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Britannia Industries Ltd's Q3FY18 consolidated net profit rises 19.7% yoy to Rs263.7cr : In-line with Estimates

IIFL 2018-02-13 08:55:00

Britannia Industries Ltd Q3FY18

Consolidated Results Q3FY18: (Rs. in crore)

Q3FY18 YoY (%)
Revenue 2,567.50 12.5
EBITDA 398.40 26.8
EBITDA Margin (%) 15.5 175
Net Profit (adjusted) 263.70 19.6
***EBITDA margin change is bps
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Know More Britannia Industries (BIL) reported a healthy set of numbers for the quarter, in-line with the consensus estimates. Revenue (net of excise duty for the base quarter) grew by 12.5% yoy to Rs2,567.5cr, led by the domestic volume growth. EBITDA for the quarter grew significantly by 26.8% yoy to Rs398.4cr. Led by savings across cost items (raw material, employee and other expenses were down by 86bps, 22bps and 67bps yoy), EBITDA margin expanded by 175bps yoy to 15.5%. Tax outgo got the quarter was higher (33.9% against 31.1% in Q3FY17), thus, PAT grew by 19.6% yoy to 263.7cr. 
  • The domestic sales grew by 15%yoy driven by double-digit volume growth on the back of brand investments and distribution expansion (focus on increasing direct reach).
  • On the contrary, the international business continued to be under pressure due to the macroeconomic headwinds, particularly Middle East and Africa.
  • During the quarter, company launched Pure Magic Deuce, premium biscuit and also revamped its chocolate portfolio in Goodday through the launch of Choco Almond” and Chocochips.
  • Company indicated that though the dairy business continued to remain subdued, its profitability has been improved through focus on profitable products rather than the commoditized categories.
  • Gross margin expanded by 86bps yoy; prices of key raw materials have been stable during 3QFY18.
  • The green-field factories at Guwahati, Assam and Mundra, Gujarat (especially for exports) are expected to be commercialized soon.

Technical View:

Britannia Industries Ltd ended at Rs4,782, up by 147.15 points or 3.17% from its previous closing of Rs4,634.85 on the BSE.
The scrip opened at Rs4,697 and touched a high and low of Rs4,789.95 and Rs4,697 respectively. A total of 2,24,576(NSE+BSE) shares were traded on the counter. The stock traded below its 50 DMA.