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The best FMCG company in India is...

(Dec 10, 2009)

Equitymaster's analysis of FMCG companies using DuPont analysis

Sugar: Bitter for FMCG

(Sep 1, 2009)

Equitymaster presents analysis of the effect of sugar shortage, increasing prices and government policies on the FMCG companies

Britannia: Over the years

(Mar 8, 2005)

In India, one associates biscuits undoubtedly with Britannia. It is the market leader in the Rs 30 bn biscuit segment with over 40% market share, in value terms. It has presence across all segments, from the low-end glucose biscuit to the premium ones. Biscuits are one of the most widely consumed products in India. Consumption cuts across regions, age groups and socio-economic strata.

Britannia: Perfectly 'baked' recipe

(Oct 26, 2004)

Bakery products major, Britannia Industries, continues to log double digit topline growth. The company has reported nearly 13% revenue growth in September quarter and nearly 15% growth for the first half of the year. The trend is encouraging considering the fact that most of its FMCG peers have found it tough to grow the topline. Operating margins have also improved during the quarter, though for the first half they have remained stable. Other income buoyancy continues to drive bottomline growth

Britannia: Steady growth

(Oct 17, 2003)

Bakery major, Britannia Industries, has reported a 5% topline growth in the September quarter. The company has reported a much better 26% growth in bottomline led by improvement in operating margins, as well as a strong other income growth. The company seems to have restated last year's numbers (especially for the topline). As per the release of the company to the BSE, the topline growth in nearly 10% YoY. However, we have not received the detailed release by the company. As such, we have carrie

Britannia: Other income fillip…

(Jul 29, 2003)

Britannia Industries has reported just over 3% growth in 1QFY04 topline. The company has however finished the June quarter with a significant 53% net profit growth.

Britannia: Bakery focus improves efficiencies

(Oct 28, 2002)

Britannia Industries has reported a 5% dip in 2QFY03 topline. However, the performance is not comparable with corresponding period last year, as during that time Britannia operated the dairy business too. This business was transferred effective March 27, 2002 to Britannia New Zealand Foods Pvt. Ltd., a joint venture with Fonterra Group, New Zealand. On a comparable basis net sales have, infact, increased by 7% YoY.

Britannia: Leaner post dairy…

(Aug 1, 2002)

Britannia Industries has reported a 7% dip in 1QFY03 topline. However, the performance is not comparable with 1QFY02 as during that time Britannia operated the dairy business too. This business has been transferred effective March 27, 2002 to Britannia New Zealand Foods Pvt. Ltd., a joint venture with Fonterra Group, New Zealand. On a comparable basis net sales have, infact, increased by 6%.

Britannia: Can it maintain the strength?

(Jun 6, 2002)

Britannia has declared a strong 12% growth in fourth quarter sales fueled by higher sales in both bakery and dairy products. The company's pre tax profits growth of 16% was however, curtailed by a 1% drop in operating margins. Net profits crossed over Rs 2 bn for the full year due to non recurring profits of Rs 1.4 bn. Earnings for the full year before adjustments were higher by 13%.

Britannia: Strength in numbers

(Feb 1, 2002)

The bakery products major, Britannia Industries, has declared an encouraging 9% growth in December quarter through higher sales in both bakery and dairy products. The company reported a 45% rise in net profits. Britannia added Rs 84 m to its bottomline by reversal of previous year's liabilities representing a write back of processing charges no longer required.

Britannia: At the crossroads

(Dec 7, 2001)

The Britannia stock price has risen by 13% over the past one month. However, the stock has been range bound in the last three months. Infact, it is more or less at the same levels as witnessed six months ago. Where are the valuations headed?

Britannia: All set to 'milk' the market

(Sep 1, 2001)

Britannia is the largest bakery products manufacturer in India. The company is the leader in the organised biscuits segment with a 38% market share (value-terms). It also manufactures bread and cakes. Currently, Britannia is focusing on expanding its business to dairy products like cheese, butter, ghee and dairy whitener.

Bakery products: Slow but steady

(Sep 1, 2001)

The Indian bakery market is still in a nascent stage. In a country where average per capita income hovers around US$ 450 per annum, bakery items are not very high on the list of priorities for the masses. Low margins, and a high level of fragmentation characterize the bakery segment. Awareness is nearly 100%, however, penetration is lower in rural areas at 15-20% and at 60% in urban areas. This is mainly because these products are consumed as snacks, and do not form part of the main course meal.

Britannia: Volume concerns

(Aug 3, 2001)

Bakery products major, Britannia Industries, has recently declared its first quarter performance. The company registered a 20% growth in bottomline backed by a 5% turnover growth. Though the bottomline growth is encouraging, its turnover growth looks under pressure.

Britannia: Buyback bonanza

(Jun 14, 2001)

Britannia Industries has pegged the buyback of its shares at a price not exceeding Rs 750 per share. The company plans to buyback upto a maximum of 1 million equity shares, at an outflow of not more than Rs 550 m for this purpose. This was decided at the company’s board meeting held today. However, this offer is subject to the approval of its shareholders in the ensuing AGM slated on 28 July 2001.

Britannia's FY01 net up 11.2%

(Jun 1, 2001)

Britannia Industries Limited has posted a net profit of Rs 588 m for the year ended March 31, 2001. This is up 11.2% as compared to Rs 529 m net profit declared last fiscal (excluding extraordinary expenses). The company's turnover saw a 17.5% growth during the period.

Britannia: Excise hits the Tiger

(Mar 19, 2001)

Britannia, the biscuit king with a market share of over 85% (in the organized sector), has reported excellent growth in its financials during the first nine months of the current year. The company is quietly transforming itself from a biscuit company to a ‘complete food company’ by making an aggressive entry into the dairy segment.

Britannia net zooms 28%

(Jan 30, 2001)

Britannia Industries Limited, one of India's largest bakery products manufacturer, has reported a net profit of Rs 157 m in 3QFY01 (up 28% YoY). Net Sales increased by 18%, from Rs 2.7 bn in 3QFY00 to Rs 3.2 bn in 3QFY01. Other income declined by 59% to Rs 7 m during the period.

Britannia: Healthy performance

(Nov 1, 2000)

Bakery products major, Britannia Limited, has recorded a 15% growth in its turnover in 2QFY01. A 39% surge in other income coupled with a huge extraordinary write back of Rs 68 m has helped Britannia post a 67% jump in bottomline.

Indian biscuits: Getting sweeter with time

(Oct 4, 2000)

The over 2 million tonnes per annum Indian biscuits market is valued at Rs 80 bn currently. It is largely dominated by the unorganised sector. The organised biscuit segment accounts for only a third of this market.


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