Dolat Capital: Britannia - Most Positives Factored In  
Britannia range of products on display (Photo: BloombergQuint)

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:

Dolat Capital Britannia Industries Q2FY21 Result Update.pdf

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