Britannia Q4 Review - Success Of New Categories, Ramp-Up Of Adjacent Categories Is The Key: ICICI Securities
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ICICI Securities Report
Britannia Industries Ltd.'s Q4 FY21 revenue grew by 9% (two-year compound annual growth rate of 6%).
Management expects some pantry upstocking in the near term.
Market share gains for the company (strong brand positioning, direct distribution expansion, execution edge) are likely to continue in the near term.
Further, national re-launch of Milk Bikis with the strategy to gain market share (currently just 4% share in approximately Rs 73 billion milk+glucose biscuits category) by upgrading glucose consumers appears a good strategy.
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