Britannia's FY01 net up 11.2% - Views on News from Equitymaster

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Britannia's FY01 net up 11.2%

Jun 1, 2001

Britannia Industries Limited has posted a net profit of Rs 588 m for the year ended March 31, 2001. This is up 11.2% as compared to Rs 529 m net profit declared by the company last fiscal (excluding extraordinary expenses). The company's turnover saw a 17.5% growth during the period.

(Rs m)FY00FY01Change
Net Sales 11,395 13,384 17.5%
Other Income 159 161 1.3%
Expenditure 10,841 12,233 12.8%
Operating Profit (EBDIT) 554 1,151 107.8%
Operating Profit Margin (%)4.9%8.6%
Interest 73 101 38.4%
Depreciation 172 189 9.9%
Profit before Tax 771 1,022 32.6%
Tax 261 434 66.3%
Extraordinary income/(expense) (19) 117
Profit after Tax/(Loss) 510 705 38.2%
Net profit margin (%)4.5%5.3%
Effective tax rate (%)33.9%42.5%
No. of Shares (eoy) (m)27.927.9
Diluted earnings per share*18.325.3
Current P/e ratio (incl. extraordinary income)25.4
Current P/e ratio (excl. extraordinary income)30.4

However, Britannia earned an extraordinary income of Rs 168 m in the form of reversal of previous years processing charges no longer required. The company also incurred VRS expenses worth Rs 41 m during the year (Rs 19 m in FY00), thus taking Britannia's net extraordinary income to Rs 117 m in FY01. If we include this to the company's bottomline, then Britannia's net profit shows a growth of 38%.

The effective tax rate of the company went up by 860 basis points to 42.5%, which seems to have hampered the company's profitability.

The company has acquired the trade mark 'KWALITY', and several other trademarks owned by Kwality Biscuits of Bangalore along with copyrights and designs in labels for a consideration of Rs 300 m. Britannia has also agreed in principle to acquire 49% equity of Kwality Biscuits. This transaction is expected to be completed during FY02.

The company has recommended a dividend of Rs 5.5 per share. At the current price of Rs 642 the stock trades at a P/E of 30 x its FY01 earnings.

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