BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
ICICI Securities Report
Broadly in-line revenue print (two-year compound annual growth rate of 8.8%) but weak (and a miss) volume print (possibly) highlights the imperils of a (largely) price-point product portfolio – price hikes for Britannia Industries Ltd. would have been a combination of higher maximum retail prices and lower grammage.
We had highlighted in our channel checks that demand after being strong in Q1 (second wave-led) had normalised as mobility improved.
Britannia continues to benefit from strong brand positioning, direct distribution expansion and execution edge.
Going forward, we believe success of (at least few) new segments – salty snacks, wafers, croissants and ramp-up of adjacent categories – dairy, rusks, cakes and now Milk Bikis in biscuits are imperative for re-rating.
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