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Britannia: Are the ‘Good Days’ over? - Views on News from Equitymaster
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Britannia: Are the ‘Good Days’ over?
Sep 20, 2005

The second largest biscuit manufacturer in the Rs 40 bn organised Indian bakery market, next only to Parle, Britannia has seen its marketshare dwindle over the past few quarters. Although its co-promoter, Danone, is the world's largest producer of fresh dairy products and the second largest producer of biscuits and mineral water, it has not played any active role in its Indian JV. The primary business of Britannia is bakery, which consists of biscuits, bread and cakes. Biscuits account for 92% of the company's revenues and this segment is under threat. In this article we share with you the challenges the biscuit major faces going forward.

The company’s journey over the years…
(Rs m) FY01 FY02 FY03 FY04 FY05 CAGR
Biscuits 11,014 11,681 12,506 13,619 14,927 7.9%
%growth - 6.1% 7.1% 8.9% 9.6%  
% of sales 82.7% 80.5% 92.7% 92.6% 92.4%  
Bread 620 663 638 727 773 5.7%
%growth - 7.0% -3.8% 13.8% 6.4%  
%of sales 4.7% 4.6% 4.7% 4.9% 4.8%  
Cake and rusk 271 255 231 286 356 7.0%
%growth - -6.1% -9.5% 24% 24%  
%of sales 2.0% 1.8% 1.7% 1.9% 2.2% 2.0%
Dairy Products 1,313 1,822 - - -  
%growth - 38.8% - - -  
%of sales 9.9% 12.6% - - -  
Others 107 88 116 74 99 -1.9%
%growth - -17.5% 31.6% -36.2% 33.9%  
%of sales 0.8% 0.6% 0.9% 0.5% 0.6%  
Total Sales 13,325 14,510 13,491 14,705 16,154 4.9%
%growth   8.9% -7.0% 9.0% 9.9%  

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