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Britannia: Taxes saves the day… - Views on News from Equitymaster
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Britannia: Taxes saves the day…
Jan 28, 2006

Bakery products major, Britannia, announced mixed results for the December quarter. While topline growth has been enthusing, margin contraction of 150 basis points, along with lower other income and higher interest and depreciation charges has resulted in the company posting a marginal fall at the PBT level. However, considerably lower tax outgo, an outcome of the company’s new plant in Uttaranchal, a tax haven, helped matters, resulting in the bottomline outpacing topline growth.

(Rs m) 3QFY05 3QFY06 Change 9mFY05 9mFY06 Change
Net Sales 3,828 4,498 17.5% 12,046 13,182 9.4%
Expenditure 3,311 3,956 19.5% 10,501 11,415 8.7%
Operating Profit (EBDIT) 517 542 4.8% 1,545 1,767 14.4%
Operating Profit Margin (%) 13.5% 12.0%   12.8% 13.4%  
Other Income 30 17 -43.3% 668 95 -85.8%
Interest 6 11 83.3% 17 28 64.7%
Depreciation 47 57 21.3% 143 160 11.9%
Profit before Tax 494 491 -0.6% 2,053 1,674 -18.5%
Tax 165 101 -38.8% 570 488 -14.4%
Extraordinary items (32) (33) 3.1% (103) 0  
Profit after Tax 297 357 20.2% 1,380 1,186 -14.1%
Net profit margin (%) 7.8% 7.9%   11.5% 9.0%  
Effective tax rate (%) 33.4% 20.6%   27.8% 29.2%  
No. of Shares (m) 25.1 23.9   25.1 23.9  
Diluted earnings per share* (x)         53.2  
P/E ratio (x)         28.0  
(* Trailing 12 months)            

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