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BRITANNIA INDUSTRIES LTD. - 500825 - Board Meeting Intimation for Consideration Of Interim Dividend

 BRITANNIA INDUSTRIES LTD.has informed BSE that the meeting of the Board of Directors of the Company is scheduled on 02/04/2021 ,inter alia, to consider and approve the payment of interim dividend on the equity share capital of the Company for the financial year 2020-21 to the equity shareholders of the Company. The interim dividend, if declared, shall be paid to the equity shareholders of the Company whose names appear on the Register of Members of the Company or in the records of the Depositories as beneficial owners of the shares as on Saturday, 10th April, 2021 which is the 'Record Date' fixed by the Company for the purpose, in terms of Regulation 42 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Further, it may be noted that in accordance with the Company''s Code of Conduct for Prevention of Insider Trading, the Trading Window for trading in the Company''s equity shares is closed from 30th March, 2021 till the expiry of 48 hours from the date of publication of Audited financial results of the Company for the quarter and year ending 31st March, 2021.
29-03-2021
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Britannia Industries Ltd - 500825 - Allotment Of Commercial Papers

 Allotment of Commercial Papers on 19th March 2021
19-03-2021
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Britannia Industries Ltd - 500825 - Compliances-Reg. 39 (3) - Details of Loss of Certificate / Duplicate Certificate

 Intimation for Loss of Original Share Certificate by shareholder under Regulation 39(3) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
19-03-2021

Principle of Polarity suggests buying opportunity in Britannia Industries: Shabbir Kayyumi

 We recommend buying Britannia Industries around Rs 3,375 with a stop loss of Rs 3,200 for higher targets of Rs 4,000.
14-03-2021

Britannia Industries hopes to get back double-digit volume growth

 After a boost to its business during the lockdown in early 2020, Britannia Industries’ December quarter numbers did not match up to the street’s estimates. Easing of lockdown restrictions, unwinding of Covid tailwinds, non-performance of transit clusters and lower product launches led to lower volume and muted sales growth. In response to the results, Britannia’s stock fell 2%. This is not a company that is unfamiliar with the boom and bust cycle. Founded in 1892, India’s favorite cookie maker has been around for a long time, and has an eclectic set of products in its basket like biscuits, bread, cakes, rusk, and dairy products including cheese, beverages, milk and yoghurt. Following the principle of ‘one new market a year’, the company has built a presence in more than 60 countries across North America, Europe, South East Asia, Africa and Middle East. Britannia’s stock price has risen 65% from its 52-week low of Rs 2,100 levels in March last year. Quick Takes: Britannia’s net profit (PAT) grew at a 27% CAGR over the past seven years from 2013, along with margin expansion of 880 bps Britannia aims to bring up its non-biscuit revenues to 50% in the long term from the current mix of 25% of its revenues The company has added 4,000 rural dealers to its distribution network over the past nine months Britannia has already managed to cross its FY20 consolidated PAT Rs 1,400 crore in the first nine months of FY21 The company has outlined capex of Rs 1,500 crore for its Ranjangaon plant catering to biscuits, cake, rusk, croissant, wafers, salty snacks and dairy products Business slows in December 2020 quarter Britannia Industries posted consolidated revenues of Rs 3,166 crore for Q3 FY21, a 6% YoY rise. Operating profit came in at Rs 612 crore in Q3 FY21 compared to Rs 502 crore, a 22% YoY rise. Its margins came in at 19.32%, expanding by 250 bps YoY. This was driven by lower raw material cost and higher cost efficiency measures. On the raw material costs front, except RPO (refined palm oil) prices, which rose 25%, sugar prices were flattish, while milk and flour prices witnessed deflation during the December quarter. Net profit or PAT increased 22% YoY to Rs 456 crore in the December 2020 quarter FY21. Varun Berry, MD at Britannia Industries said that Britannia’s largest channel—general trade—continues to grow at a healthy pace supported by buoyancy in rural economy and recovery in urban markets. Also other channels such as modern trade, institutional business etc continue to face challenges with lower footfalls in stores and offices, schools, railway services coming back to normalcy gradually, Berry had said. Covid-19 pandemic boosted revenues in June 2020 quarter The company’s business was already facing a slowdown a year or so ago. Speaking on the slowdown tremors post June quarter FY20 numbers were announced, Berry had said that, “If even for a Rs 5 products, the consumer is thinking twice before buying, then obviously there is some serious issue in the economy”. He was alluding to the general slowdown, distress in rural economy and consumption deceleration in urban markets. After strong volume growth in FY18 and FY19, Britannia reported low single-digit growth numbers every quarter in FY20. Fast forward to Q1 FY21 under the Covid landscape, demand growth jumped, which led to a 26% YoY rise in revenues and 21.5% volume growth. In-home consumption, pantry loading and lower competitive intensity aided spectacular June 2020 quarter performance. This growth rate almost halved in Q2 FY21. Revenue growth reduced to 12% and volume growth to 9%. As India unlocked, general mobility improved and the consumer purchase basket started diversifying. This saw Britannia’s volume and revenue growth slow relative to its earlier June 2020 performance. In Q3 FY21, volume growth reduced to 4% and revenues reported only a 6% jump. Besides the return to normalized routine leading to higher out-of-home consumption, Britannia’s top-line has also been impacted by muted growth in modern trade and institutional business which includes railways, airlines and CSD (canteen stores department) businesses. Modern trade constitutes 10% of overall business, while e-commerce is just 1%. Rural growth and general trade have helped Britannia post some revenue growth as substitution effects came into play with consumers moving back to street food, restaurants and other out-of-home consumption channels. Rural contribution is 30% of overall revenues which is currently growing in double digits. In terms of product basket performance, while biscuits growth has slowed down, rusk is in better shape with growth in double digits. Bread has improved its profitability and in the dairy segment, cheese is the star performer with double-digit growth, while drinks witnessed a pick-up in growth with improving out-home consumption. Though the company has done a lot of innovation in the cake category over the past two years, growth has been lower due to its high dependence on modern trade, transit clusters, railways, airlines etc and re-opening of schools. Transitioning to a total foods company In 2011, Britannia lost roughly 10% market share in its flagship brand, ‘Good Day’. Low on innovation, supply chain inefficiencies and lesser spend on advertisement and promotion, Britannia started losing market share to Parle’s Hide & Seek, ITC’s cream biscuits and Oreo. Adding to its woes, the foray into the ready to eat, breakfast space, poha, upma, porridge and oat mixes in 2011 backfired. This was when Berry arrived at Britannia. After he came on board, diversification and innovation have been two significant cornerstones of Britannia’s strategy. And so, have cost rationalization and increase in distribution reach. Britannia started innovating with products by introducing Pure Magic, Nutrichoice Heavens, Good Day Chunkies and Chocolush to battle it out in the premium segment and renewed its focus on its non-biscuit businesses like rusk, cake and dairy products. The company also laid out its long-term plan to transform into a ‘Total Foods Company’. The company’s closest competitor—Parle Products—also moved on similar lines diversifying into pulses in 2017, which did not work out. Britannia, on the other hand, moved stealthily within its forte. For instance, the company launched a new herb-flavoured Maska Rusk, cake rusk, atta kulcha bread, Cake Biscotti, Winkin Cow dairy drink, to name a few. In addition to this, Britannia entered into three new product categories, wafers, croissants and salted snacks. Wafers, introduced in 2018, are doing well. The growth in wafers business was 40% in the September 2020 quarter and 30% in the December 2020 quarter. Britannia is the second largest player and the largest wafers distributor in India. The company is investing in a new wafer production line in its Perundurai plant in Tamil Nadu and also in its Ranjangaon plant in Maharashtra. Croissants and salted snacks (a Rs 25,000 crore category with 2,500 players) are still in test markets, going through a rejigging and finetuning process. After being Impacted by Covid-19 pandemic, both croissants and salted snacks launch has been delayed by a few months. All new products contribute roughly 4.0-4.5% of total revenues. With 25% of its revenues from non-biscuit products, Britannai aims to make it 50% in the long term. To fulfil this long-term agenda, the company has outlined a capex of Rs 1,500 crore for its Ranjangaon plant catering to biscuits, cake, rusk, croissant, wafers, salted snacks and dairy products. The capex list goes on with a new plant in Tamil Nadu, its largest market, Orissa, and Uttar Pradesh, its fastest growing state in the Hindi belt. With cost rationalization being a top priority for the management, the company has been earning almost 2% of its net revenue as savings or efficiencies every year. Britannia ‘s distribution reach of 700,000 outlets in March 2014 has grown to 22.9 lakh outlets by the end of December 2020. Britannia’s revenues jumped 26% in Q1 FY21 by following the 80:20 mix, (20% of its brands and SKUs giving 80% of total revenues) and focussing on its five power brands—Good Day, Nutrichoice, 50:50, Tiger and Marie Gold. Even though the good times of June 2020 have receded, and the near future looks uncertain in terms of volume growth, the company’s management is confident of going back to pre-Covid levels in the next 2-3 years. This means a growth of 10% YoY every quarter. That promise if met, might make Britannia an interesting stock for investors to bet on again.
10-03-2021

Buy Britannia Industries: target of Rs 4200: Sharekhan

 Sharekhan is bullish on Britannia Industries has recommended buy rating on the stock with a target price of Rs 4200 in its research report dated February 25, 2021.
26-02-2021

Buy Britannia; target of Rs 4120: Motilal Oswal

 Motilal Oswal is bullish on Britannia recommended buy rating on the stock with a target price of Rs 4120 in its research report dated February 23, 2021.
24-02-2021
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BRITANNIA INDUSTRIES LTD. - 500825 - Announcement under Regulation 30 (LODR)-Newspaper Publication

 Newspaper Advertisement for the Voting Results of the Meetings of the Equity Shareholders and Commercial Paper Holders of Britannia Industries Limited convened as per the directions of the National Company Law Tribunal, Kolkata Bench
19-02-2021
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BRITANNIA INDUSTRIES LTD. - 500825 - Disclosure of Voting results of Court Convened Meeting (Regulation 44(3) of SEBI (LODR) Regulations, 2015)

 Britannia Industries Ltd has informed BSE regarding the details of Voting results of Court Convened Meeting, under Regulation 44(3) of SEBI (LODR) Regulations, 2015. Kindly Click here
18-02-2021
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BRITANNIA INDUSTRIES LTD. - 500825 - Voting Results And Scrutinizers Report Of The NCLT Convened Meeting Of The Commercial Paper Holders Held On 15 February 2021

 Voting Results and Scrutinizers Report of the NCLT Convened Meeting of the Commercial Paper holders held on 15 February 2021
18-02-2021
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