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Insights

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  • Any increase in price of wheat, edible oil or sugar poses a risk to its margins. Recent increase in sugar and edible oil price should be settling after as logistic inflation settles down after a recent spike.

  • Distribution network is the key in FMCG business. In the last six months, the number of rural distributors increased by 3,000 from 19,000, standing at 22,000 on 30th September, 2020.

  • Monsoon becomes important for the bottomline of the company, as all its key raw materials are based on agri-supply chain where rains plays an important role in determining prices. Also, rural sales contribute close to 30 per cent of the company’s revenue.

  • The company ramped its new launches, in coming quarter performance of these new products especially in the rural market where the company had been making in road needs to be watched as that would have an impact on operating margins.

InsightsBritannia Industries Ltd.

  • Raw material risk

    Any increase in price of wheat, edible oil or sugar poses a risk to its margins. Recent increase in sugar and edible oil price should be settling after as logistic inflation settles down after a recent spike.

  • Strong rural distribution network

    Distribution network is the key in FMCG business. In the last six months, the number of rural distributors increased by 3,000 from 19,000, standing at 22,000 on 30th September, 2020.

  • Monsoon, another key factor

    Monsoon becomes important for the bottomline of the company, as all its key raw materials are based on agri-supply chain where rains plays an important role in determining prices. Also, rural sales contribute close to 30 per cent of the company’s revenue.

  • Watch out of performance of new launches

    The company ramped its new launches, in coming quarter performance of these new products especially in the rural market where the company had been making in road needs to be watched as that would have an impact on operating margins.

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Key Metrics

  • 56.38
  • 70.90
  • 96,287.10
  • 5
  • 26.79
  • 3.94
  • 1.00
  • 0.69
  • 3,992.66

Returns

  • 1 Day0.28%
  • 1 Week4.86%
  • 1 Month16.77%
  • 3 Months15.94%
  • 1 Year7.29%
  • 3 Years18.68%
  • 5 Years131.03%

Britannia Stock Analysis

EARNINGS
FUNDAMENTAL
RELATIVE VALUATION
RISK
PRICE MOMENTUM

NO RATING (NR)

NEGATIVE (1-3)

NEUTRAL (4-7)

POSITIVE (8-10)

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Recommendations

Recent Recos

BUY

Current

Mean Recos by 38 Analysts

Strong
Sell
SellHoldBuyStrong
Buy

  • Target₹4100
  • OrganizationYes Securities
  • BUY

Analyst Trends

RatingsCurrent1 Week Ago1 Month Ago3 Months Ago
Strong Buy12121011
Buy15151110
Hold7788
Sell4488
Strong Sell----
# Analysts38383737

Financials

  • Income (P&L)

  • Balance Sheet

  • Cash Flow

  • Ratios

  • MD&A

  • Insights

    • Beating 3 Yr Revenue CAGR

      Companys annual revenue growth of 13.22% outperformed its 3 year CAGR of 9.98%. (Source: Consolidated Financials)
    • Employee & Interest Expense

      Company has spent less than 1% of its operating revenues towards interest expenses and 4.01% towards employee cost in the year ending Mar 31, 2021. (Source: Consolidated Financials)
    Quarterly | AnnualJun 2021Mar 2021Dec 2020Sep 2020Jun 2020
    Total Income3,463.933,193.943,248.173,492.613,514.35
    Total Income Growth (%)8.45-1.67-7.00-0.6219.28
    Total Expenses2,898.752,678.182,602.672,792.732,751.79
    Total Expenses Growth (%)8.242.90-6.811.4911.76
    EBIT565.18515.76645.50699.88762.56
    EBIT Growth (%)9.58-20.10-7.77-8.2257.50
    Profit after Tax (PAT)389.55364.32455.75498.13545.70
    PAT Growth (%)6.93-20.06-8.51-8.7245.62
    EBIT Margin (%)16.3216.1519.8720.0421.70
    Net Profit Margin (%)11.2511.4114.0314.2615.53
    Basic EPS (₹)16.1715.1318.9320.7022.69
    Quarterly | AnnualJun 2021Mar 2021Dec 2020Sep 2020Jun 2020
    Total Income3,388.173,009.163,056.503,298.753,307.21
    Total Income Growth (%)12.60-1.55-7.34-0.2619.52
    Total Expenses2,753.972,509.982,448.922,647.282,588.19
    Total Expenses Growth (%)9.722.49-7.492.2812.48
    EBIT634.20499.18607.58651.47719.02
    EBIT Growth (%)27.05-17.84-6.74-9.3954.24
    Profit after Tax (PAT)465.88353.46428.39462.31515.87
    PAT Growth (%)31.81-17.49-7.34-10.3835.34
    EBIT Margin (%)18.7216.5919.8819.7521.74
    Net Profit Margin (%)13.7511.7514.0214.0115.60
    Basic EPS (₹)19.3414.6717.7919.2121.45
    Quarterly | Annual FY 2021 FY 2020 FY 2019 FY 2018 FY 2017
    Total Revenue13,449.0111,878.9511,261.1210,080.369,204.63
    Total Revenue Growth (%)13.225.4911.719.518.02
    Total Expenses10,935.6010,018.089,492.228,562.007,900.63
    Total Expenses Growth (%)9.165.5410.868.378.21
    Profit after Tax (PAT)1,863.901,402.631,159.121,004.23884.47
    PAT Growth (%)32.8921.0115.4213.547.27
    Operating Profit Margin (%)19.9716.7016.0815.3914.46
    Net Profit Margin (%)14.1812.0910.4810.129.76
    Basic EPS (₹)77.4358.3548.2583.6573.71
    Quarterly | Annual FY 2021 FY 2020 FY 2019 FY 2018 FY 2017
    Total Revenue12,671.5311,322.1110,672.979,459.998,559.15
    Total Revenue Growth (%)11.926.0812.8210.526.38
    Total Expenses10,292.099,432.858,956.868,014.797,307.99
    Total Expenses Growth (%)9.115.3111.759.675.85
    Profit after Tax (PAT)1,760.031,484.301,122.20947.89843.69
    PAT Growth (%)18.5832.2718.3912.3512.63
    Operating Profit Margin (%)20.0117.7816.3815.5414.88
    Net Profit Margin (%)14.2113.5010.7010.1810.02
    Basic EPS (₹)73.1261.7546.7178.9670.31

    All figures in Rs Cr, unless mentioned otherwise

  • Annual FY 2021 FY 2020 FY 2019 FY 2018 FY 2017
    Total Assets8,008.787,842.236,241.825,187.924,108.80
    Total Assets Growth (%)2.1225.6420.3126.2617.60
    Total Liabilities4,424.783,403.751,955.891,768.551,409.78
    Total Liabilities Growth (%)30.0074.0310.5925.450.72
    Total Equity3,584.004,438.484,285.933,419.372,699.02
    Total Equity Growth (%)-19.253.5625.3426.6928.88
    Current Ratio (x)1.221.431.901.911.74
    Total Debt to Equity (x)0.590.340.030.050.04
    Contingent Liabilities584.33277.65287.84242.47303.84
    Annual FY 2021 FY 2020 FY 2019 FY 2018 FY 2017
    Total Assets7,416.017,253.345,652.974,627.303,696.14
    Total Assets Growth (%)2.2428.3122.1725.1920.50
    Total Liabilities4,096.482,978.691,613.521,392.021,114.16
    Total Liabilities Growth (%)37.5384.6115.9124.94-18.33
    Total Equity3,319.534,274.654,039.453,235.282,581.98
    Total Equity Growth (%)-22.345.8224.8625.3051.87
    Current Ratio (x)1.211.451.942.031.84
    Total Debt to Equity (x)0.540.280.000.000.00
    Contingent Liabilities547.05241.37245.43295.08355.58

    All figures in Rs Cr, unless mentioned otherwise

  • Annual FY 2021 FY 2020 FY 2019 FY 2018 FY 2017
    Net Cash flow from Operating Activities1,851.071,484.531,155.781,248.77441.28
    Net Cash used in Investing Activities461.26-1,531.62-855.53-956.26-149.85
    Net Cash flow from Financing Activities-2,243.6957.94-352.68-231.75-295.08
    Net Cash Flow66.2016.54-49.1260.76-3.65
    Closing Cash & Cash Equivalent141.4575.2658.72108.1047.34
    Closing Cash & Cash Equivalent Growth (%)87.9528.17-45.68128.35-7.16
    Total Debt/ CFO (x)1.131.020.120.140.26
    Annual FY 2021 FY 2020 FY 2019 FY 2018 FY 2017
    Net Cash flow from Operating Activities1,778.271,659.681,113.651,182.58401.94
    Net Cash used in Investing Activities500.64-1,568.34-831.10-822.78-115.49
    Net Cash flow from Financing Activities-2,222.84-94.25-326.26-304.27-283.80
    Net Cash Flow56.07-2.91-43.7155.532.65
    Closing Cash & Cash Equivalent76.2920.2223.1366.8411.31
    Closing Cash & Cash Equivalent Growth (%)277.30-12.58-65.39490.9847.84
    Total Debt/ CFO (x)1.010.720.000.010.00

    All figures in Rs Cr, unless mentioned otherwise

  • Insights

    • ROE Outperforming 5 Year Average

      Company delivered ROE of 52.53% in year ending Mar 31, 2021 outperforming its 5 year avg. of 34.49%. (Source: Consolidated Financials)
    Annual FY 2021 FY 2020 FY 2019 FY 2018 FY 2017
    Return on Equity (%)52.5331.8527.2529.4832.80
    Return on Capital Employed (%)59.7136.8140.4943.1047.38
    Return on Assets (%)23.2717.8818.5719.3521.52
    Interest Coverage Ratio (x)23.6625.20195.60201.05240.27
    Asset Turnover Ratio (x)164.02147.91177.10191.09220.35
    Price to Earnings (x)46.9546.3064.1059.5246.08
    Price to Book (x)24.6414.6917.4117.5215.06
    EV/EBITDA (x)31.6531.1538.2135.7828.41
    EBITDA Margin (%)21.4818.2917.5416.8215.77
    Annual FY 2021 FY 2020 FY 2019 FY 2018 FY 2017
    Return on Equity (%)53.0234.7227.7829.2932.67
    Return on Capital Employed (%)60.5938.7942.1944.3548.04
    Return on Assets (%)23.7320.4619.8520.4822.82
    Interest Coverage Ratio (x)25.3329.991,115.36997.69934.70
    Asset Turnover Ratio (x)166.92151.47185.43201.06227.65
    Price to Earnings (x)49.7543.6766.2363.2948.31
    Price to Book (x)26.3315.1318.3318.4515.72
    EV/EBITDA (x)33.6931.2739.9538.0530.05
    EBITDA Margin (%)21.3519.1617.6716.8316.03
  • MANAGEMENT DISCUSSION AND ANALYSIS (FY 19-20)

    • Biscuit - per capita consumption

      The per capita consumption of biscuit in India, relative to certain developed economies, continues to be quite low offering significant opportunities for category growth. In view of the wide-spread penetration of biscuit among households (above 90%), the opportunity for innovation and scale is large in this category.

    • Supply chain challenges

      Your Company sees quality milk procurement and continuous infrastructure improvement including cold chain as the primary growth challenges

    • Rusk the new opportunity

      Rusk is a traditional category with a reasonable level of unorganized play. The category has not witnessed any significant technology changes or product innovation in India. This category, however, has multiple value-added product offerings in other countries.

Financial InsightsBritannia Industries Ltd.

  • Income (P&L)
  • Ratios
    • Beating 3 Yr Revenue CAGR

      Companys annual revenue growth of 13.22% outperformed its 3 year CAGR of 9.98%. (Source: Consolidated Financials)

    • Employee & Interest Expense

      Company has spent less than 1% of its operating revenues towards interest expenses and 4.01% towards employee cost in the year ending Mar 31, 2021. (Source: Consolidated Financials)

    • ROE Outperforming 5 Year Average

      Company delivered ROE of 52.53% in year ending Mar 31, 2021 outperforming its 5 year avg. of 34.49%. (Source: Consolidated Financials)

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Forecast

  • PRICE

  • REVENUE

  • EARNINGS

  • Forecast

    Forecast

    Current Year - 2021

    3,997.5011.15 (0.28%)

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  • Forecast

    • Estimated
    • Actual

    Forecast

    Analysis for

    All values are in (Cr), unless mentioned otherwise

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  • Forecast

    • Estimated
    • Actual

    Forecast

    Analysis for

    All values are in , unless mentioned otherwise

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Technicals

  • Buy / Sell Signals

  • Price Analysis

  • Pivot Levels & ATR

  • Chart

  • Stock doesnt have any Buy/Sell Signals.

  • 45%

    Positive Movement since
    1st Jan 2005 on basis

    54%

    Negative Movement since
    1st Jan 2005 on basis

    Exclude

  • Pivot Levels

    R1R2R3PIVOTS1S2S3
    Classic4018.824048.584099.633997.533967.773946.483895.43

    Average True Range

    5 DAYS14 DAYS28 DAYS
    ATR85.0579.5370.52

Peer Comparison

  • Stock Performance

  • Ratio Performance

    • CHART
    • TABLE

    Insights

    • Stock Returns vs Nifty 100

      Stock gave a 3 year return of 18.35% as compared to Nifty 100 which gave a return of 41.19%. (as of last trading session)
    • Stock Returns vs Nifty FMCG

      Stock generated 18.35% return as compared to Nifty FMCG which gave investors 18.19% return over 3 year time period. (as of last trading session)
    • 1D
    • 1W
    • 1M
    • 3M
    • 6M
    • 1Y
    • 5Y
  • Insights

    • Stock Returns vs Nifty 100

      Stock gave a 3 year return of 18.35% as compared to Nifty 100 which gave a return of 41.19%. (as of last trading session)
    • Stock Returns vs Nifty FMCG

      Stock generated 18.35% return as compared to Nifty FMCG which gave investors 18.19% return over 3 year time period. (as of last trading session)

    Ratio Performance

    NAMEP/E (x)P/B (x)ROE %ROCE %ROA %Rev CAGR [3Yr]OPMNPMBasic EPSCurrent RatioTotal Debt/ Equity (x)Total Debt/ CFO (x)
    Britannia56.3826.8652.5359.7123.279.9819.9714.0877.431.220.591.13
    Nestle India84.8892.95103.1255.0526.369.7322.2915.59215.981.680.020.01
    Tata Consumer111.595.105.908.214.2219.0612.158.569.302.280.050.44
    Varun Beverages64.2610.229.3311.783.8817.1411.006.5711.400.740.762.66
    Zydus Wellness91.813.222.596.702.0950.1117.576.3619.551.100.121.92
    Add More

    Annual Ratios (%)

    Choose from Peers

    • Tasty Bite Eatable
    • Mrs. Bectors Food Specialities Ltd.
    • DFM Foods
    • ADF Foods
    • Prataap Snacks

    See All Parameters

Peers InsightsBritannia Industries Ltd.

  • Stock Returns vs Nifty 100

    Stock gave a 3 year return of 18.35% as compared to Nifty 100 which gave a return of 41.19%. (as of last trading session)

  • Stock Returns vs Nifty FMCG

    Stock generated 18.35% return as compared to Nifty FMCG which gave investors 18.19% return over 3 year time period. (as of last trading session)

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Shareholding Pattern

  • QOQ Change

  • Total Shareholdings

  • Showing Shareholding as on 30 Jun 2021

    Category30 Jun 202131 Mar 202131 Dec 202030 Sep 2020
    Promoters50.5550.5550.5550.58
    Pledge0.000.000.000.00
    FII18.4017.9617.6716.04
    DII11.1711.2210.6611.47
    Mutual Funds3.754.845.626.48
    Others19.8820.2721.1221.91
  • Showing Shareholding as on 30 Jun 2021

    CategoryNo. of SharesPercentage% Change QoQ
    Promoters12,17,52,89250.55 %0.00
    Pledge00.00 %0.00
    FII4,43,27,23918.40 %0.44
    DII2,69,15,83111.17 %-0.05
    MF90,37,6353.75 %-1.09
    Others4,78,72,33419.88 %-0.39

MF Ownership

    • 258.86

      Amount Invested (in Cr.)

    • 0.94%

      % of AUM

    • 0.00

      % Change (MoM basis)

    • 255.70

      Amount Invested (in Cr.)

    • 0.76%

      % of AUM

    • 0.00

      % Change (MoM basis)

    • 250.81

      Amount Invested (in Cr.)

    • 0.86%

      % of AUM

    • 0.00

      % Change (MoM basis)

MF Ownership as on 31 July 2021

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F&O Quote

  • Futures

  • Options

    • Expiry

    Price

    3,981.85-0.55 (-0.01%)

    Open Interest

    13,27,400-22,800 (-1.72%)

    OpenHighLowPrev CloseContracts TradedTurnover (₹ Lakhs)
    3,978.904,024.953,957.103,982.403,42127,273.10

    Open Interest as of 30 Aug 2021

Corporate Actions

  • Board Meeting/AGM

  • Dividends

  • Others
  • Meeting DateAnnounced onPurposeDetails
    Sep 06, 2021Aug 02, 2021AGMBook closure from 1 Sep, 2021 to 6 Sep, 2021
    Jul 30, 2021Jul 23, 2021Board MeetingQuarterly Results
    Jun 03, 2021May 31, 2021Board MeetingOthers
    Apr 27, 2021Apr 19, 2021Board MeetingAudited & Quarterly Results
    Apr 02, 2021Mar 30, 2021Board MeetingInterim Dividend
  • TypeDividendDividend per ShareEx-Dividend DateAnnounced on
    Special1250%12.5May 25, 2021Oct 05, 2020
    Interim6200%62.0Apr 08, 2021Mar 30, 2021
    Interim8300%83.0Aug 26, 2020Aug 17, 2020
    Interim3500%35.0Apr 29, 2020Apr 20, 2020
    Interim1250%12.5-Oct 05, 2020
  • All TypesEx-DateRecord DateAnnounced onDetails
    SplitsNov 29, 2018Nov 30, 2018Aug 23, 2018Split: Old FV2.0| New FV:1.0
    SplitsSep 08, 2010Sep 09, 2010May 27, 2010Split: Old FV10.0| New FV:2.0
    BonusSep 27, 1999Oct 12, 1999May 26, 1999Bonus Ratio: 1 share(s) for every 2 shares held
    Bonus-Jan 03, 1990Oct 07, 1990Bonus Ratio: 1 share(s) for every 2 shares held
    Bonus-Jun 23, 1987Oct 07, 1987Bonus Ratio: 2 share(s) for every 5 shares held

About Britannia

Britannia Industries Ltd., incorporated in the year 1918, is a Large Cap company (having a market cap of Rs 96,287.10 Crore) operating in FMCG sector. Britannia Industries Ltd. key Products/Revenue Segments include Food Products, Other Operating Revenue, Scrap, Royalty Income, Other Services for the year ending 31-Mar-2021. Show More

  • Executives

  • Auditors

  • VB

    Varun Berry

    Managing Director

    Show More

  • Walker Chandiok & Co. LLP

    B S R & Co. LLP

Key Indices Listed on

Nifty 50, Nifty 100, Nifty 200, + 31 more

Address

5/1A, Hungerford Street,Kolkata, West Bengal - 700017

More Details

Brands

Britannia Share Price Update

Britannia Industries Ltd. share price moved up by 0.28% from its previous close of Rs 3,986.35. Britannia Industries Ltd. stock last traded price is 3,997.50

Share PriceValue
Today/Current/Last3,997.50
Previous Day3,986.35

Trending in Markets

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