Britannia Industries reported healthy set of numbers for the quarter, marginally below the estimates. Company reported revenue growth of 10.7% yoy to Rs2,842.4cr, broadly in-line with estimates. Gross margin for the quarter expanded by 261bps yoy to 41.3%, primarily aided by premiumisation. EBITDA grew by 13.4% yoy to Rs451.8cr (~5% below estimates) and EBITDA margin expanded marginally by 38bps yoy to 15.9% (estimate 16.5%). PAT was up 13.8% yoy to Rs300.1cr, ~5% lower than estimates.
Company reported healthy revenue growth for the quarter primarily led by widening of distribution network (through focus on direct reach, rural market and weak states) and product innovation.
Company continued its premiumisation and innovation journey and launched Whole Wheat Vita MarieGold, Good Day Cashew Almond and renovation of 50-50 & Tiger Creams. Company also filled gaps in Cakes business with launch of Swiss Rolls and Layer Cakes.
Greenfield unit in Nepal is progressing on time and is expected to be commissioned in Q4FY19E.
Depreciation and interest costs were up by 28.9% and 16.9% yoy respectively.
Other income for the quarter was up by 66.9% yoy to Rs60cr.
Tax rate for the quarter stood at 35.5%, 160bps higher than the base quarter.
Britannia Industries Ltd is currently trading at Rs. 3,133.95, down by 78.85 points or 2.45% from its previous closing of Rs. 3,212.80 on the BSE.
The scrip opened at Rs. 3,185.10 and has touched a high and low of Rs. 3,202 and Rs. 3,103 respectively. So far 5,00,942 (NSE+BSE) shares were traded on the counter. The stock is currently trading above its 50 DMA.
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