Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors
post
Last Updated on: 24 November, 2024
Author: Getaka|Social: Getaka Financial Services X (Earlier Twitter) Profile Getaka Financial Services LinkedIn Logo
Stock Ticker - BSE: 500825 | NSE: BRITANNIA

Britannia Industries Ltd: Intrinsic Value and Fundamental Analysis

Share Price and Basic Stock Data

Last Updated: November 22, 2024, 11:28 pm

Market Cap 1,16,757 Cr.
Current Price 4,848
High / Low6,473/4,626
Stock P/E54.3
Book Value 133
Dividend Yield1.52 %
ROCE48.9 %
ROE57.1 %
Face Value 1.00
PEG Ratio6.04

Stock P/E, Current Price, and Intrinsic Value Over Time

View Share Price Target for Britannia Industries Ltd

Competitors of Britannia Industries Ltd

Stock NameMarket CapCurrent PriceHigh / LowStock P/EBook ValueDividend YieldROCEROEFace Value
ICL Organic Dairy Products Ltd 23.8 Cr. 39.741.8/39.71,192 20.10.00 %0.25 %0.17 % 10.0
Himalaya Food International Ltd 115 Cr. 19.929.9/18.018.4 24.40.00 %3.63 %3.61 % 10.0
Goldcoin Health Foods Ltd 3.38 Cr. 11.213.6/5.80 3.430.00 %18.4 %24.2 % 10.0
Galaxy Cloud Kitchens Ltd 280 Cr. 62.367.5/12.2 4.780.00 %%% 10.0
Foods & Inns Ltd 825 Cr. 113179/11030.3 70.20.27 %16.1 %12.3 % 1.00
Industry Average18,335.48 Cr910.10200.81130.350.20%18.91%18.90%6.26

All Competitor Stocks of Britannia Industries Ltd

Quarterly Result

MonthDec 2020Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023
Sales3,1663,1313,4033,6073,5753,5503,7014,3804,1974,0234,0114,4334,256
Expenses2,5542,6252,8503,0493,0363,0013,2003,6683,3793,2223,3223,5623,437
Operating Profit612505554558539550501712818801689871820
OPM %19%16%16%15%15%15%14%16%19%20%17%20%19%
Other Income836461545454565342860575248
Interest32243439373442543835535331
Depreciation49534950505151525865717278
Profit before tax6144935315235055194636591,149761622799758
Tax %26%27%27%27%27%27%28%26%19%27%27%27%27%
Net Profit453360387382369378336491932558455586556
EPS in Rs18.9215.1316.1715.9515.4115.7714.0120.4838.7123.1919.0024.3923.10

Last Updated: Unknown

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: Unknown

MonthMar 2012Mar 2013Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023TTM
Sales5,4856,1856,9137,8588,3979,0549,91411,05511,60013,13614,13616,30116,723
Expenses5,1745,7656,2866,9887,1747,7768,4139,3229,75610,62711,93513,47013,542
Operating Profit3114216278701,2241,2781,5011,7321,8432,5092,2012,8313,181
OPM %6%7%9%11%15%14%15%16%16%19%16%17%19%
Other Income595234228115151166206263313222597217
Interest424184558977111144169172
Depreciation627383144113119142162185198201226286
Profit before tax2673585699501,2201,3041,5181,7681,8442,5142,0783,0332,940
Tax %25%27%30%28%32%32%34%35%24%26%27%24%
Net Profit2002603956898258851,0041,1551,3941,8511,5162,3162,155
EPS in Rs8.3510.8516.4828.7134.3636.8541.8348.2358.3377.3863.3196.3989.68
Dividend Payout %51%39%36%28%29%30%30%31%60%204%89%75%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year2012-20132013-20142014-20152015-20162016-20172017-20182018-20192019-20202020-20212021-20222022-2023
YoY Net Profit Growth (%)30.00%51.92%74.43%19.74%7.27%13.45%15.04%20.69%32.78%-18.10%52.77%
Change in YoY Net Profit Growth (%)0.00%21.92%22.51%-54.69%-12.47%6.17%1.59%5.65%12.09%-50.88%70.87%

Britannia Industries Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 11 years from 2012-2013 to 2022-2023.

Growth

Compounded Sales Growth
10 Years:9%
5 Years:9%
3 Years:8%
TTM:3%
Compounded Profit Growth
10 Years:19%
5 Years:13%
3 Years:5%
TTM:-4%
Stock Price CAGR
10 Years:19%
5 Years:10%
3 Years:11%
1 Year:4%
Return on Equity
10 Years:44%
5 Years:49%
3 Years:58%
Last Year:57%

Last Updated: Unknown

Balance Sheet

Last Updated: November 15, 2024, 1:33 am

MonthMar 2013Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Sep 2024
Equity Capital24242424242424242424242424
Reserves5347741,2212,0682,6723,3824,2294,3793,5242,5343,5103,9173,186
Borrowings3801501451311252011561,5382,1222,4812,9972,0652,754
Other Liabilities9461,1591,4031,2711,2881,5811,8291,8892,3312,4872,8193,0653,503
Total Liabilities1,8832,1072,7933,4944,1095,1886,2387,8308,0007,5279,3519,0729,467
Fixed Assets7378488449501,1601,3461,6881,8781,7931,7532,6552,7712,950
CWIP1471074890302031014011753610518856
Investments1081985187884871,0791,4762,8932,7811,7623,3242,7672,368
Other Assets8919541,3831,6652,4322,5602,9723,0193,3103,4753,2663,3464,092
Total Assets1,8832,1072,7933,4944,1095,1886,2387,8308,0007,5279,3519,0729,467

Reserves and Borrowings Chart

Cash Flow

MonthMar 2013Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024
Cash from Operating Activity +3206715849594411,2491,1561,4851,8761,3002,5262,573
Cash from Investing Activity +28-246-450-705-150-957-852-1,526433914-1,507477
Cash from Financing Activity +-378-357-181-246-295-232-35358-2,242-2,246-1,028-2,830
Net Cash Flow-3068-478-460-491766-32-9219

Free Cash Flow

MonthMar 2012Mar 2013Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023
Free Cash Flow311.0041.00477.00725.00-130.00-124.00-200.00-155.000.000.000.000.00

Free Cash Flow = Income Generated from Operational Activities - Borrowings - Capital Work in Progress (CWIP)

Consistent positive free cash flow is crucial for businesses as it indicates their ability to generate cash from their core operations. It provides financial flexibility, allowing companies to invest in growth opportunities, pay dividends to shareholders, reduce debt, and weather economic downturns more effectively.

Free Cash Flow Chart

Financial Efficiency Indicators

MonthMar 2013Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024
Debtor Days766771113107979
Inventory Days353731324339433952574545
Days Payable374955564959635563555563
Cash Conversion Cycle5-6-17-161-9-7-6-310-2-9
Working Capital Days-15-19-17-13220292215151-5
ROCE %39%59%66%68%52%47%44%37%45%41%49%49%

Financial Efficiency Indicators Chart

Share Holding Pattern

MonthSep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024
Promoters50.55%50.55%50.55%50.55%50.55%50.55%50.55%50.55%50.55%50.55%50.55%50.55%
FIIs17.65%17.59%17.17%16.65%17.18%18.46%19.44%21.29%19.66%18.99%18.23%17.41%
DIIs11.53%11.53%7.94%8.74%16.12%15.08%14.22%12.46%13.84%14.84%15.63%16.69%
Public20.28%20.34%24.35%24.06%16.14%15.90%15.79%15.69%15.94%15.62%15.57%15.36%
No. of Shareholders2,84,3253,06,4653,29,9403,08,8052,86,8312,60,8362,60,2072,59,9492,84,8922,60,4442,63,6232,54,815

Shareholding Pattern Chart

No. of Shareholders

Mutual Fund Holdings

Fund NameNo of SharesAUM (%)Amount Invested (Cr)Previous Number of SharesPrevious DatePercentage Change
SBI Blue Chip Fund2,394,9722.8812451,168,5372024-11-22104.95%
SBI Nifty 50 ETF2,136,9600.651110.881,168,5372024-11-2282.87%
ICICI Prudential Balanced Advantage Fund1,168,5371.12607.451,168,5372024-11-220%
Quant ELSS Tax Saver Fund706,5705.07367.31,168,5372024-11-22-39.53%
Quant Active Fund631,6004.03328.331,168,5372024-11-22-45.95%
UTI Nifty 50 ETF591,7680.65307.621,168,5372024-11-22-49.36%
ICICI Prudential Flexicap Fund458,2331.73238.211,168,5372024-11-22-60.79%
Aditya Birla Sun Life Frontline Equity Fund346,5630.69180.161,168,5372024-11-22-70.34%
Quant Flexi Cap Fund264,0003.88137.241,168,5372024-11-22-77.41%
Nippon India ETF Nifty 50 BeES252,3330.65131.171,168,5372024-11-22-78.41%

ROCE Trend

EPS Trend

Key Financial Ratios

MonthMar 24Mar 23Mar 22Mar 21Mar 20
FaceValue1.001.001.001.001.00
Basic EPS (Rs.)88.8496.3963.3177.4358.35
Diluted EPS (Rs.)88.8496.3963.3177.4058.34
Cash EPS (Rs.)101.20105.3171.2685.0065.61
Book Value[Excl.RevalReserv]/Share (Rs.)164.63147.97107.33148.78184.55
Book Value[Incl.RevalReserv]/Share (Rs.)164.63147.97107.33148.78184.55
Revenue From Operations / Share (Rs.)696.11676.65586.81545.29482.31
PBDIT / Share (Rs.)140.47126.47100.64117.1588.26
PBIT / Share (Rs.)128.00117.1092.31108.9480.57
PBT / Share (Rs.)121.07125.6786.28104.3176.67
Net Profit / Share (Rs.)88.7395.9362.9476.7957.93
NP After MI And SOA / Share (Rs.)88.8396.3863.3077.3758.32
PBDIT Margin (%)20.1718.6917.1421.4818.29
PBIT Margin (%)18.3817.3015.7319.9716.70
PBT Margin (%)17.3918.5714.7019.1215.89
Net Profit Margin (%)12.7414.1710.7214.0812.01
NP After MI And SOA Margin (%)12.7614.2410.7814.1812.09
Return on Networth / Equity (%)54.2865.6959.6052.5331.85
Return on Capital Employeed (%)61.8054.0566.1859.7136.81
Return On Assets (%)23.5824.8220.2823.2717.88
Long Term Debt / Equity (X)0.220.430.270.210.17
Total Debt / Equity (X)0.510.840.960.580.34
Asset Turnover Ratio (%)1.821.931.781.621.63
Current Ratio (X)1.191.150.951.221.43
Quick Ratio (X)0.890.850.620.921.14
Inventory Turnover Ratio (X)7.205.805.436.367.14
Dividend Payout Ratio (NP) (%)0.0058.61117.68152.3525.70
Dividend Payout Ratio (CP) (%)0.0053.41104.00137.7322.70
Earning Retention Ratio (%)0.0041.39-17.68-52.3574.30
Cash Earning Retention Ratio (%)0.0046.59-4.00-37.7377.30
Interest Coverage Ratio (X)20.6318.0216.8025.4527.60
Interest Coverage Ratio (Post Tax) (X)14.0512.4411.5117.6919.34
Enterprise Value (Cr.)119972.33106929.7479499.7389313.1066112.93
EV / Net Operating Revenue (X)7.156.565.626.805.70
EV / EBITDA (X)35.4535.1032.7931.6531.15
MarketCap / Net Operating Revenue (X)7.066.395.466.655.58
Retention Ratios (%)0.0041.38-17.68-52.3574.29
Price / BV (X)30.0329.4630.1824.6414.69
Price / Net Operating Revenue (X)7.066.395.466.655.58
EarningsYield0.010.020.010.020.02

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

Fair Value

Fair Value of Britannia Industries Ltd as of November 24, 2024 is: 4,186.39

Calculation basis:

  • Fair value = P/E Ratio * (Return on Equity / 100) * Book Value * (1 + Dividend Yield / 100)
  • P/E Ratio (Price-to-Earnings Ratio): Represents the price of the stock relative to its earnings per share. A higher P/E ratio indicates that investors are willing to pay a higher price for the stock.
  • Return on Equity (ROE): Measures a company's profitability relative to its shareholder equity. It showcases the company's ability to generate profits using the investment made by its shareholders, offering valuable insight into its operational efficiency and financial performance.
  • Book Value: Represents the net asset value of the company per share. It is calculated as the total assets minus intangible assets and liabilities, divided by the number of outstanding shares.
  • Dividend Yield: The ratio of the annual dividend per share to the current market price per share. It offers valuable insights into the profitability of an investment through dividends.

This formula allows us to gauge the fair value of the stock by analyzing its fundamental indicators.

As of November 24, 2024, Britannia Industries Ltd is Overvalued by 13.65% compared to the current share price 4,848.00

Intrinsic Value of Britannia Industries Ltd as of November 24, 2024 is: 4,562.47

Calculation basis:

  • Intrinsic value = P/E Ratio * (Return on Equity / 100) * Book Value * (1 + Dividend Yield / 100) * (1 + EPS CAGR for Last 5 Years)
  • P/E Ratio (Price-to-Earnings Ratio): Represents the price of the stock relative to its earnings per share. A higher P/E ratio indicates that investors are willing to pay a higher price for the stock.
  • Return on Equity (ROE): Measures a company's profitability relative to its shareholder equity. It showcases the company's ability to generate profits using the investment made by its shareholders, offering valuable insight into its operational efficiency and financial performance.
  • Book Value: Represents the net asset value of the company per share. It is calculated as the total assets minus intangible assets and liabilities, divided by the number of outstanding shares.
  • Dividend Yield: The ratio of the annual dividend per share to the current market price per share. It offers valuable insights into the profitability of an investment through dividends.
  • EPS CAGR (Compound Annual Growth Rate): Represents the geometric mean growth rate of earnings per share over the last 5 years. It provides insight into the historical growth trajectory of the company's earnings.

This formula allows us to gauge the intrinsic value of the stock by analyzing its fundamental indicators along with EPS growth.

As of November 24, 2024, Britannia Industries Ltd is Overvalued by 5.89% compared to the current share price 4,848.00

Last 5 Year EPS CAGR: 8.98%

*Investments are subject to market risks

Strength and Weakness

StrengthWeakness
  1. The stock has a high average ROCE of 49.67%, which is a positive sign.
  2. The stock has a low average Working Capital Days of 6.42, which is a positive sign.
  3. The stock has a low average Cash Conversion Cycle of -4.92, which is a positive sign.
  4. The company has higher reserves (2,763.85 cr) compared to borrowings (1,172.69 cr), indicating strong financial stability.
  5. The company has shown consistent growth in sales (10.08 cr) and profit (166.00 cr) over the years.

    Stock Analysis

    • Considering all of the following key financial indicators, prospective investors are encouraged to conduct thorough research and seek professional guidance before considering any investment in Britannia Industries Ltd:
      1. Net Profit Margin: 12.74%
        • Net Profit Margin: This metric indicates the percentage of profit a company makes from its total revenue. A higher net profit margin is generally desirable as it reflects better profitability.
      2. ROCE: 61.8% (Industry Average ROCE: 18.21%)
        • ROCE (Return on Capital Employed): ROCE measures a company's profitability and the efficiency with which its capital is employed. A higher ROCE indicates efficient use of capital.
      3. ROE%: 54.28% (Industry Average ROE: 18.2%)
        • ROE (Return on Equity): ROE measures a company's profitability relative to shareholders' equity. A higher ROE indicates efficient use of shareholders' funds.
      4. Interest Coverage Ratio (Post Tax): 14.05
        • Interest Coverage Ratio: The interest coverage ratio measures a company's ability to cover its interest payments on outstanding debt. A ratio greater than 2 is generally considered healthy as it indicates the company can meet its interest obligations comfortably.
      5. Quick Ratio: 0.89
        • Quick Ratio: The quick ratio assesses a company's ability to cover its short-term liabilities with its most liquid assets. A ratio higher than 1 suggests the company can meet its short-term obligations without relying heavily on inventory.
      6. Stock P/E: 54.3 (Industry average Stock P/E: 163.62)
        • Stock P/E (Price-to-Earnings) Ratio: The P/E ratio compares a company's current share price to its earnings per share. A lower P/E ratio relative to industry peers or historical values may indicate that the stock is undervalued.
      7. Total Debt / Equity: 0.51
        • Total Debt / Equity: This ratio measures a company's financial leverage by comparing its total debt to its total equity. A lower ratio indicates lower financial risk and greater financial stability.
      The current analysis is available for review. It's important to conduct thorough research and consider consulting with financial professionals before making any investment decisions.
      Stock Rating:

    About the Company - Qualitative Analysis

    Britannia Industries Ltd. is a Public Limited Listed company incorporated on 21/03/1918 and has its registered office in the State of West Bengal, India. Company’s Corporate Identification Number(CIN) is L15412WB1918PLC002964 and registration number is 002964. Currently company belongs to the Industry of Food Processing - Bakery/Dairy/Fruits/Others. Company’s Total Operating Revenue is Rs. 13371.62 Cr. and Equity Capital is Rs. 24.09 Cr. for the Year ended 31/03/2022.
    INDUSTRYADDRESSCONTACT
    Food Processing - Bakery/Dairy/Fruits/Others5/1A, Hungerford Street, Kolkata West Bengal 700017investorrelations@britindia.com
    http://www.britannia.co.in
    Management
    NamePosition Held
    Mr. Nusli N WadiaChairman
    Mr. Varun BerryExec. Vice Chairman & Mang Dir
    Mr. Rajneet Singh KohliExecutive Director & CEO
    Mr. N VenkataramanExecutive Director & CFO
    Dr. Ajai PuriNon Executive Director
    Mr. Ness N WadiaNon Executive Director
    Dr. Y S P ThoratNon Executive Director
    Dr. Ajay ShahNon Executive Director
    Mr. Keki ElaviaNon Executive Director
    Ms. Tanya DubashNon Executive Director
    Mr. Avijit DebNon Executive Director
    Mr. Keki DadisethNon Executive Director
    Mr. Pradip M KanakiaNon Executive Director

    FAQ

    What is the latest intrinsic value of Britannia Industries Ltd?

    The latest intrinsic value of Britannia Industries Ltd as on 24 November 2024 is ₹4186.39, which is 13.65% lower than the current market price of ₹4,848.00.

    What is the Market Cap of Britannia Industries Ltd?

    The Market Cap of Britannia Industries Ltd is 1,16,757 Cr..

    What is the current Stock Price of Britannia Industries Ltd as on 24 November 2024?

    The current stock price of Britannia Industries Ltd as on 24 November 2024 is 4,848.

    What is the High / Low of Britannia Industries Ltd stocks in FY 2024?

    In FY 2024, the High / Low of Britannia Industries Ltd stocks is 6,473/4,626.

    What is the Stock P/E of Britannia Industries Ltd?

    The Stock P/E of Britannia Industries Ltd is 54.3.

    What is the Book Value of Britannia Industries Ltd?

    The Book Value of Britannia Industries Ltd is 133.

    What is the Dividend Yield of Britannia Industries Ltd?

    The Dividend Yield of Britannia Industries Ltd is 1.52 %.

    What is the ROCE of Britannia Industries Ltd?

    The ROCE of Britannia Industries Ltd is 48.9 %.

    What is the ROE of Britannia Industries Ltd?

    The ROE of Britannia Industries Ltd is 57.1 %.

    What is the Face Value of Britannia Industries Ltd?

    The Face Value of Britannia Industries Ltd is 1.00.

    About the Author

    Author Avatar
    Getaka

    Getaka, CFA, a financial analyst with 15 years of experience in the industry. Getaka holds an MBA degree and the Chartered Financial Analyst designation, demonstrating his profound understanding of financial analysis and investment management. Throughout his career, he has conducted numerous financial analyses and due diligence processes for companies in the industry, and has a strong track record of identifying key trends and opportunities. He leverages his expertise to deliver a thorough financial analysis of a company, encompassing its financial performance, key ratios, future prospects, and risks. Getaka is committed to providing accurate, reliable, and trustworthy information to help readers make informed decisions about their finances and investments.

    Disclaimer: This article is for informational purposes only and should not be construed as financial advice. The author is not a SEBI registered financial advisor and does not have any vested interest in Britannia Industries Ltd. Investors are advised to conduct their own due diligence and consult with a financial professional before making any investment decisions. The information provided in this article is based on publicly available data and the author's analysis, but it may not be comprehensive or up-to-date. The author and getaka.co.in are not responsible for any errors or omissions in the content. This article is not intended to promote any particular investment strategy or recommendation, and readers should consult with their own financial advisors before making any investment decisions. Data Source: NSE