Britannia (BRIT) 4QFY21 result was below our estimates. Standalone revenue grew at 8% driven primarily by volume growth. Shutdown in business operation due to implementation of large scale digital project impacted primary billing for 3 days in Mar'21. However, this is likely to drive cost based efficiencies going forward. Deflationary raw material cost drove margin expansion. Management is aiming to drive aggressive growth of Milk-Bikis biscuits with (i) a new brand positioning of Doodh Roti Ki Shakti (ii) a new brand ambassador; Pankaj Tripathi (iii) first time Hindi labelling on products to win Hindi heartland (Milk Bikis so far has been a regional brand restricted...