Britannia Industries Ltd

About [ edit ]

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 [ edit ]
  • Market Cap 90,229 Cr.
  • Current Price 3,746
  • High / Low 4,015 / 2,697
  • Stock P/E 48.1
  • Book Value 111
  • Dividend Yield 3.87 %
  • ROCE 37.4 %
  • ROE 32.7 %
  • Face Value 1.00

Pros

  • Stock is providing a good dividend yield of 3.87%.
  • Company has a good return on equity (ROE) track record: 3 Years ROE 31.92%
  • Company has been maintaining a healthy dividend payout of 40.33%

Cons

  • Stock is trading at 33.74 times its book value
  • The company has delivered a poor sales growth of 8.10% over past five years.

Peer comparison

Sector: FMCG Industry: Food - Processing - MNC

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020
2,538 2,544 2,870 2,842 2,799 2,700 3,049 2,983 2,868 3,421 3,419 3,166
2,141 2,154 2,415 2,391 2,363 2,306 2,557 2,481 2,413 2,704 2,744 2,554
Operating Profit 396 389 454 451 436 395 492 502 454 717 675 612
OPM % 16% 15% 16% 16% 16% 15% 16% 17% 16% 21% 20% 19%
Other Income 44 42 44 60 62 52 67 65 78 94 73 83
Interest 2 2 2 3 1 10 16 24 27 26 30 32
Depreciation 42 36 37 42 47 45 45 47 48 48 48 49
Profit before tax 396 393 459 466 450 392 498 497 457 737 670 614
Tax % 34% 34% 34% 36% 35% 37% 19% 26% 19% 26% 26% 26%
Net Profit 264 258 303 301 297 251 404 373 375 546 498 456
EPS in Rs 10.98 10.75 12.61 12.51 12.37 10.45 16.82 15.50 15.58 22.69 20.69 18.92

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 TTM
3,421 3,773 4,609 5,485 6,185 6,913 7,858 8,397 9,054 9,914 11,055 11,600 12,873
3,209 3,616 4,373 5,174 5,765 6,286 7,008 7,174 7,776 8,413 9,322 9,756 10,415
Operating Profit 212 156 237 311 421 627 850 1,224 1,278 1,501 1,732 1,843 2,458
OPM % 6% 4% 5% 6% 7% 9% 11% 15% 14% 15% 16% 16% 19%
Other Income 83 34 59 59 52 34 248 115 151 166 206 263 328
Interest 33 23 44 42 41 8 4 5 5 8 9 77 114
Depreciation 66 58 65 62 73 83 144 113 119 142 162 185 194
Profit before tax 196 109 187 267 358 569 950 1,220 1,304 1,518 1,768 1,844 2,478
Tax % 27% 5% 28% 25% 27% 30% 28% 32% 32% 34% 35% 24%
Net Profit 151 103 134 200 260 395 689 825 884 1,004 1,159 1,403 1,874
EPS in Rs 3.17 2.16 5.62 8.35 10.85 16.48 28.71 34.36 36.85 41.83 48.23 58.33 77.88
Dividend Payout % 63% 58% 58% 51% 39% 36% 28% 29% 30% 30% 31% 60%
Compounded Sales Growth
10 Years:12%
5 Years:8%
3 Years:9%
TTM:12%
Compounded Profit Growth
10 Years:28%
5 Years:20%
3 Years:17%
TTM:40%
Stock Price CAGR
10 Years:34%
5 Years:22%
3 Years:13%
1 Year:38%
Return on Equity
10 Years:37%
5 Years:35%
3 Years:32%
Last Year:33%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Sep 2020
24 24 24 24 24 24 24 24 24 24 24 24 24
Reserves 697 259 302 385 532 774 1,221 2,068 2,672 3,382 4,229 4,379 2,650
Borrowings 275 657 618 604 380 150 145 131 125 201 156 1,538 2,452
496 574 675 829 948 1,159 1,403 1,271 1,288 1,581 1,829 1,889 2,341
Total Liabilities 1,492 1,513 1,619 1,842 1,883 2,107 2,793 3,494 4,109 5,188 6,238 7,830 7,467
471 499 505 624 737 848 844 950 1,160 1,346 1,688 1,878 1,811
CWIP 6 10 13 111 147 107 48 90 30 203 101 40 70
Investments 377 366 389 249 108 198 518 788 487 1,079 1,476 2,893 2,003
638 637 713 858 891 954 1,383 1,665 2,432 2,560 2,972 3,019 3,584
Total Assets 1,492 1,513 1,619 1,842 1,883 2,107 2,793 3,494 4,109 5,188 6,238 7,830 7,467

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
250 238 296 246 320 671 584 959 441 1,249 1,156 1,485
-6 -37 -118 -65 28 -246 -450 -705 -150 -957 -852 -1,526
-113 -223 -166 -168 -378 -357 -181 -246 -295 -232 -353 58
Net Cash Flow 132 -22 13 13 -30 68 -47 8 -4 60 -49 17

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
ROCE % 21% 16% 22% 29% 39% 60% 66% 68% 52% 47% 44% 37%
Debtor Days 8 7 6 8 7 6 6 7 7 11 13 10
Inventory Turnover 7.02 8.29 9.47 9.26 9.80 10.77 11.65 12.09 10.33 9.49 9.39 9.33

Shareholding Pattern

Numbers in percentages

Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020
50.70 50.70 50.66 50.66 50.66 50.66 50.66 50.63 50.63 50.61 50.58 50.55
17.05 17.26 16.29 16.28 15.75 15.70 15.22 15.79 14.71 14.67 16.04 17.67
12.63 12.28 13.01 12.93 12.37 13.11 13.57 13.56 13.38 12.66 11.46 10.65
19.62 19.76 20.04 20.13 21.22 20.53 20.55 20.02 21.28 22.06 21.92 21.14

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