Britannia: Some thoughts on weakness - Views on News from Equitymaster

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Britannia: Some thoughts on weakness

Mar 18, 2004

Bakery major, Britannia Industries, saw a 9% fall on the stock markets yesterday. We decided to have a look at the company's fundamentals and to understand if that had any relation to the current weakness on the stock.

(Rs m) 3QFY03 3QFY04 Change 9mFY03 9mFY04 Change
Net Sales 3,321 3,608 8.6% 10,194 10,769 5.6%
Other Income 40 39 -2.5% 121 240 98.3%
Expenditure 2,920 3,146 7.7% 9,032 9,414 4.2%
Operating Profit (EBDIT) 401 462 15.2% 1,162 1,355 16.6%
Operating Profit Margin (%) 12.1% 12.8%   11.4% 12.6%  
Interest 28 13 -53.6% 82 53 -35.4%
Depreciation 62 56 -9.7% 195 167 -14.4%
Profit before Tax 351 432 23.1% 1,006 1,375 36.7%
Tax 124 143 15.3% 341 454 33.1%
Extraordinary items 24 -21 - 35 -37 -
Profit after Tax 251 268 6.8% 700 884 26.3%
Net profit margin (%) 7.6% 7.4%   6.9% 8.2%  
Effective tax rate (%) 35.3% 33.1%   33.9% 33.0%  
No. of shares (m) 25.9 25.1   25.9 25.1  
Diluted earnings per share (Rs)* 38.8 42.7   36.0 47.0  
P/E ratio (x)         12.4  
(* annualised)            

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