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Systematix Research Report
Britannia Industries Ltd. reported Q2 FY22 results which were below our and consensus estimates on account of higher than estimated pressure on gross margins.
Key takeaways of Q2 FY22 are-
domestic volume growth was muted at 2% YoY (on a base of 9% YoY) however on two-year compound annual growth rate basis for H1 FY22, volume growth stood at 8.1% with H2 FY22 base being favourable,
one key positive was the company managed to strengthen its market share position with 2.5 times market share gains in rural versus urban markets,
raw material inflation during the Q2 stood at 14% YoY remains a key headwind in near term,
Britannia expects to offset the full impact of inflation through aggressive price hikes (mix of maximum retail price increase and grammage cut) and cost-saving measures over the next couple of quarter to help recovery in margins.
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