Britannia Industries registered steady performance in the backdrop of tough demand, with revenue growing by 6.2% (driven by volume growth of 3%) and a 31 bps rise in OPM to 16.1% (better than our expectation of 14.5%). New products (3% of overall sales) are performing well and gaining good acceptance in the domestic market. Most of the new products launched in recent times are gross margin accretive. The revenue mix between biscuit and non-biscuit products will reduce to 70:30 from 75:25 earlier over the next 2-3 years....