Pursuant to Regulation 30 read with Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed the transcript of analyst call held on 4th August, 2022 in respect of Unaudited Standalone and Consolidated Financial Results for the quarter ended 30th June, 2022.
Dear Sir/Madam, Pursuant to Regulation 30 and 47 of the SEBI (Listing Obligations and Disclosure Requirements)Regulations, 2015, please find enclosed e-copies of the newspaper advertisement published yesterday i.e., 5th August, 2022 in 'Financial Express' (English - all editions) and in 'Sangbad Pratidin' (Bengali - Kolkata edition) on the captioned subject. Request you to please take the above information on records.
Sub: Analyst Call Presentation and Link of Audio Recording of Analyst Call Ref: Regulation 30 and Schedule III of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 Pursuant to Regulation 30 and Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we herein enclose copy of Analyst Call Presentation pertaining to Unaudited Standalone and Consolidated Financial Results for the quarter ended 30th June, 2022. Please find below the link for audio recording of Analyst Call organized on 4th August, 2022: Link: - http://britannia.co.in/pdfs/Presentations/Analyst-call%20-%20Audio-recording.mp3
Voltas: Voltas' Q1FY23 saw a mixed bag performance. UCP revenue was in line with market share recovery in RAC, while segment margin saw a miss (seen industry-wide). EMPS continued to disappoint, by missing both on revenue and margin. UCP delivered a 125/111% value/volume YoY growth (HSIE 123%), with the three-year CAGR at 8%. Voltas also regained some of its market share, which touched 24% (June exit) vs 19% earlier (March exit), a market share lead of 950bps over the No. 2 player. Voltas is also a leader in the inverter segment (earlier dominated by LG), with the market share at 22%, 300bps higher than LG. Despite increasing competition, we believe Voltas' core strength (after sales service, distribution network, etc.) will continue to support its market share. RAC is Voltas' core business (unlike for other players); we believe an aggressive and proactive approach will continue to bring efficiency and competitiveness in the long run. UCP EBIT margin saw pressure (7.7% vs. HSIE 9%); with commodity softening and easing trade inventory, we expect recovery in EBIT margin. We model 11% EBIT margin for FY24/25. Performance of project business remained weak and we do not expect immediate relief (although we model 6% EBIT margin for FY24/25). We cut our EPS estimates by 17/6/3% (largely to offset weak performance of project business) for FY23/24/25. We value the stock on SoTP (UCP/EMPS/EPS P/E at 43/10/15x and Volt-Beko P/S of 4x) on Jun-24 to derive a TP of INR 1,050. Maintain ADD. Gujarat State Petronet: Our ADD rating on Gujarat State Petronet...
Results Earnings Call for Q1FY23 of Britannia Industries
Conference Call with Britannia Industries Ltd. Management and Analysts on Q1FY23 Performance and Outlook. Listen to the full earnings transcript. Management in attendance: MD Varun Berry and Senior Team
Britannia’s performance, though weaker-than-expected (volume decline of 2% YoY), was still decent (3-year volume CAGR of +6%). Concerns on inflationary raw material further increase (despite some softening recently given BRIT still has room to cover).