Britannia Industries Ltd. share price target

Topline and bottomline was in line with highly optimistic expectations Gross margins expanded by 240bps yoy due to drop in input costs, but fell 30bps qoq as commodity prices have started rising...

Increasing outlets to penetrating into rural markets:Britannia is continuously focusing towards improving its rural presence and strengthening its portfolio to drive higher revenue growth. Penetration into rural markets will offer a huge growth opportunity and Britannia is well handling to capture the market share. The company is planning to scale up its rural presence by expanding its distribution network, which is almost doubled in two years and managed to come up with over 1 Mn outlets across the country as on March 2015. In Q1FY16, the company managed to add approx 80,000 outlets to its distribution network.

Consolidated topline grew by ~12% to `2,091.1 crs. in Q2FY16 driven by distribution led volumes growth and product mix. Profitability was up on account of lower raw material costs, better manufacturing efficiencies & lower distribution cost. Company's continued efforts towards controlling costs and expanding reach lead to a 46.5% growth...

Management also commented that there has been some progress in making in-roads to weak states in Northern region which helped drive growth Prices of key raw materials continue to remain benign as per management...

With a 123 year history, Britannia Industries Ltd. (BIL) is the country's largest manufacturer and distributor of biscuits, along with bread, rusk, cakes and dairy products. The company operates in two business segments: Bakery Products and Dairy Products. The Bakery Products segment manufactures and markets biscuit, bread, cake and rusk. The Dairy Products segment processes and sells milk, butter, cheese, ghee, dahi, milk-based ready to drink beverages and dairy whitener. With launch new Tiger' biscuits, BIL is expanding its...

Britannia's Q1FY16 numbers were significantly ahead of our/consensus estimates. The company continued on its trajectory of high single-digit volume growth. Low commodity prices and various cost-saving initiatives increased gross/EBITDA margins by 380/480bps...

Britannia's annual report for FY15 shows its now-familiar achievements above marketaverage sales growth and earnings that are growing significantly faster than revenues. We expect Britannia to outperform the FMCG sector in terms of both revenues and earnings because of sustained premiumisation, high focus on innovation, improving distribution...

Buy at Rs 2026.3 and add on dips to Rs 1795 - Rs 1859 for Target of Rs 2148 in 1 quarter

Britannia Industries has seen a marked improvement in its top line over the last few quarters owing to i) Improving pricing power and consumer shift towards premium and healthier...