IDBI Capital: Britannia Q2 Review - Volume Growth Subsides; International Market Stands Stronger 
Britannia biscuits on display in a shop. (Photo: BloombergQuint)

IDBI Capital: Britannia Q2 Review - Volume Growth Subsides; International Market Stands Stronger 

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BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.

IDBI Capital Report

Britannia Industries Ltd. Q2 FY21 result was in-line with our estimates.

Revenue growth subsided to 12% YoY (versus 27% in Q1 FY21) with gradual opening up of the economy and pick-up in out-of-home consumption.

Non-biscuit portfolio outperformed biscuit portfolio in volume growth.

Modern trade channel continues to face growth headwinds. However, deflationary raw material cost aided significant improvement in operating profit margins.

Positively, Britannia Industries plans for both green field (in Tamil Nadu, Uttar Pradesh and Bihar) and brownfield (Odisha and Ranjangaon) expansion to enhance overall capacity. This will help in margin improvements.

Click on the attachment to read the full report:

IDBI Capital Britannia Industries Q2FY21 Result Update.pdf

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