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Motilal Oswal Report
Britannia Industries Ltd.'s topline was in line with our estimates, while Ebitda was 8% ahead of our estimates as margin came in at 19.9%, which is the highest barring the covid period. However, normalising for the production linked incentive benefits , Ebitda was in line with our expectations.
Volumes grew ~2% for the quarter. Britannia Industries is making investments in both greenfield and brownfield projects to expand its capacities, which would facilitate further growth in volume.
The management has indicated that the company has been consistently increasing its market share and much of this is attributed to expanding its distribution reach.
Although we like the structural investment case accompanied by healthy return ratios, these are priced in at valuations of ~51 times FY24E earnings per share/~45 times FY25E EPS.
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