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Yes Securities Report
Britannia Industries Ltd.'s volume growth of 5% driven by strong execution‐led market share gains, decent progress in adjacent businesses together with an aggressive capex plan for FY23 reinforces a better growth outlook than peers in this difficult demand environment.
While the company has been the first mover in taking up prices to pass on inflation, further concerns on wheat and palm oil supplies are likely to keep up the pressure on margins despite an improving product and category mix, more price hikes and increased aggression on cost efficiencies.
With increasing efforts to enhance rural distribution muscle to increase market share especially in the Hindi belt, increased contribution from adjacent categories and steady urban demand with increased out-of-home consumption, we believe double‐digit growth should be achieved by Britannia, albeit a bigger chunk of that will come from pricing over the next few quarters.
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