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Britannia: Licking its lips

Jul 6, 2004

Bakery products major, Britannia Industries, had a brilliant FY04. The company reported over 11% topline growth during the year, where most of its FMCG peers found it tough to grow the topline. Focus on improving cost efficiencies aided operating margin expansion. The company finished FY04 with nearly 20% bottomline growth.

(Rs m) 4QFY03 4QFY04 Change FY03 FY04 Change
Net Sales 3,167 3,627 14.5% 12,959 14,396 11.1%
Other Income 208 306 47.1% 329 546 66.0%
Expenditure 2,857 3,281 14.8% 11,487 12,695 10.5%
Operating Profit (EBDIT) 310 346 11.6% 1,472 1,701 15.6%
Operating Profit Margin (%) 9.8% 9.5%   11.4% 11.8%  
Interest 29 7 -75.9% 111 60 -45.9%
Depreciation 66 57 -13.6% 261 224 -14.2%
Profit before Tax 423 588 39.0% 1,429 1,963 37.4%
Tax 141 202 43.3% 482 656 36.1%
Extraordinary items 9 -83 - 44 -119 -
Profit after Tax 291 303 4.1% 991 1,188 19.9%
Net profit margin (%) 9.2% 8.4%   7.6% 8.3%  
Effective tax rate (%) 33.3% 34.4%   33.7% 33.4%  
No. of Shares (m) 25.9 25.1   25.9 25.1  
Diluted earnings per share* (x) 46.4 48.3   39.5 47.3  
P/E ratio (x)   13.0     13.3  
(* annualised)            

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