Britannia

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Britannia Business Overview

Britannia Industries is one of India’s leading food companies with a 100-year legacy and annual revenues of over Rs. 9000 Cr. Britannia is among the most trusted food brands and manufactures India’s favorite brands like Good Day, Tiger, NutriChoice, Milk Bikis, and Marie Gold which are household names in India. Britannia’s product portfolio includes Biscuits, Bread, Cakes, Rusk, and Dairy products including Cheese, Beverages, Milk, and Yoghurt.

Britannia’s consolidated revenue from operations and operating profit grew at 2.9% and 10.1% in FY 2023-24 compared to the previous year.
To ensure steady growth the company has embarked on a transformation journey driven by strategic initiatives, operational enhancements, and technological advancements.
During the year, Britannia has:
• Entered New Categories and launched New-ToMarket Innovations toward becoming a ‘Global Total Foods Company’.
• Leveraged digitalization to strengthen its distribution, enhance marketing initiatives, and improve efficiency across all functions.
• Commissioned a greenfield factory at Bihta, Bihar to enhance its technologically superior capabilities.
• Strengthened its Environmental, Social, and Governance (‘ESG’) Initiatives.

Britannia has leveraged its R&D capabilities to launch 22 innovative products during the year. In its endeavor to meet the increasing consumer preference for healthy snacking, it launched Makhana (Fox Nuts) under the Brand ‘Better Snack Co’, Energy and Protein Bars under the brand ‘Be You’, and also expanded its Good Day portfolio with Good Day Fruit & Nut and Good Day Butter Jeera.

Britannia is expanding its international presence, it is largely centered around the Middle East, Americas, Africa, and Asia Pacific. The business environment in these geographies is highly competitive with the presence of large local and international players.

Business Strategy
1. Bakery Business
• Biscuit: Scale up distribution for key brands (Good Day), introduction of new products.
• Cake: During the year, Britannia has introduced Veg Layer Cake at `5 and also Plum Cakes at affordable price points. Further, it has entered the growing large pack segment in Slice Cakes with English Tea and Choco Chip Orange cakes.
•Rusk: To deliver quality products at competitive prices, the Company expanded its manufacturing capacity

2. Dairy Business
The company’s strategy is to continue its focus on the core brands as well as build a portfolio to cater to various palates, tastes, and preferences. During the year, it launched ‘Britannia The Laughing Cow Cheese’ according to the Joint Venture Arrangement with Bel SA, a renowned French cheese maker. As part of this Joint Venture, the company also launched first-in-category innovations, Cheese Triangles and Creamy Cheese Sachets in India.

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Britannia Financial Performance

	FY 2022	FY 2023	FY 2024
Revenue	14,136	16,301	16,769
Expense	11,935	13,470	13,603
OPM (%)	16%	17%	19%
Net income	1,516	2,316	2,134
EPS	63.31	96.39	88.84

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Britannia Financial Ratios

PE Ratio	ROCE	ROE	PEG Ratio
67.9	48.9 %	57.1 %	5.19
Book Value	ROA	Debt to equity	Piotroski score
₹ 164	23.2 %	0.52	7.00

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Britannia Shareholding Pattern

Check out the last 3-year trend of the shareholding Pattern.

	Mar 2022	Mar 2023	Mar 2024
Promoters	50.55%	50.55%	50.55%
FIIs	17.17%	19.44%	18.23%
DIIs	7.94%	14.22%	15.63%
Public	24.35%	15.79%	15.57%

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Britannia Stock Price

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Britannia Peer comparison

	PE ratio	ROCE %	OPM %
Britannia	67.88	48.92	18.98
Nestle India	80.40	169.08	24.26

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