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Motilal Oswal Report
Britannia Industries Ltd. has been aided by a confluence of positive factors in H1 FY21, such as high in-home consumption (biscuits constitute 75–80% of sales), reduction in advertisement spends, decline in material costs, and low promotional spends (owing to strong demand).
These are likely to drive the strongest topline growth since FY12 (15.2% in FY21E) and the highest profit after tax growth since FY16 (35.2% in FY21E).
Sales momentum is tapering after an extraordinary spurt of approximately 27% in Q1 FY21.
Moreover, extraordinary earnings growth in FY21 presents a significant hurdle from an FY22/FY23 perspective as none of these factors present a structural positive.
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