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Britannia: Milking growth - Views on News from Equitymaster
 
 
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  • Jul 28, 1999

    Britannia: Milking growth

    Britannia Industries Ltd. has recorded net sales of Rs 2.9 bn (up 22% YoY) and a net profit of Rs 106 mn (up 22% YoY) for the quarter ending 30th June 1999. ]]

    Britannia, the market leader in the bakery business commands a 38% market share in biscuits and 40% in breads. Group Danone of France owns a 22% stake in the company.

    Britannia has been facing increased competition in all the segments it operates in. The company has responded well by diversifying into the dairy business despite the presence of Amul in this sector. The consolidation of its dairy activities, which grew by 45%, has enabled the company to boost sales.

    The bakery business grew at 20% during the quarter. This was due to buoyant biscuit and cake operations. The company's aggressive attitude in launching new products has pushed sales to its current levels.

    With the dairy diversification and new product launches Britannia has ensured that it stays on the high growth path. However, with more competition, profit margins could take a hit.

    Market View:
    The stock has been rated as a 'BUY' by analysts because of the company's successful efforts in increasing market share in various segments of operations. Also, the reputation of the management and the aggressive launching of new products have led to this rating.

     

     

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