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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.

(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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