Britannia Ind - First Cut

[Rajesh Desai]

Dear Sir/Madam,

 

Q1 FY14 Result

Britannia Industries Ltd Consolidated Net Sales increased by 15% YOY to INR1552 crore YOY and its EBITDA increased by 73% YOY to INR138 crore. EBITDA Margin of the company increased from 5.9% to 8.9% YOY. Consolidated Adjusted PAT increased by 92% YOY to INR89 crore.  Result of the company was well above Estimates

 

We maintain our Target price of INR794 given in our report dated 20 June 2013 at the level of INR670.

Standalone							Consolidated
DESCRIPTION	Jun-13	Mar-13	Jun-12	QOQ	YOY		Jun-13	Mar-13	Jun-12	QOQ	YOY
Net Sales	1416	1502	1229	-6%	15%		1552	1652	1354	-6%	15%
Total Expenditure	1287	1371	1157				1414	1506	1274
PBIDT (Excl OI)	130	132	72	-2%	79%		138	145	80	-5%	73%
EBITDA (%)	9.2%	8.8%	5.9%				8.9%	8.8%	5.9%
Other Income	14	21	11				14	16	11
Operating Profit	144	153	83				152	161	91
Interest	3	10	9				4	10	10
PBDT	140	143	73				148	152	80
Depreciation	15	15	13				20	19	17
PBT	125	128	60				128	132	64
Tax	39	40	17				39	40	17
Profit After Tax	86	88	43	-2%	99%		90	92	47	-3%	93%
Share of Profit	0	0	0				0	0	0
MI	0	0	0				0	0	0
Consolidated PAT	86	88	43	-2%	99%		89	92	46	-3%	92%
PAT (%)	6.1%	5.8%	3.5%				5.8%	5.6%	3.4%
Equity Capital	23.94	23.91	23.89				23.94	23.91	23.89
Face Value (In Rs)	2	2.00	2.00				2	2	2.00
No. of shares	11.96	11.96	11.95				11.97	11.955	11.945
EPS	7.21	7.35	3.64	-2%	98%		7.47	7.70	3.89	-3%	92%

 

 

 

Regards,

 

Team Microsec Research

 

 

 

Microsec Capital Limited

Tel: 91 33 30512100

Fax: 91 33 30512020

 

--
CA. Rajesh Desai