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Britannia Q1 Review - Milk Bikis Tracks Well; Focus To Be On Premiumising Growth: IDBI Capital

Britannia Q1 Review - Milk Bikis Tracks Well; Focus To Be On Premiumising Growth: IDBI Capital

Packets of biscuits manufactured by Parle Products Pvt. Ltd. and Britannia Industries Ltd. on display in Gayatri Dry Fruits and General Stores in Crawford Market, Mumbai. (Photographer: Vivek Amre/BloombergQuint)
Packets of biscuits manufactured by Parle Products Pvt. Ltd. and Britannia Industries Ltd. on display in Gayatri Dry Fruits and General Stores in Crawford Market, Mumbai. (Photographer: Vivek Amre/BloombergQuint)

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.

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).

Click on the attachment to read the full report:

IDBI Capital Britannia Q1FY22 Result Update.pdf

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