Mumbai, Feb 3 (IANS): Food products company Britannia Industries Ltd Tuesday said its consolidated net profits increased by 36.5 percent at Rs.123 crore for the quarter ended Dec 31 compared to Rs. 101 crore in the corresponding time period last fiscal.

The company's net sales in the third quarter (Q3) of the ongoing fiscal year was up by 13.7 percent at Rs.2,015 crore compared to the figure of Rs.1,772 crore for Q3 last fiscal.

"We embarked on our innovation journey in this quarter and we shall continue to delight our customers with superior organoleptic products. We have made our key brands more affordable and have selectively passed off the benefits of benign commodity prices to consumers to ensure increased off-take in a sluggish market," the company's MD Varun Berry said in a statement.

He said efficient distribution of its products backed by effective reduction in operational and fixed costs helped the company achieve the profit margin.