Britannia Industries Ltd - Stock Valuation and Financial Performance

BSE: 500825 | NSE: BRITANNIA | Consumer Food | Large Cap

Britannia Inds Share Price

5,793.45 34.95 0.61%
as on 12-Jul'24 16:01

DeciZen - make an informed investing decision on Britannia Inds

Overall Rating
Bole Toh

1. Quality

2. Valuation

Overvalued

3. Price Trend

Britannia Industries stock performance -

mw4me loader
P/E Ratio (CD):
65.21
Market Cap:
1,39,545.8 Cr.
52-wk low:
4,350
52-wk high:
5,816.7

Is Britannia Industries Ltd an attractive stock to invest in?

1. Is Britannia Industries Ltd a good quality company?

Past 10 year's financial track record analysis by Moneyworks4me indicates that Britannia Industries Ltd is a good quality company.

2. Is Britannia Industries Ltd undervalued or overvalued?

The key valuation ratios of Britannia Industries Ltd's currently when compared to its past seem to suggest it is in the Overvalued zone.

3. Is Britannia Industries Ltd a good buy now?

The Price Trend analysis by MoneyWorks4Me indicates it is Strong which suggest that the price of Britannia Industries Ltd is likely to Rise in the short term. However, please check the rating on Quality and Valuation before investing

10 Year X-Ray of Britannia Inds:

Analysis of Financial Track Record

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Britannia Industries Ltd has performed well in majority of the past ten years indicating its past ten year financial track record is very good

Value Creation

Value Creation Index Colour Code Guide

Mar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23TTM
ROCE % 41.4%47.2%46.1%35.3%31.3%28.9%28.1%33.3%30.2%37.5%-
Value Creation
Index
2.13.23.12.11.81.61.52.01.72.3-

Growth Parameters

Growth Parameters Colour Code Guide

Sales 6,9137,8588,3979,0549,91411,05511,60013,13614,13616,30116,546
Sales YoY Gr.-13.7%6.9%7.8%9.5%11.5%4.9%13.3%7.6%15.3%-
Adj EPS 16.122.934.636.941.748.258.777.363.285.488.8
YoY Gr.-42.8%51%6.6%13%15.4%21.8%31.9%-18.3%35%-
BVPS (₹) 33.351.987.1112.1141.4176.2181.6146.1106.2146.7163.6
Adj Net
Profit
3855508318861,0021,1571,4101,8631,5232,0562,140
Cash Flow from Ops. 6715849594411,2491,1561,4851,8761,3002,526-
Debt/CF from Ops. 0.20.30.10.30.20.111.11.91.2-

CAGR

CAGR Colour Code Guide

9 Years 5 Years 3 Years 1 Years
Sales 10%10.5%12%15.3%
Adj EPS 20.4%15.4%13.3%35%
BVPS17.9%0.7%-6.9%38.2%
Share Price 28% 15.8% 18.5% 13.8%

Key Financial Parameters

Performance Ratio Colour Code Guide

Mar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23TTM
Return on
Equity %
56.853.949.83732.830.232.646.949.967.557.3
Op. Profit
Mgn %
9.111.114.614.215.215.715.919.115.617.419.2
Net Profit
Mgn %
5.679.99.810.110.412.114.110.712.612.9
Debt to
Equity
0.20.10.10.10.100.40.610.80.2
Working Cap
Days
4245567581818679786749
Cash Conv.
Cycle
-2-9-14-8-8-10-9-10-4-41

Recent Performance Summary

Return on Equity has increased versus last 3 years average to 57.30%

Sales growth is growing at healthy rate in last 3 years 12.01%

Net Profit is growing at healthy rate in last 3 years 13.32%

Debt to equity has declined versus last 3 years average to 0.84

Sales growth is not so good in last 4 quarters at 3.69%

Latest Financials - Britannia Industries Ltd.

Standalone Consolidated
TTM EPS (₹) 86.4 88.8
TTM Sales (₹ Cr.) 15,939 16,546
BVPS (₹.) 146.5 163.6
Reserves (₹ Cr.) 3,503 3,917
P/BV 39.56 35.40
PE 67.02 65.21
From the Market
52 Week Low / High (₹) 4349.95 / 5816.70
All Time Low / High (₹) 7.00 / 5816.70
Market Cap (₹ Cr.) 1,39,546
Equity (₹ Cr.) 24.1
Face Value (₹) 1
Industry PE 73.3

Management X-Ray of Britannia Inds:

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *0.000.000.000.000.000.000.000.000.000.00
* Pledged shares as % of Promoter's holding (%)

Event Update

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Analyst's Notes

Key Ratios of Britannia Inds

Adj EPS (Rs.)

Sales (Cr.)

ROE (%)

ROCE (%)

Profit And Loss

(All Figures are in Crores.)
PARTICULARSMar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23
Sales6,9137,8588,3979,0549,91411,05511,60013,13614,13616,301
Operating Expenses 6,2866,9957,1837,7768,4129,3219,75610,62711,93513,470
Manufacturing Costs6216676056146167967888559701,166
Material Costs4,1714,6925,0135,5896,1076,5616,9277,6268,7609,591
Employee Cost 263281341353402442487527542658
Other Costs 1,2311,3551,2231,2201,2871,5211,5541,6191,6622,054
Operating Profit 6278641,2141,2781,5021,7331,8432,5092,2022,831
Operating Profit Margin (%) 9.1%11.0%14.5%14.1%15.1%15.7%15.9%19.1%15.6%17.4%
Other Income 3488124151166206279313223216
Interest 84558977111144169
Depreciation 83144113119142162185198201226
Exceptional Items 01460000-17-1-1376
Profit Before Tax 5699501,2201,3041,5181,7681,8442,5142,0783,033
Tax 174261396420514612451663562716
Profit After Tax 3966888248851,0041,1551,3941,8511,5162,316
PAT Margin (%) 5.7%8.8%9.8%9.8%10.1%10.5%12.0%14.1%10.7%14.2%
Adjusted EPS (₹)16.528.734.436.941.848.258.377.463.396.4
Dividend Payout Ratio (%)36%28%29%30%30%31%60%204%89%75%

Balance Sheet

(All Figures are in Crores.)
PARTICULARSMar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23

Equity and Liabilities

Shareholders Fund 7981,2452,0902,6913,3954,2334,3683,5202,5583,534
Share Capital 24242424242424242424
Reserves 7741,2212,0662,6673,3714,2094,3443,4952,5343,510
Minority Interest2223133336362830
Debt1481401241161781381,5142,0871,7272,868
Long Term Debt2843383185627667477071,552
Short Term Debt12097868494767481,3391,0201,316
Trade Payables5577037697579941,1411,0471,3131,3231,449
Others Liabilities 6026794655205856848581,0431,8401,414
Total Liabilities 2,1072,7703,4504,0865,1656,2287,8237,9997,4769,295

Fixed Assets

Gross Block1,6001,7171,0411,3431,6682,1802,6022,7402,9334,107
Accumulated Depreciation752873911983375067389611,1931,492
Net Fixed Assets8488449501,1451,3311,6741,8641,7791,7392,615
CWIP 10748903020310140117536105
Investments 1985187884871,0791,4762,8932,7811,7623,324
Inventories4204044416616537817411,0911,3671,193
Trade Receivables109136171179305394320257332329
Cash Equivalents 10922688121186110123211185198
Others Assets3165939221,4631,4091,6921,8421,7631,5541,531
Total Assets 2,1072,7703,4504,0865,1656,2287,8237,9997,4769,295

Cash Flow

(All Figures are in Crores.)
PARTICULARSMar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23
Cash Flow From Operating Activity 6715849594411,2491,1561,4851,8761,3002,526
PBT 5699501,2201,3041,5181,7691,8442,5132,0793,027
Adjustment 62-899-15-1-151727135-181
Changes in Working Capital 22625133-451228-2127-32-327406
Tax Paid -186-301-403-397-496-596-503-633-587-726
Cash Flow From Investing Activity -246-450-705-150-956-856-1,532436911-1,517
Capex -10046-249-352-421-399-243-238-547-633
Net Investments -84-277-211345-537-334-1,3271791,048-1,240
Others -62-220-245-1432-12238495410356
Cash Flow From Financing Activity -357-181-246-295-232-35358-2,243-2,246-1,028
Net Proceeds from Shares 1404615302410300
Net Proceeds from Borrowing 0000000001,010
Interest Paid -9-3-5-6-7-9-36-102-119-196
Dividend Paid -119-168-231-288-317-354-433-2,824-2,485-1,359
Others -243-10-15-778-19502580358-483
Net Cash Flow 69-478-461-521169-35-19
PARTICULARSMar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23
Ratios
ROE (%)58.4767.3949.4437.013330.2932.446.9249.8976.04
ROCE (%)61.2681.5667.8351.9447.4744.3437.1345.2841.6455.5
Asset Turnover Ratio3.523.292.772.472.262.051.741.741.912.03
PAT to CFO Conversion(x)1.690.851.160.51.2411.071.010.861.09
Working Capital Days
Receivable Days666781111877
Inventory Days21191822232223243027
Payable Days42495450525958565553

Britannia Industries Ltd Stock News

Britannia Industries Ltd FAQs

Company share prices are keep on changing according to the market conditions. The closing price of Britannia Inds on 12-Jul-2024 16:01 is ₹5,793.5.
Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 12-Jul-2024 16:01 the market cap of Britannia Inds stood at ₹1,39,545.8.
The latest P/E ratio of Britannia Inds as of 12-Jul-2024 16:01 is 67.02.
The latest P/B ratio of Britannia Inds as of 12-Jul-2024 16:01 is 39.56.
The 52-week high of Britannia Inds is ₹5,816.7 and the 52-week low is ₹4,350.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Britannia Inds is ₹15,939 ( Cr.) .

About Britannia Industries Ltd

Britannia Industries Limited is a company domiciled in India. The company has been incorporated under the provisions of Indian Companies Act and its equity shares are listed on the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE) in India. The company is primarily involved in manufacturing and sale of various food products.

Business area of the company

The company is among the most trusted food brands, and manufactures India’s favorite brands like Good Day, Tiger, NutriChoice, Milk Bikis and Marie Gold which are household names in India. Britannia’s product portfolio includes Biscuits, Bread, Cakes, Rusk, and Dairy products including Cheese, Beverages, Milk and Yoghurt.

Products

  • Biscuits
  • Breads
  • Dairy
  • Cakes
  • Rusk
  • Creme wafers
  • Croissant

Awards and Recognition

2000:

  • Britannia was among Top 300 small companies in Forbes global ranking.

2001:

  • Britannia’s Lagan Match was India’s most successful promotional activity of the year 2001

2002:

  • Economic Times ranked Britannia Industries as India’s 2nd most trusted branded in 2002

2010-11:

  • 5th Most Trusted Brand in Economic Times Brand Equity Trusted Brands Survey
  • Business World Most Respected Company Award 2011
  • The Master Brand 2010 Award by CMO Council of India

2011-12:

  • 7th Most Trusted Brand Economic Times Brand Equity Trusted Brands Survey
  • Creative HR Practices Award by Employer Branding Institute, India
  • Manufacturing Performance Excellence Trophy by IMCRBNQA (Indian Merchant Chambers Ramakrishna Bajaj National Quality Award)
  • CII Quality Award for Outstanding Performance in Food Safety Excellence in the category of ‘Large Food Businesses - Manufacturing'

2012-13:

  • National Quality Award
  • Global & Quality Excellence Award
  • Manufacturing Supply Chain Awards
  • APQO best in class Large Manufacturing Organisation
  • Golden Peacock National Quality Award
  • Global Performance & Excellence Award

2013-14:

  • Bronze award winner for Best Brand Campaign (Britannia Tiger) at Times of India, Big Bang Awards 2013
  • The Platinum Award (Packaged Foods category) in the Reader's Digest Trusted Brand Awards 2014
  • The Most Attractive Brand 2013 (F & B- Diversified Category) in the TRA- India’s Most Attractive Brands Survey 2013
  • India’s 2nd Most Meaningful Brand 2013

2016-17:

  • The esteemed jury from Renewable Energy India Awards 2016 selected Britannia for a special recognition under the Leading RE Investor category.

2018-19:

  • Britannia was one of the best employers in the Country as per the Aon Best Employer Study, 2019.

2019-20:

  • The Economic Times Brand Equity 'Most Trusted Brand Survey'

Milestones

  • 1892: Britannia was established in Kolkata with an investment of Rs. 295.
  • 1910: With the advent of electricity, operations were mechanised.
  • 1918: The Company was incorporated on March 21, as a Public Limited Company under the Indian Companies Act, VII of 1913. The company manufactured bakery and soyabean products and exported cashew kernels and sea food products.
  • 1921: Industrial gas ovens were imported to increase production.
  • 1924: A new factory was established at Kasara Pier Road in Mumbai. 
  • 1939-45: A large part of the Company's production was diverted to war effort on account of World War II and at times as much as 95% of the total capacity was booked for the production of Service Biscuit.
  • 1952: The Calcutta Factory was shifted from Dum Dum to spacious grounds at Taratola Road in the suburbs of Calcutta. During the same year automatic plants were installed there and later in Mumbai in 1954.
  • 1954: Development of high quality sliced and wrapped bread in India was pioneered by the company.
  • 1955: Britannia Launched Bourbon Biscuits.
  • 1963: Britannia cakes hit the markets.
  • 1975: Britannia takes over biscuit distribution from Parry's
  • 1976: Britannia Bread is introduced in Calcutta and Chennai
  • 1978: The Indian share holding in the company crosses 60%
  • 1979: With effect from October 3, the name of the Company was changed from the Britannia Biscuit Company Limited, to Britannia Industries Limited.
  • 1980: The Company signed a 10 year technical collaboration agreement with Nebico Private Limited, Nepal, for the supply of know-how relating to manufacturing, packaging and marketing of biscuits and selection of plant and machinery.
  • 1983: Sales cross Rs. 100 crore.
  • 1986: The turnover increased by 19.4% over the previous year to Rs 192.15 crores. Good Day, a new biscuit launched during the year met with good response.
  • 1987: In (16 months), the total sales turnover increased on an annualised basis by 38.7% over the previous year. Increase in sales of bakery and soya products divisions and higher cashew exports helped to realise higher sales. With the introduction of some more brands during the year, the total biscuit brands of the bakery division reached 27. The soya products division introduced a range of extruded products under the brand name VITAL FEAST.
  • 1989: The Company launched new brand of biscuit, namely, ‘CIRCUT'. Another brand PURE MAGIC was extended nationally and pista badam was added to GOOD DAY range of biscuits. The Executive Office of the company moves to Bangalore.
  • 1990: Two new brands of biscuits, Elaichi Cream and Petit Beurre are launched. A new Cashew Badam variant of the brand Milk Bikis and Pure Magic biscuit vanilla flavour is launched.
  • 1992: Britannia celebrates it Platinum Jubilee
  • 1993: The Wadia Group acquires a claim in the company and becomes an equal partner with Group Danone. Britannia also launches Little Hearts and 50-50 biscuits.
  • 1994: Annual volume produced crosses 1 lakh tonne of biscuits. This year Britannia launches Baker's Choice and Thinlite - aimed at the health conscious consumer.
  • 1995: Britannia identifies a new mission - to make every 3rd Indian a Britannia consumer. It also changes its Corporate identity to ‘Eat Healthy, Think Better’
  • 1996: Britannia Marie Gold and Milk Bikis Milk Cream perform exceptionally well in the market and the company's profits improve despite the slow down in the economy.
  • 1997: Britannia launches its Dairy products. Britannia also launches Tiger biscuits, Chekkers and Jim Jams.
  • 1998: The company launches Half/Half, a soft cake filled with cream in two variants, chocolate-vanilla and vanilla-orange.
  • 1999: Britannia launches its brand of flavoured milk and the famous Britannia Encyclopaedias.
  • 2000: Britannia Industries launches the hugely successful campaign `Britannia Khao, Cricketer Ban Jao'. It also launches the product Vita Mariegold in this year. Britannia also launches Milkman Lassi and Mlikman Cold Coffee. Britannia was voted in Top 300 small companies by Forbes Global.
  • 2001: Britannia Industries launches Britannia Milkman Milk in Delhi. Britannia is acknowledged as No.1 food brand of India by Economic Times Brand Equity survey.
  • 2002: Britannia Industries Limited announced on March 26, 2002 that it has entered into a joint venture with the Fonterra Cooperative Group, New Zealand's biggest company and one of the leading dairy co-operative groups in the world. Britannia's new COO is Nikhil Sen.
  • 2004: Britannia was accorded the status of being a 'Superbrand'. Volumes crosses 3, 00,000 tonnes of biscuits. Good Day adds Choconut to its range.
  • 2005: Relaunches the brand Tiger, with the highly successful slogan - 'Swasth Khao, Tiger Ban Jao' and also launches 50-50 Pepper Chakkar.
  • 2007: Britannia industries formed a joint venture with the Khimji Ramdas Group and acquired a 70 percent beneficial state in the Dubai-based Strategic Foods International Co. LLC and 65.4% in the Oman-based Al Sallan Food Industries Co. SAOG. Britannia launches NutriChoice - the first of its kind of biscuits in India - with no added sugar.
  • 2009: Britannia takes full control of Daily Bread. Britannia New Zealand Food (BNZF) became a BIL subsidiary after BIL bought out New Zealand's Fonterra from the existing joint venture. BNZF was renamed Britannia Dairy Private Limited (BDPL). Britannia became the first Bakery brand in India to remove trans-fats from 99.9% of its products. Wadia Group became the largest shareholder in BIL after acquiring stake holdings from Group Danone.
  • 2010: Britannia Industries Limited has appointed Dr. Vijay L. Kelkar as an additional Director on the Board of the Company with effect from May 28, 2010.
  • 2011: Britannia received the Most Respected Company Award 2011 from Businessworld. Bourbon received the Most Popular Confectionery Product Preferred By Youth (Biscuit) Award.
  • 2012: Britannia was awarded the Global Performance Excellence Award (GPEA) by Asia Pacific Quality Organization (APQO).
  • 2013: 'Experience of Health' with Nutrichoice. Britannia brings home the goodness of golden, sun-kissed wheat with its all new NutriChoice Crackers Range.
  • 2014: Chunkies Tie-up with Amazon. An exclusive tie-up with Amazon for the launch of its latest product Good Day Chunkies, a super-premium chocolate chip cookie.
  • 2015: Britannia Bourbon turns 60. Britannia Bourbon, India's first premium chocolate biscuit completes 60 glorious years.
  • 2016: Britannia launches Cake Biscotti, India’s first ever classic 'Bridge' product combining the best of the world of a cake and that of a cookie.
  • 2017: Britannia-Chipita JV. Entered into a joint venture agreement with Chipita S.A., a Greek company, for the manufacture and sale of ready to-eat delicious croissants.
  • 2018: Britannia launches first exports-only facility in Gujarat.
  • 2018: Britannia opens manufacturing units in new geographies as part of global expansion plan.
  • 2020: Britannia Industries launches WhatsApp-based Store Locator service.
  • 2020: Britannia Industries teams up with Dunzo on home delivery of food essentials.
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