Trading volume nearly 10X 30-day moving average as of 12:23 p.m. IST, stock's busiest day since June 13

** Stock up 35% YTD

(Reporting by Varun Vyas in Bengaluru)

((varunvyas.hebbalalu@thomsonreuters.com))