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Britannia Industries: Higher raw material prices weigh on June quarter

Investors need to keep a watch on the growth in adjacencies business as the next growth driver

August 08, 2022 / 09:34 AM IST
Britannia Industries: Higher raw material prices weigh on June quarter

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

The Q1FY23 results of Britannia Industries (BIL; CMP: Rs 3,689; Market capitalisation: Rs 88,850 crore) were below expectations. On a three-year CAGR (compounded annual growth rate), BIL has witnessed a value growth of 11 percent and volume growth of 6 percent. June 2022 quarter performance BIL’s revenue grew 9 percent on the back of a 2 percent decline in volumes, year on year (YoY). Market share gains have now continued for about 36 quarters in a row for BIL. Gross margins declined,...

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