Britannia Industries Ltd

Britannia Industries Ltd

₹ 4,200 -1.01%
24 Mar - close price
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 101,163 Cr.
  • Current Price 4,200
  • High / Low 4,680 / 3,060
  • Stock P/E 55.2
  • Book Value 84.7
  • Dividend Yield 1.35 %
  • ROCE 41.5 %
  • ROE 49.7 %
  • Face Value 1.00

Pros

  • Company has a good return on equity (ROE) track record: 3 Years ROE 42.0%
  • Company has been maintaining a healthy dividend payout of 118%

Cons

  • Stock is trading at 49.6 times its book value
  • The company has delivered a poor sales growth of 9.32% 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.

Peer comparison

Sector: FMCG Industry: Food - Processing - MNC

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022
2,983 2,868 3,421 3,419 3,166 3,131 3,403 3,607 3,575 3,550 3,701 4,380 4,197
2,481 2,413 2,704 2,744 2,554 2,625 2,850 3,049 3,036 3,001 3,200 3,668 3,379
Operating Profit 502 454 717 675 612 505 554 558 539 550 501 712 818
OPM % 17% 16% 21% 20% 19% 16% 16% 15% 15% 15% 14% 16% 19%
65 78 94 73 83 64 61 54 54 54 56 53 428
Interest 24 27 26 30 32 24 34 39 37 34 42 54 38
Depreciation 47 48 48 48 49 53 49 50 50 51 51 52 58
Profit before tax 497 457 737 670 614 493 531 523 505 519 463 659 1,149
Tax % 26% 19% 26% 26% 26% 27% 27% 27% 27% 27% 28% 26% 19%
Net Profit 370 372 543 495 453 360 387 382 369 378 336 491 932
EPS in Rs 15.50 15.58 22.69 20.69 18.92 15.13 16.17 15.95 15.41 15.77 14.01 20.48 38.71
Raw PDF

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 TTM
4,609 5,485 6,185 6,913 7,858 8,397 9,054 9,914 11,055 11,600 13,136 14,136 15,828
4,393 5,174 5,765 6,286 6,988 7,174 7,776 8,413 9,322 9,756 10,627 11,935 13,248
Operating Profit 216 311 421 627 870 1,224 1,278 1,501 1,732 1,843 2,509 2,201 2,580
OPM % 5% 6% 7% 9% 11% 15% 14% 15% 16% 16% 19% 16% 16%
79 59 52 34 228 115 151 166 206 263 313 222 591
Interest 44 42 41 8 4 5 5 8 9 77 111 144 168
Depreciation 65 62 73 83 144 113 119 142 162 185 198 201 212
Profit before tax 187 267 358 569 950 1,220 1,304 1,518 1,768 1,844 2,514 2,078 2,791
Tax % 28% 25% 27% 30% 28% 32% 32% 34% 35% 24% 26% 27%
Net Profit 134 200 260 395 689 825 885 1,004 1,155 1,394 1,851 1,516 2,137
EPS in Rs 5.62 8.35 10.85 16.48 28.71 34.36 36.85 41.83 48.23 58.33 77.38 63.31 88.97
Dividend Payout % 58% 51% 39% 36% 28% 29% 30% 30% 31% 60% 204% 89%
Compounded Sales Growth
10 Years: 10%
5 Years: 9%
3 Years: 9%
TTM: 15%
Compounded Profit Growth
10 Years: 24%
5 Years: 11%
3 Years: 9%
TTM: 22%
Stock Price CAGR
10 Years: 32%
5 Years: 12%
3 Years: 20%
1 Year: 36%
Return on Equity
10 Years: 40%
5 Years: 38%
3 Years: 42%
Last Year: 50%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Sep 2022
24 24 24 24 24 24 24 24 24 24 24 24 24
Reserves 302 385 534 774 1,221 2,068 2,672 3,382 4,229 4,379 3,524 2,534 2,017
618 604 380 150 145 131 125 201 156 1,538 2,122 2,481 3,038
675 829 946 1,159 1,403 1,271 1,288 1,581 1,829 1,889 2,331 2,475 2,833
Total Liabilities 1,619 1,842 1,883 2,107 2,793 3,494 4,109 5,188 6,238 7,830 8,000 7,515 7,912
505 624 737 848 844 950 1,160 1,346 1,688 1,878 1,793 1,753 1,734
CWIP 13 111 147 107 48 90 30 203 101 40 117 536 879
Investments 389 249 108 198 518 788 487 1,079 1,476 2,893 2,781 1,762 1,412
713 858 891 954 1,383 1,665 2,432 2,560 2,972 3,019 3,310 3,463 3,887
Total Assets 1,619 1,842 1,883 2,107 2,793 3,494 4,109 5,188 6,238 7,830 8,000 7,515 7,912

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
296 246 320 671 584 959 441 1,249 1,156 1,485 1,876 1,300
-118 -65 28 -246 -450 -705 -150 -957 -852 -1,526 433 914
-166 -168 -378 -357 -181 -246 -295 -232 -353 58 -2,242 -2,246
Net Cash Flow 13 13 -30 68 -47 8 -4 60 -49 17 66 -32

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
Debtor Days 6 8 7 6 6 7 7 11 13 10 7 9
Inventory Days 42 45 35 37 31 32 43 39 43 39 52 57
Days Payable 32 40 37 49 55 56 49 59 63 55 63 54
Cash Conversion Cycle 16 12 5 -6 -17 -16 1 -9 -7 -6 -3 12
Working Capital Days -3 -26 -15 -19 -17 -1 32 20 29 22 15 -5
ROCE % 22% 29% 39% 60% 66% 68% 52% 47% 44% 37% 45% 42%

Shareholding Pattern

Numbers in percentages

Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022
50.63 50.61 50.58 50.55 50.55 50.55 50.55 50.55 50.55 50.55 50.55 50.55
14.71 14.67 16.04 17.67 17.96 18.40 17.65 17.59 17.17 16.65 17.18 18.46
13.38 12.66 11.46 10.65 11.23 11.18 11.53 11.53 7.94 8.74 16.12 15.08
21.28 22.06 21.92 21.14 20.26 19.87 20.28 20.34 24.35 24.06 16.14 15.90

* 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.

Documents

Concalls