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Systematix Research Report
Britannia Industries Ltd. reported weak Q1 FY23 results on account of higher-than-expected impact of inflation on both volumes and margins. Key takeaways are-
domestic volume declined 2% YoY (on a base of 1% YoY), however, on three-year compound annual growth rate basis, volume growth stood at 6.5%,
revenue growth of 9% YoY translates into a three-year CAGR of 11%,
two key positives were continued share gains for 36 consecutive quarters and 1.5 times higher growth in rural markets,
key raw materials, wheat flour, fuel and palm oil rose 20%/15%/5% QoQ, respectively,
Britannia expects to offset the full impact of inflation by Q2, post 6-7% price hikes over H1 and cost-saving (3% of sales in FY23) measures to help margin recovery, and,
inter-corporate deposits reduced from Rs 7.4 billion in Q4 FY22 to Rs 6.9 billion in Q1 FY23.
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