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Britannia Industries: Higher cost focus, judicious price increase to support earnings

Investors should focus on adjacent categories for a re-rating

August 03, 2021 / 09:11 AM IST
Britannia Industries: Higher cost focus, judicious price increase to support earnings

Britannia Industries

PRO Only Highlights
Quarterly performance largely backed by improved realisations
Medium-term triggers China plus and protectionist measures for tyre industry
Valuations not inexpensive; but improved medium-term outlook

Britannia Industries’ (Britannia; CMP: Rs 3,504; Market Capitalisation: Rs 84,394 crore) June 2021 quarter results were marginally below Street expectations. On the back of increase in raw material prices, especially those of refined palm oil and milk, the management plans to judiciously hike prices from the September quarter. June quarter results Consolidated revenues were flat year on year (YoY), despite the higher base of last year. In the June 2020 quarter, higher focus was only on 3 stock keeping units (SKU),...

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