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Britannia: A Steady Quarter - Views on News from Equitymaster
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Britannia: A Steady Quarter
Dec 2, 2016

Britannia declared results for the quarter September 2016. During the quarter, the company's revenues were up by 11.5% YoY, while profits came in higher by 4.4% YoY. Here is our analysis of the results.

Performance summary
  • Consolidated revenues rose by 11.5% during 2QFY17.
  • Operating profits increased by 4.5% YoY and the operating margin fell to 13.8% during the quarter.
  • Net profits increased by 4.4% YoY while the net margin improved to 9.5% in 2QFY17.

    Consolidated Financial Snapshot
    (Rs m) 2QFY16 2QFY17 Change 1HFY16 1HFY17 Change
    Sales 22,037 24,561 11.5% 42,176 46,527 10.3%
    Operating expenditure 18,793 21,172 12.7% 36,049 39,976 10.9%
    Operating profit (EBDITA) 3,244 3,389 4.5% 6,126 6,551 6.9%
    Operating profit margin (%) 14.7% 13.8% 14.5% 14.1%
    Finance costs 15 15 2.0% 22 30 37.1%
    Other income 330 412 24.8% 570 806 41.4%
    Depreciation 272 289 6.4% 545 568 4.1%
    Exceptional item 0 0 0 0
    Profit before tax 3,287 3,496 6.4% 6,129 6,759 10.3%
    Tax 1,076 1,156 7.4% 1,982 2,227 12.4%
    Associate profit & minority interest 0.2 -1 1 -1
    Profit after tax/(loss) 2,211 2,339 5.8% 4,148 4,531 9.2%
    Other comprehensive income 17 -14 26 1
    total comprehensive income 2,229 2,326 4.4% 4,174 4,531 8.6%
    Net profit margin (%) 10.0% 9.5% 9.8% 9.7%
    No. of shares (m) 120.0
    Diluted earnings per share (Rs)* 71.9
    P/E ratio (x)* 41.7
    * On a trailing 12-months basis
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