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Nirmal Bang Report
Britannia Industries Ltd.'s Q4 FY22 operating performance was better than our expectation.
Volume growth for the quarter came in ahead of expectation at 4-5% YoY versus our estimate of 3%. While the rural markets for fast moving consumer goods companies are witnessing slowdown, Britannia, through its focus on enhancing its rural footprint delivered a decent topline growth and continued to gain market share.
Operating margin was also ahead of our estimate as the company saw QoQ improvement in gross margin (forward commitments led to some control of costs) even as it witnessed incremental inflationary pressure during the quarter.
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