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ICICI Securities Report
Britannia Industries Ltd.’s Q4 FY24 revenue growth of ~3% YoY was largely volume-led (~6% YoY), though its trajectory largely remained similar in the context of current demand and competitive environment.
Return of market share gain trajectory despite resurgence of competition and continued outperformance in focus states are key positives led by continued distribution expansion and increased brand investments.
Margins continue to be significantly elevated vs historical levels with gross margin being largely similar YoY at ~45% while Ebitda margin corrected marginally to 19.4% due to increased ad-spends. It continues to drive-
distribution expansion and
strong performance in rural markets and focus states, with focus on driving market share gains while maintaining profitability.
That said, material success of (at least a few) new segments and ramp-up of adjacent categories is imperative. Add.
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