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Dolat Capital Report
Britannia Industries Ltd.'s Q4 FY21 revenue was in line with our estimate.
Domestic sales grew 9.7% YoY , driven by volume growth of 8%.
The company has been consistently gaining market share over the last several quarters. Majority of the gains are from Hindi belt.
Ebitda margin improved by mere 30 basis points to 16.1% - despite favorable base.
The company posted lowest Ebitda margin in past four quarters.
Going ahead, we believe that normalization of demand coupled with increase in advertising and sales promotion costs would pressurise Ebitda margins.
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