Dolat Capital: Britannia - Most Positives Factored In
BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
Dolat Capital Report
Britannia Industries Ltd.'s revenue and Ebitda were in line with our estimate. Domestic volume growth stood at 9%, was in line.
The company benefited from consumer up-stocking during the quarter. We believe that the demand would normalize, going ahead.
Ebitda margin improved to 19.8% - highest Q2 margin - was driven by cost control measures and comparatively lower advertisement and promotion spends.
Going ahead, we believe that normalization of demand coupled with increase in promotional expenses and fixed costs are likely to pressurize Ebitda margins hereon.
Click on the attachment to read the full report:
This report is authored by an external party. BloombergQuint does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the brokerage and do not represent the views of BloombergQuint.
Users have no license to copy, modify, or distribute the content without permission of the Original Owner.