BRITANNIA

** 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)

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Feb 21 (Reuters) - Bharat Petroleum Corporation Ltd BPCL.NS:

• NSE: BPCL AND BRITANNIA INDUSTRIES BEING EXCLUDED FROM NIFTY 50

• NSE: JIO FINANCIAL SERVICES AND ZOMATO BEING INCLUDED IN NIFTY 50

• NSE: CHANGES IN NIFTY 50 STOCKS SHALL BECOME EFFECTIVE FROM MARCH 28

Source text: [ID:]

Further company coverage: BPCL.NS

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** 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)

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Feb 6 (Reuters) - Britannia Industries Ltd BRIT.NS:

• INFLATION ON KEY INPUT MATERIALS OF WHEAT, PALM OIL, COCOA REMAINS ON UPWARD TRAJECTORY

• WILL CLOSELY MONITOR COMMODITY PRICE INFLATION, IMPLEMENT TARGETED PRICE INCREASES AS NEEDED

Source text: ID:nBSEbN8PmQ

Further company coverage: BRIT.NS

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By Praveen Paramasivam

Feb 1 (Reuters) - India's plans to cut personal income tax rates will put more disposable income in the hands of the people and eventually boost consumption in the world's fifth-largest economy, executives from automobile and consumer firms said on Saturday.

This comes after the government said that people earning up to 1.28 million rupees ($14,800) per year will not have to pay any taxes, raising its threshold from 700,000 rupees. It also cut tax rates for people earning above the new threshold.

Consumption in the Indian economy has been under stress in the last few quarters as shoppers tightened their purse strings amid stubborn inflation and modest wage growth.

"Tax reforms benefiting the middle class will increase disposable income, further fuelling demand across essential and aspirational categories," Aasif Malbari, CFO of Godrej Consumer Products GOCP.NS, said.

The government's announcement sent the shares of consumer goods .NIFTYFMCG, autos .NIFTYAUTO and realty <.NIFTYREAL> firms up by 1.7%-3.6% on Saturday.

"The tax cut is going to be a helpful factor in accelerating demand for various kinds of consumer products," RC Bhargava, chairman of Maruti Suzuki India MRTI.NS, told TV channel ET Now.

(Reporting by Praveen Paramasivam; Editing by Dhanya Skariachan and Sonia Cheema)

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Jan 23 (Reuters) - Britannia Industries Ltd BRIT.NS:

• GETS TAX DEMAND OF TOTAL AMOUNT 43.3 MILLION RUPEES

Source text: ID:nBSE8rYbgc

Further company coverage: BRIT.NS

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Jan 16 (Reuters) - Britannia Industries Ltd BRIT.NS:

• GOT TOTAL TAX DEMAND ORDER FOR 11.6 MILLION RUPEES

Source text: ID:nNSE2ymlzk

Further company coverage: BRIT.NS

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** 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)

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** 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)

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** 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)

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By Praveen Paramasivam, Shivangi Acharya

CHENNAI/NEW DELHI, Nov 13 - India's city dwellers are cutting spending on everything from cookies to fast food as persistently high inflation squeezes middle class budgets, threatening the country's brisk economic growth.

Slowing urban spending over the past three to four months has not only hurt the earnings of largest consumer goods firms, it has raised questions about the structural nature of India's long-term economic success.

Since the end of the pandemic, India's economic growth has been driven in large part by urban consumption, however, that now seems to be changing.

"There is a top end – the people with money are spending like that is going out of style," Nestle India Chairman Suresh Narayanan said.

"There used to be a middle segment, which used to be the segment that most of us fast moving consumer goods (FMCG) firms used to operate in, which is the middle class of the country, that seems to be shrinking."

Nestle India, which makes Kit Kats and other well-known goods, reported its first quarterly revenue drop since the COVID-hit June quarter in 2020.

While there is no officially defined income bracket for Indian middle class households, they are broadly estimated to account for a third of India's 1.4 billion people.

They are considered a key demographic both economically and politically, with middle class frustration seen as a significant factor behind Prime Minister Narendra Modi's weaker election performance this year.

Asia's third-largest economy is expected to expand 7.2% in the financial year ending March 2025, the fastest among its major peers.

Belying those rosy projections, however, are signs of a sharp slowdown in the household sector.

Indian urban consumption hit a two-year low this month, according to an index published by Citibank that captures indicators such as airline bookings, fuel sales and wages.

"While some of the fall could be temporary, the key macro drivers remain unfavourable," Citi's chief India economist Samiran Chakraborty said.

Growth in inflation-adjusted wage costs for listed Indian firms - a proxy for earnings of urban Indians - has remained below 2% for all the three quarters of 2024, well below the 10-year average of 4.4%, data from Citi showed.

Chakraborty cites this as a key factor impacting urban consumption, along with declining savings and tighter rules for personal loans.

Headline inflation has averaged 5% over the past 12 months, but food inflation has held above 8% as weather shocks elevated prices of vegetables, cereals and other essential foods. In October, retail inflation hit a 14-month high of 6.2% while food prices jumped to 10.9%.

Anecdotal data suggests retail sales rose close to 15% year-on-year during the 2024 festive season, which runs from August to November, Nomura said in a note last week, about half last year's pace.

"During this festival season, we have not spent at all," said Rajwanti Dahiya, 60, who survives on her husband's monthly pension of 30,000 Indian rupees ($356.76).

"Savings are low, barely there."

A 'SHRINKING' MIDDLE

India's central bank expects 7.2% GDP growth for the fiscal year ending March 2025 on the back of improved rural demand and a strong services sector.

Higher government investment could also support demand, said Rahul Bajoria, head of India and ASEAN economic research at Bank of America.

"If government spending kicks in, that probably does have some multiplier effects on private consumption spending as well," said Bajoria, who expects GDP growth at 6.8% in the current financial year.

Some are less optimistic with Citi and IDFC First Bank economists expecting GDP growth in the July-September quarter to miss the central bank's projected 7%, weighed by slower urban consumption.

That pessimism has hit consumer stocks with the Nifty FMCG index .NIFTYFMCG declining 13% since Oct. 1, compared with a 7.4% drop in the benchmark Nifty 50 .NSEI.

Of the FMCG index's 15 constituent firms, only one reported a pickup in sales volume growth in the September quarter.

Consumers in large cities are swapping branded items from hair oil to tea for cheaper unbranded alternatives, reflected in the first sales volume decline in 11 quarters for the foods and refreshment group at Hindustan Unilever.

"We see the growth in big city standing down, although in smaller cities and in rural the growth continues to be good," Hindustan Unilever chief executive Rohit Jawa said last month, after reporting lower than expected earnings.

Consumers are also cutting back on dining out.

Fast-food chains such as McDonald's, Burger King, Pizza Hut and KFC posted same-store sales declines, earnings showed.

While people are still coming, they are choosing cheaper meals, Rajeev Varman, CEO at Burger King operator Restaurant Brands Asia RESR.NS said after posting a 3% drop in quarterly same-store sales.

"We prefer budget-friendly stores that give good deals and discounts to manage our monthly expenditure," said 37-year old Avinash Crasto, a Mumbai marketing and sales executive who has a family of four and identifies as middle class.

($1 = 84.0640 Indian rupees)

(Reporting by Praveen Paramasivam in Chennai and Shivangi Acharya in New Delhi; Editing by Sam Holmes)

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** 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)

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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)

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Oct 9 (Reuters) - Britannia Industries Ltd BRIT.NS:

• BRITANNIA AND BEL GROUP DEEPEN STRATEGIC PARTNERSHIP

• PARTNERSHIP TO ANNOUNCE LOCAL CHEESE MANUFACTURING IN INDIA

• CHEESE PLANT WITNESSED INVESTMENT OF 2.20 BLN RUPEES FROM JV

• EVERY YEAR, FACTORY WILL PRODUCE ABOUT 10000 TONS OF BRITANNIA LAUGHING COW CHEESE PRODUCTS

Source text for Eikon: [ID:]

Further company coverage: BRIT.NS

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Aug 15 (Reuters) - Britannia Industries Ltd BRIT.NS:

• BRITANNIA - GOT TAX ORDER FOR DEMAND OF 9.5 MILLION RUPEES

Further company coverage: BRIT.NS

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Aug 8 (Reuters) - Indian consumer products' sales slowed sharply to a more-than-one-year low from April to June due to softening demand for personal care products and packaged wheat flour, especially in urban areas, market researcher NielsenIQ said on Thursday.

The overall sales volume growth slowed to 3.8% in the second quarter, compared with growth rates of 6.4% to 8.6% in the past four quarters, "largely due to macroeconomic headwinds," NielsenIQ said, without detailing the factors.

India's retail inflation hovered around 5% in the quarter, mostly due to high food prices, forcing consumers in the world's most populous country to cut back wherever possible to make ends meet.

The sales volume growth in rural areas slowed to 5.2%, from 7.6% in the previous quarter, but fared better than urban markets, where growth slowed even more sharply to 2.8% from 5.7%.

The growth in rural pockets outpaced urban areas for the first time in five quarters in the January-March period as consumer majors including Dove-soapmaker Hindustan Unilever HLL.NS trimmed prices to win back consumers.

In the coming quarters, packaged goods makers including rural-centric Dabur India DABU.NS and Emami EMAM.NS expect a further boost, helped by better monsoon and higher government spending, which usually translate to higher consumer spending.

"The timely arrival of monsoon, coupled with a rural-centric budget with a focus on rural infrastructure, agriculture and employment is a key positive for the sector," Dabur CEO Mohit Malhotra said on an earnings call earlier this month.

The likes of Maggi instant noodles-maker Nestle India NEST.NS and biscuits-manufacturer Britannia Industries BRIT.NS are also betting on rural recovery by making their products available at more stores.

For the June quarter, though, consumer goods makers have posted mixed results.

Urban-centric Nestle India reported its slowest growth in eight years as price increases drove consumers away, while more rural-focussed Hindustan Unilever reported higher earnings as price cuts boosted demand.

(Reporting by Praveen Paramasivam; Editing by Savio D'Souza)

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Aug 5 (Reuters) - Britannia Industries Ltd BRIT.NS:

• INDIA'S BRITANNIA EXEC: RURAL GROWTH IS STARTING TO COME BACK

• BRITANNIA EXEC: CONTINUING TO GAIN MARKET SHARE, HOPE TREND TO CONTINUE

• BRITANNIA EXEC: RURAL PERFORMANCE BETTER THAN URBAN

• BRITANNIA EXEC: PURELY CONCENTRATING ON DIRECT-TO-CONSUMERS BUSINESS

• BRITANNIA EXEC: SEEING TRENDS OF RISING INPUT COSTS, CLOSELY MONITORING COMMODITY INFLATION

• BRITANNIA EXEC: PRIORITY TO DRIVE TOPLINE GROWTH, MARKET SHARE INCREASE

• BRITANNIA EXEC: WILL AIM TO STRIKE A BALANCE BETWEEN COMMODITY INFLATION AND PRICING ACTIONS

• BRITANNIA EXEC: WORKING ON POSSIBILITY OF CO BEING MORE COMPETITIVE IN TERMS OF PRICING

• BRITANNIA EXEC: MIGHT HAVE TO TAKE PRICE HIKES IN SOME BRANDS AND CATEGORIES IN FY25

• BRITANNIA EXEC: SEE TRENDS OF DOWNTRADING IN SOME OF THE MARKETS, INCLUDING RURAL

Source text for Eikon: [ID:]

Further company coverage: BRIT.NS

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CHENNAI/BENGALURU, Aug 2 (Reuters) - Indian biscuit maker Britannia Industries BRIT.NS reported quarterly earnings below market expectations on Friday as competition from smaller rivals that offer cheaper alternatives mounted.

Britannia, which sells Jim Jam and NutriChoice biscuits, reported a consolidated net profit of 5.06 billion rupees ($60.44 million) for the first quarter ended June 30, compared with 4.58 billion rupees a year earlier.

Analysts, on average, had expected a profit of 5.36 billion rupees, according to data from LSEG.

($1 = 83.7250 Indian rupees)

(Reporting by Ashna Teresa Britto in Bengaluru and Praveen Paramasivam in Chennai; Editing by Mrigank Dhaniwala)

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June 20 (Reuters) - Britannia Industries Ltd BRIT.NS:

• BRITANNIA INDUSTRIES LTD - VOLUNTARY RETIREMENT SCHEME OFFERED TO WORKERS AT KOLKATA FACTORY HAS BEEN ACCEPTED BY ALL PERMANENT WORKERS

• BRITANNIA INDUSTRIES LTD - NO MATERIAL IMPACT ON BUSINESS OPERATIONS

Source text for Eikon: ID:nNSEfH7Tb

Further company coverage: BRIT.NS

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Corrects to "forward" from "toward" in second-last paragraph

By Bharath Rajeswaran

MUMBAI, June 5 (Reuters) - Indian consumer-focussed companies are likely to shine, while capital spending-linked firms could suffer as the government shifts its policy focus to support lower-income segments, fund managers and analysts said on Wednesday, a day after a surprise result in the national elections.

Prime Minister Narendra Modi's Bharatiya Janata Party (BJP) secured a third term in government but without a majority of its own, confounding expectations and raising concerns over the pace of reforms and the priority of investment-led growth.

Indeed, the fast moving consumer goods (FMCG) index .BSESCGIP rose 0.15% on Tuesday, the only bright spot in the stock market carnage, which included a 12% plunge in the capital goods index .BSECG.

FMCG stocks continued their rise on Wednesday, climbing 5.2%, while capital goods companies slid 1.5%.

The BJP lacking a simple majority raises doubts over a stable government and policy-making styles, said analysts at CLSA.

The brokerage remained "overweight" on consumer staples and said ITC ITC.NS was its preferred pick in the sector.

CLSA is also positive on banks, IT and insurance companies, and replaced Larsen & Toubro (L&T) LART.NS with HCLTech HCLT.NS in its India focus portfolio.

The blue-chip Nifty 50 .NSEI and Sensex .BSESN indexes tumbled nearly 6% each on Tuesday, their worst one-day performance since March 2020.

Despite the plunge, valuations of cyclicals are expensive, said Nuvama Institutional Equities, preferring consumption-linked stocks over capital expenditure-linked sectors.

It expects weak demand to weigh on private capex and government capex to decelerate.

The Nifty 50 is currently trading at 19 times 1-year forward expected earnings (PE), below the 10-year long-term average of 20x.

Consumer staples like Hindustan Unilever HLL.NS, Britannia Industries BRIT.NS, Colgate COLG.NS are trading at a PE of 52x, 51x and 49x, respectively, lower than their long-term valuations.

Conversely, capital goods companies like L&T and Siemens Ltd SIEM.NS are trading above their long-term valuations.

"Days of paying any multiple for stocks in industries where big reforms are expected are gone," said Ashutosh Tiwari of Equirus Securities, cautioning investors to focus on sectors "where earnings visibility is more certain."

Equirus identified rural recovery as a theme that could benefit in the near term and picked building materials, consumer durables, automobiles and industrial consumables as its preferred sectors.

"The election result is likely to lead to a more balanced market; risk-reward in large caps and underperforming sectors like banking and consumer appears more favourable," said Rahul Singh, chief investment officer of equities at Mumbai-based Tata Asset Management.

"More specifically any moderation in the capital spending outlook in favour of consumption support can further drive sectoral preferences going forward," Singh said.

The change in market sentiment, he added, may lead to "greater scrutiny and valuation discipline" in sectors like capital goods, power, defence and manufacturing.

(Reporting by Bharath Rajeswaran in Mumbai; Editing by Savio D'Souza)

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Adds missing word in headline and paragraph 6 of May 30 story

By Bharath Rajeswaran

BENGALURU, May 30 (Reuters) - Hopes of a normal monsoon and a likely thrust from India's next government to address the stress in the bottom of the market are likely to spur consumption-linked themes for the rest of 2024, a fund manager at Ambit Asset Management said.

"Irrespective of whichever government comes to power after election results on June 4, we are already seeing a trend that is favourable for rural-facing companies or those catering to the bottom end of the market," Siddharth Bothra, fund manager at the flagship Ambit Coffee Can Fund, said on Wednesday.

"They are ripe for revival."

A widening wealth gap has led to a "K-shaped" recovery in India's consumption, with the premium and urban side of the market benefitting from demand for discretionary products like jewellery, while the bottom end of the market has lagged, Bothra says.

"The new government's likely focus is to take measures to address the stress in the rural and bottom of the market."

Ambit Asset Management manages assets worth over 27 billion rupees (about $324 million).

Moreover, the monsoon rains arriving a few days earlier than expected have also boosted the prospects of bumper harvests that could accelerate rural demand and consumption recovery.

Bothra expects telecom companies, two-wheeler makers and sellers of consumer staples to benefit the most.

"If those at the bottom end of the pyramid upgrade from using feature phones and 2G-phones to 3G-, 4G- and 5G-phones and their data usage rises, it will benefit telecom companies," said Bothra.

"The two-wheeler sales are still lesser than what it was in 2019. You have so many great quality companies which have solid fundamentals; they will greatly gain from consumption recovery."

Companies selling premium products such as cars, high-end electronics and jewellery have outperformed the market but fast-moving consumer goods (FMCG) firms like Hindustan Unilever HLL.NS and Dabur DABUR.NS have trailed in comparison.

A pick-up in rural consumption could turn that around, said Bothra.

($1 = 83.2690 Indian rupees)

(Reporting by Bharath Rajeswaran in Mumbai; Editing by Savio D'Souza)

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BENGALURU, May 7 (Reuters) - Indian fast-moving consumer goods' sales rose in January-March, with rural growth outpacing that in urban areas for the first time in five quarters, market researcher NielsenIQ said on Tuesday.

Consumer goods-makers in the world's fifth-largest economy have been struggling with sluggish demand, especially in the hinterlands, as higher prices of essentials including milk and tomatoes have forced people to cut back spending on non-essentials.

Sales volumes for fast-moving consumer goods rose 6.5% in the March quarter from a year earlier, NielsenIQ said, quickening from a 6% growth in the previous quarter.

Sales rose 7.6% in rural India, boosted by the personal and home care categories, against a 5.8% growth in the previous quarter.

Meanwhile, urban sales growth slowed to 5.7% from 6.9% in the previous quarter, as consumer goods makers struggled with rising competition.

Sales in the non-food segment rose at double the pace compared with the food segment, NielsenIQ said.

Consumer goods majors including Nestle India NEST.NS and Dabur DABU.NS have posted strong results for the March quarter as demand for products such as biscuits buoyed their bottom-lines.

Indian consumer giant Hindustan Unilever HLL.NS said a rural recovery has started while Marico MRCO.NS said a demand recovery is underway even as the companies missed fourth-quarter profit estimates.

"Post-election, post-monsoon, we would be aiming towards a double-digit volume growth for sure. I think the first quarter is flattish," Varun Berry, managing director of Britannia BRIT.NS said in a post-earnings call.

The consumer goods maker expects the demand environment to be "slightly inflationary" after the national elections which end in early June.

India anticipates an above-normal monsoon in June, which could aid rural income.

(Reporting by Ashna Teresa Britto and Varun Hebbalalu in Bengaluru; Editing by Mrigank Dhaniwala)

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** Shares of Good Day and Little Hearts biscuits maker Britannia Industries BRIT.NS up as much as 7.4% to 5,093.20 rupees; last up 6.3%

** Stock posts biggest intraday pct gain since Nov. 7, 2022

** Gross margin of 44.9%, up 100 bps year-on-year, and Q4 numbers "surprised us positively," say Investec analysts; margin expansion driven by softness in commodity prices and cost saving initiatives

** BRIT on Friday reported fourth-qtr profit slightly above estimates helped by resilient demand from urban consumers

** Investec adds BRIT continued to see market share gains helped by strategic pricing actions; reiterates "buy" rating

** Nomura notes 3% price cuts in quarter led to lower-than-expected sales growth

** Average rating for the stock among 36 analysts is "buy"; median price target 5,243 rupees - LSEG data

(Reporting by Navamya Ganesh Acharya in Bengaluru)

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May 3 (Reuters) - Britannia Industries Ltd BRIT.NS:

• Q4 CONSOL NET PROFIT 5.38 BILLION RUPEES; LSEG IBES PROFIT EST. 5.37 BILLION RUPEES

• Q4 CONSOL TOTAL REVENUE FROM OPERATIONS 40.69 BILLION RUPEES

• FINAL DIVIDEND OF 73.5 RUPEESPER SHARE

• YR AGO Q4 CONSOL NET PROFIT 5.59 RUPEES, TOTAL REV 40.23 RUPEES

Source text for Eikon: [ID:]

Further company coverage: BRIT.NS

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Adds Prime Minister Modi in paragraph 6, new analyst quotes in paragraphs 3, 9, farm sectors from paragraph 13

By Aftab Ahmed and Manoj Kumar

NEW DELHI, Feb 29 (Reuters) - India's economy grew at its fastest pace in one-and-half years in the final three months of 2023, led by strong manufacturing and construction activity and bolstering Prime Minister Narendra Modi's economic record just months before a national election.

Asia's third largest economy grew 8.4% in the October-December quarter, much faster than the 6.6% estimated by economists polled by Reuters and higher than the 7.6% recorded in the previous three months.

"The ongoing growth momentum is indicative of the Indian economy's resilience, notwithstanding global headwinds," said Sunil Kumar Sinha, economist at India Ratings, noting that industrial growth continued its good run in the quarter.

India has consistently beat market expectations and is ranked as one of the fastest-growing economies in the world, with China struggling to recover after the pandemic and the euro zone narrowly escaping a recession.

India revised its growth estimate for the current fiscal year to March 31 to 7.6% from 7.3%.

Such a strong showing in the last major economic data release before elections due by May could bolster Modi's chances after he made high economic growth one of his main platforms at rallies across the country.

The December growth "shows the strength of Indian economy and its potential," Modi said in a social media post.

Modi has sharply raised government spending on infrastructure and offered incentives to boost manufacturing of phones, electronics, drones and semiconductors to help India compete with likes of Vietnam and Thailand.

The manufacturing sector, which for the past decade has accounted for 17% of Asia's third-largest economy, expanded 11.6% year-on-year in the December quarter, while investment growth was above 10% for the second consecutive quarter, and the construction sector grew by more than 9%.

"Manufacturing sector growth was supported by lower input costs," said Rajani Sinha, Economist at CareEdge

Private consumption, accounting for 60% of gross domestic product (GDP), recovered slightly in the quarter, with a 3.5% year-on-year rise, compared with 2.4% in the previous three months.

Government spending contracted 3.2% year-on-year, compared with 1.4% growth in the previous quarter.

RURAL WEAKNESS

The farm sector, which accounts for about 15% of the $3.7 trillion economy, continued to struggle due to unfavourable monsoon rains. It contracted 0.8% in the December quarter, compared with 1.6% growth in the September quarter.

Slowing rural growth dragged down farm incomes and some farmers have hit the streets demanding higher procurement prices.

Rural weakness has lead to slower growth for major retail companies like Hindustan Unilever HLL.NS and Britannia Industries BRIT.NS.

The pace of growth in real rural wages was around 1% in 2023 after contracting nearly 3% in the previous two years, according to ICRA, while average salaries in urban areas have been going up by nearly 10% a year.

However, policymakers remain optimistic on rural recovery.

"With the anticipated better value addition in the farm sector next financial year, rural demand growth and rural income growth will be even better and more evident in FY25," country's Chief Economic Adviser V Anantha Nageswaran said.

(Additional reporting by Nikunj Ohri and Sarita Chaganti Singh; Graphics by Riddhima Talwani; Editing by Chizu Nomiyama, Kirsten Donovan, Toby Chopra)

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Feb 6 (Reuters) - Britannia Industries Ltd BRIT.NS:

• BRITANNIA INDUSTRIES Q3 CONSOL NET PROFIT 5.56 BILLION RUPEES; LSEG IBES PROFIT EST. 5.5 BILLION RUPEES

• BRITANNIA INDUSTRIES Q3 CONSOL TOTAL REV FROM OPS 42.56 BLN RUPEES; LSEG IBES EST. 42.53 BLN RUPEES

• BRITANNIA INDUSTRIES YEAR AGO Q3 CONSOL NET PROFIT 9.32 BILLION RUPEES, TOTAL REVENUE 41.97 BILLION RUPEES

Source text for Eikon: [ID:]

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Adds analyst comment, details on results

By Praveen Paramasivam

CHENNAI, Jan 19 (Reuters) - Hindustan Unilever (HUL) HLL.NS, the Indian arm of UK's Unilever ULVR.L, posted a smaller-than-expected increase in quarterly profit on Friday as competition in the consumer goods space heated up and demand in rural regions remained low.

Consumer goods giants, including HUL peers Nestle India NEST.NS and Britannia Industries BRIT.NS, have been struggling with a spending pullback in the rural regions as prices of essentials have shot up.

The festive season did not trigger the expected growth for the industry as consumers, especially in rural India, started to spend cautiously, said Akshay D'Souza, chief of growth and insights at Bizom, which tracks retail trends.

HUL said that the economic recovery in urban areas is outpacing that in the rural regions, but the overall operating environment remains challenging and that the pace of recovery from here on would be determined by a rebound in rural income.

Its profit edged up 0.6% at 25.19 billion rupees ($303.30 million) in the quarter, missing analysts' estimate of 26.8 billion rupees, according to LSEG data.

HUL's sales slipped marginally to 149.28 billion rupees in the quarter, hurt by a drop in its beauty and personal care business, which accounts for 38% of revenue and houses the Dove and Pears brands, among others.

A delayed winter dented the expected pick-up in demand for moisturisers and lotions, the company said.

Sales in its home-care business also fell, with regional players re-entering the fray for market share with deeper-pocketed conglomerates as commodity prices ease.

HUL has cut prices of several products, including detergents and skin cleansers, and said it expects the "competitive intensity (is) likely to stay high."

HUL is the first major consumer goods manufacturer to report quarterly results, with many analysts expecting HUL and Godrej Consumer Products GOCP.NS to be among the worst hit.

($1 = 83.0543 Indian rupees)

(Reporting by Praveen Paramasivam in Chennai; Editing by Janane Venkatraman, Sohini Goswami and Savio D'Souza)

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Jan 16 (Reuters) - Britannia Industries Ltd BRIT.NS:

• RECEIVED AN ORDER FROM OFFICE OF ASSISTANT COMMISSIONER OF STATE TAX, GST

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CHENNAI, Nov 6 (Reuters) - India's Bikaji Foods International BIKA.NS reported a 47% increase in quarterly profit on Monday, benefitting from higher distribution of its crispy ethnic snacks and easing ingredient prices.

Prices of several raw materials in the packaged foods segment, including edible oils and corrugated boxes, have dropped in recent months, helping everyone in the sector from biscuit maker Britannia Industries BRIT.NS to Bikaji report solid earnings.

Bikaji — which has a strong foothold in Rajasthan, Bihar and Assam — has been rapidly expanding as the company tries to tap into India's growing middle class and is now focussing on states including Karnataka, Haryana and Uttar Pradesh.

The efforts helped its revenue from operations climb 5.6% to 6.08 billion rupees ($73.08 million) for the second quarter ended Sept. 30, according to a regulatory filing.

Net income surged 47.3% to 611.9 million rupees, as materials cost edged up only 1.4% compared with the almost 3% increase in the previous quarter.

Shares in Bikaji, which last quarter bought a 49% stake in smaller rival Bhujialalji, rose as much as 4.9% after results, taking their gains to over 15% this year.

($1 = 83.1970 Indian rupees)

(Reporting by Praveen Paramasivam in Chennai; Editing by Tasim Zahid)

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Nov 2 (Reuters) - Britannia Industries Ltd BRIT.NS:

• COMPANY HAS COMMENCED PRODUCTION IN ITS BIHTA PLANT, BIHAR

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Further company coverage: BRIT.NS

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