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Britannia: Puts Up a Good Operating Show in FY16 - Views on News from Equitymaster
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Britannia: Puts Up a Good Operating Show in FY16
Jun 16, 2016

Britannia declared results for the quarter and year ended March 2016. During the quarter, the company's revenues were up by 8% YoY, while profits came in higher by 31% YoY. Here is our analysis of the results:

Performance summary
  • Standalone revenues rose by 8% during 4QFY16.
  • Operating profits surged by 21% YoY as margins expanded by 1.5% YoY to 13.3% during the quarter
  • Net profits increased by 31% YoY.
  • During FY16, revenues, operating profits and adjusted profits before tax rose by 11% YoY, 47% YoY and 28% YoY respectively.
  • Board recommends dividend of Rs 20 for FY16; translating to a yield of 0.7%.

    Standalone Financial Performance Summary
    (Rs m) 4QFY15 4QFY16 Change FY15 FY16 Change
    Revenues 18,720 20,181 7.8% 71,760 79,479 10.8%
    Expenditure 16,508 17,503 6.0% 64,045 68,161 6.4%
    Operating profit (EBITDA) 2,212 2,678 21.1% 7,715 11,318 46.7%
    EBITDA margin (%) 11.8% 13.3% 10.8% 14.2%
    Other income 290 243 -16.3% 875 982 12.2%
    Depreciation 421 241 -42.8% 1,173 869 -25.9%
    Finance charges 3 3 19.2% 12 13 3.3%
    Exceptional item -40 0 1,421 -103
    Profit before tax 2,039 2,677 31.3% 8,826 11,316 28.2%
    Tax 628 835 32.9% 2,602 3,825 47.0%
    Profit after tax/(loss) 1,410 1,842 30.6% 6,224 7,491 20.4%
    Net profit margin (%) 7.5% 9.1% 8.7% 9.4%
    No. of shares (m) 120 120
    Diluted earnings per share (Rs)*^ 63.3
    Price to earnings ratio (x) 42.4

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

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