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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.
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