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KRChoksey Report
Britannia Industries reported strong results in Q1 FY21, better than expectations, backed by the essential nature of its products . Britannia presently seems to be in a sweet spot with gain in market share, moderation in key commodity prices, cost cutting initiatives and high demand for packaged products. With lockdown easing and supply distribution smoothening, we expect Britannia to further continue its streak of delivering strong numbers in the next few quarters considering its strong market position, deepening of the distribution channel and efforts taken for recovery in rural segment.
Considering strong performance in June quarter and further capex of Rs 700 crore in bakery, over and above greenfield capex in dairy business, we have revised our estimates upwards for FY21E/FY22E by 7.7 %/11.5% respectively. We expect overall Revenue/Ebitda to increase at a Compound Annual Growth Rate (CAGR) of 10.2%/16.1% for the year FY20/22E on account of leadership and strong brand image of the company against its peers, while profit is expected to increase at an average of 16.7% for FY20/22E
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