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Centrum Broking Report
Britannia Industries Ltd.'s Q4 FY22 print was in-line; consolidated revenue/Ebitda/profit after tax increased 15.5%/ 8.8%/4.3% YoY. Despite ~10% price increases, volumes grew at 5%.
Management said, given challenging environment, focus on ‘striving for profitable growth' aided by solid growth in rural markets driven by distribution, marketing activities and building Tiger Crunch/ Milk Bikis base in Hindi heartland.
That said, thrust on focus states helped widening the gap in market share with Parles' (up 80 basis points in two years). Modern trade/e-commerce grew faster.
Britannia saw sequential inflation of 10% and 20% YoY driven by cashew (up 35%), refined palm oil (up 26%), corrugated boxes (up 21%) and laminates (up 20%).
Gross margin slipped to 38.5% (down 321 bps), resulting in Ebitda margin at 15.7% (down 97 bps).
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