Britannia Q1 Review - Milk Bikis Tracks Well; Focus To Be On Premiumising Growth: IDBI Capital
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IDBI Capital Report
Britannia Industries Ltd.'s Q1 FY22 result was in-line with our estimates.
Peak-out base quarter led to optically flat revenue growth during Q1 FY22.
Strength in domestic business continued to improve with market share gains in biscuit portfolio.
Positively, revenue growth in Milk-Bikis portfolio is significantly higher compared to other Britannia brands.
We are bullish on the company’s ability to premiumise glucose customers to Milk-Bikis.
In adjacency category; on-the-go products were impacted due to lockdown while in-home consumption related products performed well.
In international market; Nepal continued to report strong double digit growth driven by market share gains (similar to India business).
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