Britannia Industries’ (BIL, CMP: Rs 3,540; market capitalisation: Rs 85,267crore) March quarter results were below expectations. Growth in revenues during the quarter that ended in March 2021 was totally on the back of volumes. BIL has taken some price hike towards the end of the quarter, and remain confident of fully passing on the raw material inflation in FY22. Capex on the dairy segment is on track and BIL plans to increase biscuit manufacturing capacities in FY22. March 2021 quarter results Revenues...
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