X

Sign up for Equitymaster's free daily newsletter, The 5 Minute WrapUp and get access to our latest Multibagger guide (2018 Edition) on picking money-making stocks.

This is an entirely free service. No payments are to be made.


Download Now Subscribe to our free daily e-letter, The 5 Minute WrapUp and get this complimentary report.
We hate spam as much as you do. Check out our Privacy Policy and Terms Of Use.
Britannia: Margin Expansion Trend Continues - Views on News from Equitymaster
  • MyStocks

MEMBER'S LOGINX

     
Login Failure
   
     
   
     
 
 
 
(Please do not use this option on a public machine)
 
     
 
 
 
  Sign Up | Forgot Password?  

Britannia: Margin Expansion Trend Continues
Mar 11, 2016

Britannia declared results for the quarter ended December 2015. The company's revenues were up by 10% YoY, while profits came in higher by 51% YoY. Here is our analysis of the results:

Performance summary

  • Revenue growth of 10% led by volume growth of 11%. Realisations drop on a YoY basis.
  • Operating profits rise by 47% YoY as margins expand by 3.6% YoY.
  • Profit before tax rises by 60% YoY led by higher other income and lower depreciation charges. Net profits rise by 51% YoY.

Standalone Financial Performance Summary

(Rs m) 3QFY15 3QFY16 Change 9mFY15 9mFY16 Change
Revenues 20,333 22,402 10.2% 57,948 64,675 11.6%
Expenditure 18,138 19,183 5.8% 51,837 55,321 6.7%
Operating profit (EBITDA) 2,195 3,219 46.7% 6,111 9,353 53.1%
EBITDA margin (%) 10.8% 14.4% 10.5% 14.5%
Other income 196 275 40.0% 595 757 27.2%
Depreciation 325 281 -13.8% 951 826 -13.2%
Finance charges 10 12 19.2% 31 34 11.1%
Exceptional item -121 -103 -14.8% 1,461 -103
Profit before tax 1,935 3,099 60.1% 7,185 9,147 27.3%
Tax 563 1,024 81.9% 1,974 2,990 51.5%
Profit after tax/(loss) 1,372 2,075 51.2% 5,211 6,157 18.1%
Net profit margin (%) 6.7% 9.3% 9.0% 9.5%
No. of shares (m) 120.0 120.0 120.0 120.0
Diluted earnings per share (Rs)*^ 12.4 18.2 45.8% 61.0
Price to earnings ratio (x) 46.2

*On a trailing 12-month basis; ^Adjusted for extraordinary items

To Read the Full Story, Subscribe or Sign In



DISCLOSURES UNDER SEBI (RESEARCH ANALYSTS) REGULATIONS, 2014
INTRODUCTION:
Equitymaster Agora Research Private Limited (hereinafter referred to as "Equitymaster"/"Company") was incorporated on October 25, 2007. Equitymaster is a joint venture between Quantum Information Services Private Limited (QIS) and Agora group. Equitymaster is a SEBI registered Research Analyst under the SEBI (Research Analysts) Regulations, 2014 with registration number INH000000537.

BUSINESS ACTIVITY:
An independent research initiative, Equitymaster is committed to providing honest and unbiased views, opinions and recommendations on various investment opportunities across asset classes.

DISCIPLINARY HISTORY:
There are no outstanding litigations against the Company, it subsidiaries and its Directors.

GENERAL TERMS AND CONDITIONS FOR RESEARCH REPORT:
For the terms and conditions for research reports click here.

DETAILS OF ASSOCIATES:
Details of Associates are available here.

DISCLOSURE WITH REGARDS TO OWNERSHIP AND MATERIAL CONFLICTS OF INTEREST:
  1. 'subject company' is a company on which a buy/sell/hold view or target price is given/changed in this Research Report
  2. Neither Equitymaster, it's Associates, Research Analyst or his/her relative have any financial interest in the subject company.
  3. Neither Equitymaster, it's Associates, Research Analyst or his/her relative have actual/beneficial ownership of one percent or more securities of the subject company at the end of the month immediately preceding the date of publication of the research report.
  4. Neither Equitymaster, it's Associates, Research Analyst or his/her relative have any other material conflict of interest at the time of publication of the research report.
DISCLOSURE WITH REGARDS TO RECEIPT OF COMPENSATION:
  1. Neither Equitymaster nor it's Associates have received any compensation from the subject company in the past twelve months.
  2. Neither Equitymaster nor it's Associates have managed or co-managed public offering of securities for the subject company in the past twelve months.
  3. Neither Equitymaster nor it's Associates have received any compensation for investment banking or merchant banking or brokerage services from the subject company in the past twelve months.
  4. Neither Equitymaster nor it's Associates have received any compensation for products or services other than investment banking or merchant banking or brokerage services from the subject company in the past twelve months.
  5. Neither Equitymaster nor it's Associates have received any compensation or other benefits from the subject company or third party in connection with the research report.
GENERAL DISCLOSURES:
  1. The Research Analyst has not served as an officer, director or employee of the subject company.
  2. Equitymaster or the Research Analyst has not been engaged in market making activity for the subject company.
Definitions of Terms Used:
  1. Buy recommendation: This means that the investor could consider buying the concerned stock at current market price keeping in mind the tenure and objective of the recommendation service.
  2. Hold recommendation: This means that the investor could consider holding on to the shares of the company until further update and not buy more of the stock at current market price.
  3. Buy at lower price: This means that the investor should wait for some correction in the market price so that the stock can be bought at more attractive valuations keeping in mind the tenure and the objective of the service.
  4. Sell recommendation: This means that the investor could consider selling the stock at current market price keeping in mind the objective of the recommendation service.
Feedback:
If you have any feedback or query or wish to report a matter, please do not hesitate to write to us.

Become A Smarter Investor In
Just 5 Minutes

Multibagger Stocks Guide 2017
Get our special report, Multibagger Stocks Guide (2017 Edition) Now!
We will never sell or rent your email id.
Please read our Terms

BRITANNIA SHARE PRICE


Oct 19, 2017 07:33 PM

TRACK BRITANNIA

  • Track your investment in BRITANNIA with Equitymaster's Portfolio Tracker. Set live price alerts, get research alerts and more. Get access now...
  • Add To MyStocks

BRITANNIA 8-QTR ANALYSIS

Detailed Quarterly Results With Charts

COMPARE BRITANNIA WITH

MARKET STATS