Britannia Q4 Review - Sales Outlook Improving; Margin Disappoints: Motilal Oswal
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Motilal Oswal Report
Britannia Industries Ltd.’s Q4 FY21 topline growth was in line with volume growth, slightly above our expectation (7%) at 8%.
The management said it is seeing healthy growth momentum in April 2021 as well.
While deterioration in mix and higher than usual advertisement spends in Q4 FY21 led to Ebitda miss, the overall commodity basket inflation, at 3%, is not challenging, as the management reportedly took some price increases towards the end of Q4 FY21.
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