Britannia Q4 Review - Milk Bikis To Drive Next Wave Of Premiumisation: IDBI Capital
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IDBI Capital Report
Britannia Industries Ltd. Q4 FY21 results were below our estimates. Standalone revenue grew at 8% driven primarily by volume growth.
Shutdown in business operation due to implementation of large scale digital project impacted primary billing for three days in March 2021.
However, this is likely to drive cost based efficiencies going forward.
Deflationary raw material cost drove margin expansion. Management is aiming to drive aggressive growth of Milk-Bikis biscuits with:
A new brand positioning of 'Doodh Roti Ki Shakti'
A new brand ambassador; Pankaj Tripathi
First time Hindi labelling on products to win Hindi heartland (Milk Bikis so far has been a regional brand restricted primarily to Tamil Nadu and Kerala).
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