BRITANNIA Announces Quarterly Results (2QFY20); Net Profit Up 32.9%

Wed, 13 Nov

BRITANNIA has announced its results for the quarter ended September 2019. Here is a detailed performance review of the same:

BRITANNIA Quarterly Financials

No. of Mths Qtr. Ending		3 Sep-18*	3 Jun-19*	3 Sep-19*	QoQ Change	YoY Change
Net Sales	Rs m	28,696	27,004	30,488	12.9%	6.2%
Other income	Rs m	440	675	682	1.0%	55.0%
Turnover	Rs m	29,136	27,678	31,170	12.6%	7.0%
Expenses	Rs m	24,152	23,057	25,566	10.9%	5.9%
Gross profit	Rs m	4,544	3,791	4,911	29.6%	8.1%
Depreciation	Rs m	369	448	449	0.2%	21.5%
Interest	Rs m	24	101	161	59.8%	566.9%
Profit before tax	Rs m	4,590	3,916	4,982	27.2%	8.6%
Tax	Rs m	1,559	1,430	955	-33.2%	-38.7%
Profit after tax	Rs m	3,031	2,486	4,027	62.0%	32.9%
Gross profit margin	%	15.8	14.0	16.1
Effective tax rate	%	34.0	36.5	19.2
Net profit margin	%	10.4	9.0	12.9

Year-on-Year Performance:

• The company's operating income during the quarter grew 6.2% on a year-on-year (YoY) basis. The expenses were up by 5.9% YoY during the same period.
• The company's operating profit increased by 8.1% YoY during the quarter. Consequently, operating profit margins remained same and stood at 16.1% in 2QFY20.
• Depreciation charges increased by 21.5% and finance costs increased by 566.9% YoY, respectively.
• Other income increased by 55.0% YoY during the quarter.
• Net profit for the quarter increased by 32.9% YoY. Net profit margins during the quarter increased from 10.4% in 2QFY19 to 12.9% in 2QFY20.

Quarter-on-Quarter Performance:

• The company's operating income during the quarter grew 12.9% on a quarter-on-quarter (QoQ) basis. The expenses were up by 10.9% QoQ during the same period.
• The company's operating profit increased by 29.6% QoQ during the quarter. Consequently, operating profit margins witnessed a growth and stood at 16.1% in 2QFY20 as against 14.0% in 1QFY19.
• Net profit for the quarter increased by 62.0% QoQ, while net profit margins increased from 9.0% in 1QFY19 to 12.9% in 2QFY20.

To see how BRITANNIA has performed over the last eight quarters,please visit here.

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BRITANNIA Share Price Performance

Over the last one year,BRITANNIA share price has moved up from Rs 2,907.4 to Rs 3,270.3, registering a Gain of Rs 362.9 or around 12.5%.

Overall, the S&P BSE SENSEX is up 15.2% over the year.

Current Valuations

At the current price of Rs 3,270.3, the price to earnings (P/E) ratio of BRITANNIA stands at 63.0 times its trailing twelve months earnings, while its price to book value (P/BV) ratio stands at 18.5 times.