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- Jan 30, 2001 - Britannia net zooms 28%
Britannia net zooms 28%
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.
| (Rs m) | 3QFY00 | 3QFY01 | Change | 9m FY00 | 9m FY01 | Change |
| Sales Turnover | 2,710 | 3,196 | 17.9% | 8,630 | 10,035 | 16.3% |
| Other Income | 17 | 7 | -58.8% | 65 | 56 | -13.8% |
| Total expenditure | 2,477 | 2,886 | 16.5% | 7,971 | 9,181 | 15.2% |
| Operating Profit (EBDIT) | 233 | 310 | 33.0% | 659 | 854 | 29.6% |
| Operating Profit Margin (%) | 8.6% | 9.7% | 7.6% | 8.5% | ||
| Interest | 18 | 23 | 27.8% | 57 | 64 | 12.3% |
| Depreciation | 44 | 49 | 11.4% | 125 | 141 | 12.8% |
| Profit before Tax & extraordinary income | 188 | 245 | 30.3% | 542 | 705 | 30.1% |
| Extraordinary income (net) | -7 | -11 | -12 | 50 | ||
| Tax | 58 | 77 | 32.8% | 173 | 250 | 44.5% |
| Profit after Tax/(Loss) | 123 | 157 | 27.6% | 357 | 505 | 41.5% |
| Net profit margin (%) | 4.5% | 4.9% | 4.1% | 5.0% | ||
| No. of Shares (eoy) (m) | 18.6 | 27.9 | 18.6 | 27.9 | ||
| Diluted number of shares outstd. (m) | 27.9 | 27.9 | 27.9 | 27.9 | ||
| Earnings per share* | 17.1 | 24.1 | ||||
| *(annualised) | ||||||
| Current P/e ratio | 32.1 |
Higher sales in Britannia's bakery and dairy products contributed to the rise of 18% in its net sales. The company's consolidated nine month results are even more encouraging. On a nine month basis, the company's turnover improved by 16% YoY and its bottomline surged 42% to Rs 505 m.
This jump in the 9 month results is because of a huge extraordinary write back of Rs 68 m in 2QFY01. If however, we exclude this extraordinary income, the company's net profit in real terms is up by only 23% on a nine month consolidated basis.
The stock trades at a P/e multiple of 32 times its annualised nine month FY01 earnings. The company's consistent growth in turnover and bottomline is likely to keep the shine on this stock in the days to come.
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