Britannia Q1 Review - Positive Surprise In Revenue: Dolat Capital
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Dolat Capital Report
Britannia Industries Ltd.'s Q1 FY22 results exceed our estimate – as the company was able to replicate Q1 FY21 revenue performance against our estimate of slowdown in sales.
The company has been consistently gaining market share over the last several quarters.
Majority of the gains are from Hindi belt.
Ebitda margin contracted by 470 basis points to 16.3% primarily due to gross margin contraction and increase in operating costs.
Delayed price hikes have hampered the gross margin during the quarter.
Going ahead, we believe that Britannia would take calibrated price hikes, in line with the industry.
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