Britannia Q3 Review - Worst Seems Over, Expect Gradual Recovery: Prabhudas Lilladher
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Prabhudas Lilladher Report
Britannia Industries Ltd. Q3 revenues grew by 5.7% (4% volume growth) as pantry stocking normalised and transit cluster underperformed.
The company continues to build on its strategic pillars of -
- affordable packs/pricing (biscuits–Rs 5/10 in premium brands)
- direct distribution (up 16% since March 20)
- adjacent product segments (cake, cream wafers, salted snacks, milkshakes)
- cost efficiency programs (Rs 2.5 billion/1.5-2% of sales) and
- high growth in Hindi heartland (1.3-1.6 times).
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