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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.
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