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Britannia: Strong profitable growth
May 28, 2013

Britannia Industries Limited declared its results for the fourth quarter of financial year 2012-13 (4QFY13). The company has reported 13.5% YoY growth in sales and a 66% YoY growth in net profits. Here is our analysis of the results.

Performance Summary
  • Britannia clocked a 13.7% YoY growth in revenues in 4QFY13. During FY13, the topline grew by 13% YoY.
  • Operating margin expanded by 2.7% backed by reduced other expenses and controlled wages, ad-spends and conversion charges. For FY13, the operating margin increased by 1% as higher ad-spends and conversion charges offset savings in input costs and savings (all as a proportion of sales).
  • Net profits surged by 66% on a 64% rise in operating profit coupled with 106% jump in other income earned. However for FY13, net profits grew by a relatively slower 25%.
Standalone Financial snapshot
(Rs m) 4QFY12 4QFY13 % change FY12 FY13 % change
Total income 13,219 15,024 13.7% 49742 56154.9 12.9%
Expenditure 12,415 13,706 10.4% 46949 52440 11.7%
Operating profit (EBITDA) 804 1,319 64.1% 2793 3715 33.0%
EBITDA margin (%) 6.1% 8.8%   5.6% 6.6%  
Other income 102 211 106.3% 585 555 -5.2%
Interest  95 104 8.6% 381 377 -0.9%
Depreciation 125 149 18.9% 473 571 20.6%
Profit before tax 685 1,277 86.4% 2,524 3,322 31.6%
Exceptional items - -   - Q -  
Tax 155 399 157.1% 656.3 983.1 49.8%
Profit after tax/(loss) 530 879 65.7% 1,868 2,339 25.2%
Net profit margin (%) 4.0% 5.8%   3.8% 4.2%  
No. of shares (m)         120  
Diluted earnings per share (Rs)*         19.6  
Price to earnings ratio (x)*         34.7  

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