Research

Britannia Industries - 4QFY22 First Cut - Mid-Single digit volume growth, margins better than estimates

Posted On : 2022-05-03 09:38:07( TIMEZONE : IST )

(CMP: Rs3307)

Mr. Amnish Aggarwal - Director - Research at Prabhudas Lilladher.

- Consolidated Revenues grew by 13.4% YoY to Rs35.5bn(PLe: Rs35.7bn)
- Gross margins contracted by 243bps YoY to 38%.(Ple: 37.9%)
- EBITDA grew by 8.8% YoY to Rs5.5bn (PLe:Rs5.4bn); Margins contracted by 66bps YoY to 15.5% (PLe:15.1%)
- PBT grew by 5.4% YoY to Rs 5.2bn(PLe: Rs 5.1bn). Adjusted PAT grew by 5.1% YoY to Rs3.8bn (PLe:Rs3.7bn)
- Imputed Subsidiary Sales grew by 20.2% YoY to Rs 2.1bn.
- Standalone Revenues grew by 13.3% YoY to Rs33.3bn. EBITDA grew by 7% YoY to Rs5.2bn while margins declined by 90bps to 15.6%. PAT grew by 17% YoY to Rs 4.1bn.
- Volume growth at mid-single digit.
- Revenue from e-commerce grew 2x over last year.
- Launched new variants viz. Good Day Harmony, Jeera Marie and Nutrichoice Seeds & Herbs and in Croissant & Wafers to further strengthen adjacent categories.
- BOD declares dividend of Rs 56.5 per share.

The stock currently trades at 48.8x/ 36.9x FY23/FY24 earnings.

Shares of Britannia Industries Limited was last trading in BSE at Rs. 3272.65 as compared to the previous close of Rs. 3283.20. The total number of shares traded during the day was 13083 in over 2248 trades.

The stock hit an intraday high of Rs. 3284.70 and intraday low of 3203.25. The net turnover during the day was Rs. 42478259.00.