Britannia Industries Ltd

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)

See full details
  • Market Cap 93,815 Cr.
  • Current Price 3,895
  • High / Low 4,153 / 3,317
  • Stock P/E 54.9
  • Book Value 147
  • Dividend Yield 4.04 %
  • ROCE 45.3 %
  • ROE 46.9 %
  • Face Value 1.00

Pros

  • Stock is providing a good dividend yield of 4.04%.
  • Company has a good return on equity (ROE) track record: 3 Years ROE 36.48%
  • Company has been maintaining a healthy dividend payout of 98.22%

Cons

  • Stock is trading at 26.44 times its book value
  • The company has delivered a poor sales growth of 9.36% 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

Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021
2,870 2,842 2,799 2,700 3,049 2,983 2,868 3,421 3,419 3,166 3,131 3,403
2,415 2,391 2,363 2,306 2,557 2,481 2,413 2,704 2,744 2,554 2,625 2,850
Operating Profit 454 451 436 395 492 502 454 717 675 612 505 554
OPM % 16% 16% 16% 15% 16% 17% 16% 21% 20% 19% 16% 16%
Other Income 44 60 62 52 67 65 78 94 73 83 64 61
Interest 2 3 1 10 16 24 27 26 30 32 24 34
Depreciation 37 42 47 45 45 47 48 48 48 49 53 49
Profit before tax 459 466 450 392 498 497 457 737 670 614 493 531
Tax % 34% 36% 35% 37% 19% 26% 19% 26% 26% 26% 27% 27%
Net Profit 303 301 297 251 404 373 375 546 498 456 364 390
EPS in Rs 12.61 12.51 12.37 10.45 16.82 15.50 15.58 22.69 20.69 18.92 15.13 16.17

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 TTM
3,773 4,609 5,485 6,185 6,913 7,858 8,397 9,054 9,914 11,055 11,600 13,136 13,119
3,616 4,393 5,174 5,765 6,286 6,988 7,174 7,776 8,413 9,322 9,756 10,627 10,773
Operating Profit 156 216 311 421 627 870 1,224 1,278 1,501 1,732 1,843 2,509 2,346
OPM % 4% 5% 6% 7% 9% 11% 15% 14% 15% 16% 16% 19% 18%
Other Income 34 79 59 52 34 228 115 151 166 206 263 313 280
Interest 23 44 42 41 8 4 5 5 8 9 77 111 120
Depreciation 58 65 62 73 83 144 113 119 142 162 185 198 199
Profit before tax 109 187 267 358 569 950 1,220 1,304 1,518 1,768 1,844 2,514 2,308
Tax % 5% 28% 25% 27% 30% 28% 32% 32% 34% 35% 24% 26%
Net Profit 103 134 200 260 395 689 825 884 1,004 1,159 1,403 1,864 1,708
EPS in Rs 2.16 5.62 8.35 10.85 16.48 28.71 34.36 36.85 41.83 48.23 58.33 77.38 70.91
Dividend Payout % 58% 58% 51% 39% 36% 28% 29% 30% 30% 31% 60% 204%
Compounded Sales Growth
10 Years:11%
5 Years:9%
3 Years:10%
TTM:6%
Compounded Profit Growth
10 Years:30%
5 Years:18%
3 Years:23%
TTM:1%
Stock Price CAGR
10 Years:33%
5 Years:19%
3 Years:12%
1 Year:4%
Return on Equity
10 Years:39%
5 Years:36%
3 Years:36%
Last Year:47%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
24 24 24 24 24 24 24 24 24 24 24 24
Reserves 259 302 385 532 774 1,221 2,068 2,672 3,382 4,229 4,379 3,524
Borrowings 657 618 604 380 150 145 131 125 201 156 1,538 2,107
574 675 829 948 1,159 1,403 1,271 1,288 1,581 1,829 1,889 2,345
Total Liabilities 1,513 1,619 1,842 1,883 2,107 2,793 3,494 4,109 5,188 6,238 7,830 8,000
499 505 624 737 848 844 950 1,160 1,346 1,688 1,878 1,793
CWIP 10 13 111 147 107 48 90 30 203 101 40 117
Investments 366 389 249 108 198 518 788 487 1,079 1,476 2,893 2,781
637 713 858 891 954 1,383 1,665 2,432 2,560 2,972 3,019 3,310
Total Assets 1,513 1,619 1,842 1,883 2,107 2,793 3,494 4,109 5,188 6,238 7,830 8,000

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
238 296 246 320 671 584 959 441 1,249 1,156 1,485 1,851
-37 -118 -65 28 -246 -450 -705 -150 -957 -852 -1,526 459
-223 -166 -168 -378 -357 -181 -246 -295 -232 -353 58 -2,244
Net Cash Flow -22 13 13 -30 68 -47 8 -4 60 -49 17 66

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
Debtor Days 7 6 8 7 6 6 7 7 11 13 10 7
Inventory Days 46 42 45 35 37 31 32 43 39 43 39 52
Days Payable 24 32 40 37 49 55 56 49 59 63 55 63
Cash Conversion Cycle 29 16 12 5 -6 -17 -16 1 -9 -7 -6 -4
Working Capital Days 2 -2 2 -13 -19 -17 -1 32 21 30 23 16
ROCE % 16% 22% 29% 39% 60% 66% 68% 52% 47% 44% 37% 45%

Shareholding Pattern

Numbers in percentages

Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021
50.66 50.66 50.66 50.66 50.66 50.63 50.63 50.61 50.58 50.55 50.55 50.55
16.29 16.28 15.75 15.70 15.22 15.79 14.71 14.67 16.04 17.67 17.96 18.40
13.01 12.93 12.37 13.11 13.57 13.56 13.38 12.66 11.46 10.65 11.23 11.18
20.04 20.13 21.22 20.53 20.55 20.02 21.28 22.06 21.92 21.14 20.26 19.87

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