Britannia Industries Q4 Results Review - Another Earnings Beat Led By Record Margin Performance: Systematix

BQ Prime’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BQ Prime’s subscribers an opportunity to expand their understanding of companies, sectors and the economy. .Systematix Research Report.Britannia Industries Ltd. delivered another earnings beat despite sluggish volumes, with gross and Ebitda margins making new highs benefiting from softening inflation and aggressive pricing actions. Key takeaways are:revenue growth of 13% with ~2% volume growth and ~12% growth in packs sold, market share continued to improve for 40th quarter with the gap with the number two player up sharply in FY23,not much impact of rural slowdown for Britannia, given its distribution efforts, 688 basis points YoY improvement in gross margin and 442 bps YoY increase in Ebitda margin which should moderate with expected price cuts to remain competitive and drive volumes/share gains,strong growth in multiple innovative products in both biscuits and new categories, non biscuit portfolio grew 1.5 times of company growth in FY23 led by dairy, cakes and croissants;capex of Rs five-six billion in FY24E to increase in-house manufacturing from 57% to 65%,positive growth outlook with distribution efforts continuing and innovation pipeline being strengthened further andProduction linked incentive incentives of Rs 150-200 million per quarter to aid other operating income..Click on the attachment to read the full report:.Britannia Q4 Results: Profit Soars 47%, Easing Raw Material Prices Aid Margin.DISCLAIMERThis report is authored by an external party. BQ Prime does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of BQ Prime..Users have no license to copy, modify, or distribute the content without permission of the Original Owner.

Britannia Industries Q4 Results Review - Another Earnings Beat Led By Record Margin Performance: Systematix

Demand shows resilience to price hikes coupled with strong transaction growth.

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