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Last Updated on: 30 May, 2024|Author: Getaka | Social: X Twitter Profile
Stock Ticker - BSE: 500825 | NSE: BRITANNIA

Fundamental Analysis of Britannia Industries Ltd

About the Company - Britannia Industries Ltd

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. Avijit DebNon Executive Director
Mr. N VenkataramanExecutive Director & CFO
Mr. Keki DadisethNon Executive Director
Dr. Ajai PuriNon Executive Director
Mr. Ness N WadiaNon Executive Director
Dr. Ajay ShahNon Executive Director
Dr. Y S P ThoratNon Executive Director
Mr. Keki ElaviaNon Executive Director
Mrs. Tanya DubashNon Executive Director
Mr. Rajneet Singh KohliExecutive Director & CEO

Basic Stock Data of Britannia Industries Ltd

Last Updated: May 14, 2024, 11:38 am

Market Cap 1,23,859 Cr.
Current Price 5,144
High / Low5,386/4,348
Stock P/E58.0
Book Value 164
Dividend Yield1.40 %
ROCE48.9 %
ROE57.2 %
Face Value 1.00
PEG Ratio6.46

Competitors of Britannia Industries Ltd

Stock NameMarket CapCurrent PriceHigh / LowStock P/EBook ValueDividend YieldROCEROEFace Value
Nestle India Ltd 2,44,096 Cr. 2,5322,771/1,93681.3 32.10.66 %135 %108 % 1.00
Tasty Bite Eatables Ltd 2,778 Cr. 10,84019,867/10,03066.9 1,1170.02 %16.7 %15.7 % 10.0
Anjani Foods Ltd 83.7 Cr. 30.043.8/21.562.9 5.000.00 %11.3 %9.00 % 2.00
Parag Milk Foods Ltd 2,122 Cr. 178290/98.423.4 76.40.00 %11.0 %10.6 % 10.0
Sarveshwar Foods Ltd 881 Cr. 9.0015.7/2.1952.6 2.580.00 %11.4 %7.55 % 1.00
Industry Average49,992.14 Cr2,717.8057.42246.620.14%37.08%30.17%4.80

Britannia Industries Ltd Quarterly Results

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: May 11, 2024, 11:48 am

Britannia Industries Ltd Quarterly Chart

Britannia Industries Ltd Profit & Loss

Last Updated: May 2, 2024, 10:29 am

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%

Britannia Industries Ltd 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 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:5%
Stock Price CAGR
10 Years:28%
5 Years:13%
3 Years:15%
1 Year:14%
Return on Equity
10 Years:44%
5 Years:49%
3 Years:58%
Last Year:57%

Last Updated: May 14, 2024, 11:38 am

Britannia Industries Ltd Balance Sheet

Last Updated: May 2, 2024, 10:29 am

MonthMar 2012Mar 2013Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Sep 2023
Equity Capital24242424242424242424242424
Reserves3855347741,2212,0682,6723,3824,2294,3793,5242,5343,5102,824
Borrowings6043801501451311252011561,5382,1222,4812,9972,778
Other Liabilities8299461,1591,4031,2711,2881,5811,8291,8892,3312,4872,8193,123
Total Liabilities1,8421,8832,1072,7933,4944,1095,1886,2387,8308,0007,5279,3518,749
Fixed Assets6247378488449501,1601,3461,6881,8781,7931,7532,6552,756
CWIP1111471074890302031014011753610583
Investments2491081985187884871,0791,4762,8932,7811,7623,3241,938
Other Assets8588919541,3831,6652,4322,5602,9723,0193,3103,4753,2663,972
Total Assets1,8421,8832,1072,7933,4944,1095,1886,2387,8308,0007,5279,3518,749

Britannia Industries Ltd Reserves and Borrowings Chart

Britannia Industries Ltd Cash Flow

MonthMar 2012Mar 2013Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023
Cash from Operating Activity 2463206715849594411,2491,1561,4851,8761,3002,526
Cash from Investing Activity -6528-246-450-705-150-957-852-1,526433914-1,507
Cash from Financing Activity -168-378-357-181-246-295-232-35358-2,242-2,246-1,028
Net Cash Flow13-3068-478-460-491766-32-9

Britannia Industries Ltd Free Cash Flow

MonthMar 2012Mar 2013Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023
Free Cash Flow-293.0041.00477.00725.00-130.00-124.00-200.00-155.000.000.000.000.00

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.

Britannia Industries Ltd Free Cash Flow Chart

Britannia Industries Ltd Financial Efficiency Indicators

MonthMar 2012Mar 2013Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023
Debtor Days876677111310797
Inventory Days453537313243394339525745
Days Payable403749555649596355635555
Cash Conversion Cycle125-6-17-161-9-7-6-310-2
Working Capital Days-26-15-19-17-13220292215151
ROCE %29%39%59%66%68%52%47%44%37%45%41%49%

Britannia Industries Ltd Financial Efficiency Indicators Chart

Britannia Industries Ltd Share Holding Pattern

MonthJun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 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%
FIIs18.40%17.65%17.59%17.17%16.65%17.18%18.46%19.44%21.29%19.66%18.99%18.23%
DIIs11.18%11.53%11.53%7.94%8.74%16.12%15.08%14.22%12.46%13.84%14.84%15.63%
Public19.87%20.28%20.34%24.35%24.06%16.14%15.90%15.79%15.69%15.94%15.62%15.57%
No. of Shareholders3,15,9762,84,3253,06,4653,29,9403,08,8052,86,8312,60,8362,60,2072,59,9492,84,8922,60,4442,63,623

Britannia Industries Ltd Shareholding Pattern Chart

No. of Britannia Industries Ltd Shareholders

Britannia Industries Ltd Mutual Fund Holdings

Fund NameNo of SharesAUM (%)Amount Invested (Cr)
SBI Blue Chip Fund23949722.851162.2
SBI Nifty 50 ETF21895720.651062.52
ICICI Prudential Balanced Advantage Fund12621371.18612.47
ICICI Prudential Flexicap Fund7749332.9376.05
UTI Nifty 50 ETF5992610.65290.8
Mirae Asset Large Cap Fund3626260.49175.97
Aditya Birla Sun Life Frontline Equity Fund3465630.69168.17
ICICI Prudential Equity & Debt Fund3003760.52145.76
UTI MNC Fund2520004.63122.29
Nippon India ETF Nifty 50 BeES2314810.65112.33

Britannia Industries Ltd ROCE Trend

Britannia Industries Ltd EPS Trend

Britannia Industries Ltd Key Financial Ratios

MonthMar 23Mar 22Mar 21Mar 20Mar 19
FaceValue1.001.001.001.001.00
Basic EPS (Rs.)96.3963.3177.4358.3548.25
Diluted EPS (Rs.)96.3963.3177.4058.3448.21
Cash EPS (Rs.)105.3171.2685.0065.6154.86
Book Value[Excl.RevalReserv]/Share (Rs.)147.97107.33148.78184.55178.36
Book Value[Incl.RevalReserv]/Share (Rs.)147.97107.33148.78184.55178.36
Revenue From Operations / Share (Rs.)676.65586.81545.29482.31460.04
PBDIT / Share (Rs.)126.47100.64117.1588.2680.73
PBIT / Share (Rs.)117.1092.31108.9480.5773.99
PBT / Share (Rs.)125.6786.28104.3176.6773.61
Net Profit / Share (Rs.)95.9362.9476.7957.9348.12
NP After MI And SOA / Share (Rs.)96.3863.3077.3758.3248.24
PBDIT Margin (%)18.6917.1421.4818.2917.54
PBIT Margin (%)17.3015.7319.9716.7016.08
PBT Margin (%)18.5714.7019.1215.8916.00
Net Profit Margin (%)14.1710.7214.0812.0110.46
NP After MI And SOA Margin (%)14.2410.7814.1812.0910.48
Return on Networth / Equity (%)65.6959.6052.5331.8527.25
Return on Capital Employeed (%)54.0566.1859.7136.8140.49
Return On Assets (%)24.8220.2823.2717.8818.57
Long Term Debt / Equity (X)0.430.270.210.170.01
Total Debt / Equity (X)0.840.960.580.340.03
Asset Turnover Ratio (%)1.931.781.621.631.93
Current Ratio (X)1.150.951.221.431.90
Quick Ratio (X)0.850.620.921.141.48
Inventory Turnover Ratio (X)5.805.436.367.147.21
Dividend Payout Ratio (NP) (%)58.61117.68152.3525.7031.09
Dividend Payout Ratio (CP) (%)53.41104.00137.7322.7027.28
Earning Retention Ratio (%)41.39-17.68-52.3574.3068.91
Cash Earning Retention Ratio (%)46.59-4.00-37.7377.3072.72
Interest Coverage Ratio (X)18.0216.8025.4527.60213.41
Interest Coverage Ratio (Post Tax) (X)12.4411.5117.6919.34128.22
Enterprise Value (Cr.)106929.7479499.7389313.1066112.9374120.14
EV / Net Operating Revenue (X)6.565.626.805.706.70
EV / EBITDA (X)35.1032.7931.6531.1538.21
MarketCap / Net Operating Revenue (X)6.395.466.655.586.70
Retention Ratios (%)41.38-17.68-52.3574.2968.90
Price / BV (X)29.4630.1824.6414.6917.41
Price / Net Operating Revenue (X)6.395.466.655.586.70
EarningsYield0.020.010.020.020.01

Britannia Industries Ltd Profitability Ratios (%)

Britannia Industries Ltd Liquidity Ratios

Britannia Industries Ltd Liquidity Ratios (%)

Britannia Industries Ltd Interest Coverage Ratios (%)

Britannia Industries Ltd Valuation Ratios

Fair Value

Fair Value: ₹5,517.04

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.

Undervalued: 7.25% compared to the current price ₹5144

Intrinsic Value: ₹6,012.66

Calculation basis:

  • Fair 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 fair value of the stock by analyzing its fundamental indicators along with EPS growth.

Undervalued: 16.89% compared to the current price ₹5144

Last 5 Year EPS CAGR: 8.98%

*Investments are subject to market risks

Strength and Weakness of Britannia Industries Ltd Stock

StrengthWeakness
  1. The stock has a high average ROCE of 48.00%, which is a positive sign.
  2. The stock has a low average Working Capital Days of 4.67, which is a positive sign.
  3. The stock has a low average Cash Conversion Cycle of -3.17, which is a positive sign.
  4. The company has higher reserves (2,464.31 cr) compared to borrowings (1,062.15 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.

    Should I Buy Britannia Industries Ltd Share Now?

    • 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: 14.17%
        • 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: 54.05% (Industry Average ROCE: 35.47%)
        • 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%: 65.69% (Industry Average ROE: 29.58%)
        • 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): 12.44
        • 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: 0.85
        • 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: 58.0 (Industry average Stock P/E: 77.56)
        • 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: 0.84
        • 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:

    FAQ

    What is the latest fair value of Britannia Industries Ltd?

    The latest fair value of Britannia Industries Ltd is ₹5517.04.

    What is the Market Cap of Britannia Industries Ltd?

    The Market Cap of Britannia Industries Ltd is 1,23,859 Cr..

    What is the current Stock Price of Britannia Industries Ltd as on 18 May 2024?

    The current stock price of Britannia Industries Ltd as on 18 May 2024 is 5,144.

    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 ₹5,386/4,348.

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

    The Stock P/E of Britannia Industries Ltd is 58.0.

    What is the Book Value of Britannia Industries Ltd?

    The Book Value of Britannia Industries Ltd is 164.

    What is the Dividend Yield of Britannia Industries Ltd?

    The Dividend Yield of Britannia Industries Ltd is 1.40 %.

    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 57.2 %.

    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