Britannia Industries Ltd

Britannia Industries Ltd

₹ 5,437 -1.00%
22 May 3:27 p.m.
About

Britannia Industries is one of Indias leading food companies with a 100 year legacy and annual revenues in excess of Rs. 9000 Cr. Britannia is among the most trusted food brands, and manufactures Indias favorite brands like Good Day, Tiger, NutriChoice, Milk Bikis and Marie Gold which are household names in India. Britannias product portfolio includes Biscuits, Bread, Cakes, Rusk, and Dairy products including Cheese, Beverages, Milk and Yoghurt.

Key Points

Part of Wadia Group[1]
Britannia Industries belongs to the Wadia Group, a reputed Indian Business house who has presence in wide range of business segments like Airlines (Go Air), Realty ( Bombay Realty), Textiles ( Bombay Dyeing) and Plantations and other business (Bombay Burmah trading Corporation which is also the Ultimate holding company of Britannia Industries)

  • Market Cap 1,30,960 Cr.
  • Current Price 5,437
  • High / Low 6,473 / 4,506
  • Stock P/E 61.0
  • Book Value 161
  • Dividend Yield 1.36 %
  • ROCE 56.8 %
  • ROE 58.0 %
  • Face Value 1.00

Pros

  • Company has reduced debt.
  • Company has a good return on equity (ROE) track record: 3 Years ROE 62.9%
  • Company has been maintaining a healthy dividend payout of 83.6%

Cons

  • Stock is trading at 34.0 times its book value
  • The company has delivered a poor sales growth of 9.50% over past five years.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025
3,336 3,521 4,191 4,011 3,895 3,871 4,289 4,102 3,924 4,094 4,501 4,418 4,283
2,814 3,052 3,504 3,221 3,100 3,204 3,448 3,310 3,154 3,366 3,755 3,608 3,504
Operating Profit 522 470 687 790 795 667 841 793 770 728 746 810 779
OPM % 16% 13% 16% 20% 20% 17% 20% 19% 20% 18% 17% 18% 18%
103 53 66 276 53 52 53 47 55 43 52 60 72
Interest 31 39 51 35 30 48 48 29 26 29 34 44 30
Depreciation 43 44 44 50 58 63 64 71 73 67 69 75 74
Profit before tax 551 441 658 981 761 607 782 740 727 676 695 751 746
Tax % 25% 27% 25% 22% 27% 27% 27% 27% 27% 26% 26% 26% 25%
413 322 493 767 558 443 570 538 530 502 514 557 557
EPS in Rs 17.16 13.35 20.45 31.84 23.17 18.39 23.68 22.35 22.01 20.84 21.36 23.13 23.13
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Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
6,307 7,176 7,732 8,414 9,304 10,482 10,987 12,379 13,372 15,618 16,186 17,296
5,711 6,398 6,608 7,209 7,894 8,820 9,216 10,028 11,282 12,877 13,115 14,232
Operating Profit 597 778 1,124 1,206 1,410 1,662 1,771 2,351 2,089 2,742 3,071 3,064
OPM % 9% 11% 15% 14% 15% 16% 16% 19% 16% 18% 19% 18%
15 224 115 143 156 191 354 293 359 448 207 226
Interest 5 1 1 1 1 2 65 98 133 155 151 137
Depreciation 63 117 88 96 120 135 152 167 170 195 271 285
Profit before tax 543 883 1,149 1,251 1,445 1,716 1,908 2,379 2,145 2,840 2,855 2,868
Tax % 32% 29% 34% 33% 34% 35% 22% 26% 25% 25% 27% 26%
370 622 763 844 948 1,122 1,484 1,760 1,603 2,139 2,082 2,131
EPS in Rs 15.42 25.94 31.80 35.15 39.48 46.70 61.73 73.07 66.56 88.82 86.44 88.46
Dividend Payout % 39% 31% 31% 31% 32% 32% 57% 216% 85% 81% 85% 85%
Compounded Sales Growth
10 Years: 9%
5 Years: 10%
3 Years: 9%
TTM: 7%
Compounded Profit Growth
10 Years: 16%
5 Years: 8%
3 Years: 10%
TTM: 3%
Stock Price CAGR
10 Years: 16%
5 Years: 12%
3 Years: 16%
1 Year: 4%
Return on Equity
10 Years: 47%
5 Years: 58%
3 Years: 63%
Last Year: 58%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Equity Capital 24 24 24 24 24 24 24 24 24 24 24 24
Reserves 834 1,215 1,992 2,558 3,211 4,015 4,251 3,295 2,378 3,157 3,503 3,862
0 1 1 1 10 1 1,203 1,798 2,179 2,664 2,040 1,218
986 1,222 1,083 1,114 1,383 1,613 1,776 2,298 2,434 2,794 2,804 2,915
Total Liabilities 1,844 2,462 3,100 3,696 4,627 5,653 7,253 7,416 7,015 8,638 8,371 8,020
546 526 642 839 1,031 1,328 1,461 1,404 1,377 2,293 2,421 2,563
CWIP 97 48 74 30 200 65 39 112 535 104 187 82
Investments 373 661 921 600 1,186 1,646 3,141 2,950 2,024 3,324 2,771 2,872
829 1,227 1,462 2,227 2,210 2,615 2,613 2,950 3,078 2,917 2,991 2,503
Total Assets 1,844 2,462 3,100 3,696 4,627 5,653 7,253 7,416 7,015 8,638 8,371 8,020

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
615 515 878 402 1,183 1,114 1,660 1,792 1,206 2,442 2,234 2,373
-227 -384 -659 -115 -823 -831 -1,568 486 931 -1,386 507 184
-325 -168 -228 -284 -304 -326 -94 -2,222 -2,212 -1,048 -2,509 -2,759
Net Cash Flow 62 -37 -9 3 56 -44 -3 56 -75 8 232 -203

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Debtor Days 3 4 5 5 9 12 8 6 7 7 8 8
Inventory Days 35 29 30 42 38 42 35 49 54 41 42 39
Days Payable 46 52 51 45 55 60 49 59 51 51 59 55
Cash Conversion Cycle -8 -19 -15 3 -8 -6 -6 -4 9 -3 -9 -8
Working Capital Days -18 -18 -1 34 23 30 18 11 10 -4 -5 10
ROCE % 65% 68% 71% 55% 50% 47% 41% 47% 47% 53% 53% 57%

Shareholding Pattern

Numbers in percentages

Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025
50.55% 50.55% 50.55% 50.55% 50.55% 50.55% 50.55% 50.55% 50.55% 50.55% 50.55% 50.55%
16.65% 17.18% 18.46% 19.44% 21.29% 19.66% 18.99% 18.23% 17.41% 17.91% 16.46% 15.72%
8.74% 16.12% 15.08% 14.22% 12.46% 13.84% 14.84% 15.63% 16.69% 16.37% 17.58% 18.26%
24.06% 16.14% 15.90% 15.79% 15.69% 15.94% 15.62% 15.57% 15.36% 15.18% 15.41% 15.48%
No. of Shareholders 3,08,8052,86,8312,60,8362,60,2072,59,9492,84,8922,60,4442,63,6232,54,8152,51,8512,90,3062,92,504

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

Click on the line-items to see the names of individual entities.

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