Operating performance below expectations: Britannia's (BRIT) 1QFY17 consolidated net sales grew 8.5% YoY (est. of +11% YoY) to INR21.1b (Ind-AS). Volumes increased impressively by 8% YoY (est. of +10% YoY) against the backdrop of flat industry growth (v/s +2% in 4QFY16). Consol. EBITDA was up...