Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

Thematic (Sector/Industry)

<div><div id="annotable-executive_summary-1">The objective of "The Narrative" is to aid us in assessing management commentary, which we can further connect with ground reality via primary checks, aiding us in identifying key catalysts that could be potential drivers of stock returns. </div></div><div><div id="annotable-executive_summary-2"></div></div><div><p>For the narrative, we will be covering commentary on the Demand environment, Business performance, Consumer behaviour, Pricing action, Gross margins, commodity inflation &amp; Inventory, Advertising spends, Marketshare movements, New launches, Capex and PLI, Online and D2C, International business and exports and Future outlook.</p></div><div><p>Companies covered include <a href="https://www.smartkarma.com/entities/britannia-industries-ltd" target="_blank" data-smartkarma-citation="entities:16495:1" rel="noopener">Britannia Industries (BRIT IN)</a> / <a href="https://www.smartkarma.com/entities/dabur-india-ltd" target="_blank" data-smartkarma-citation="entities:242:1" rel="noopener">Dabur India Ltd (DABUR IN)</a> / <a href="https://www.smartkarma.com/entities/hindustan-unilever-ltd" target="_blank" data-smartkarma-citation="entities:13828:1" rel="noopener">Hindustan Unilever (HUVR IN)</a> / <a href="https://www.smartkarma.com/entities/marico-ltd" target="_blank" data-smartkarma-citation="entities:16903:1" rel="noopener">Marico Ltd (MRCO IN)</a></p></div>

The objective of "The Narrative" is to aid us in assessing management commentary, which we can further connect with ground reality via primary checks, aiding us in identifying key catalysts that could be potential drivers of stock returns. For the narrative, we will be covering commentary on the Demand environment, Business performance, Consumer behaviour, Pricing action, Gross margins, commodity inflation &amp; Inventory, Advertising spends, Marketshare movements, New launches, Capex and PLI, Online and D2C, International business and exports and Future outlook.Companies covered include Britannia Industries (BRIT IN) / Dabur India Ltd (DABUR IN) / Hindustan Unilever (HUVR IN) / Marico Ltd (MRCO IN)

The Narrative | Q1 FY22 | India Staples - BRIT, DABUR, HUVR, MRCO

External broker reports(aggregated public sources), SMC Global

SMC Online

External broker reports(aggregated public sources)

Equity Bottom-Up

<p>Britannia Consolidated Q1 FY22 PAT rises 7% QoQ to Rs 390 cr Britannia Industries Ltd., India's leading Food Company, reported consolidated Sales of Rs. 3,403 crores with a sequential growth of 10%. Consolidated Net Profit for the Quarter stood at Rs. 390 crores with a sequential growth of 7%. While the Consolidated Sales &amp; Net Profit declined 1% &amp; 29% respectively vs last year on a higher base, however, on a 24-month...</p>
<div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Britannia Consolidated Q1 FY22 PAT rises 7% QoQ to Rs 390 cr Britannia Industries Ltd., India's leading Food Company, reported consolidated Sales of Rs. 3,403 crores with a sequential growth of 10%. Consolidated Net Profit for the Quarter stood at Rs. 390 crores with a sequential growth of 7%. While the Consolidated Sales &amp; Net Profit declined 1% &amp; 29% respectively vs last year on a higher base, however, on a 24-month...
Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Britannia Industries: Consolidated Q1 FY22 PAT Rises 7% QoQ to Rs 390 Cr

External broker reports(aggregated public sources), Axis Direct

Axis Direct

<p>Maintain BUY with unchanged TP of Rs. 3,890 as we roll forward to FY24E. Key downside risks to our estimates continued surge in RM prices, emergence of 3rd COVID wave impacting demand.</p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Maintain BUY with unchanged TP of Rs. 3,890 as we roll forward to FY24E. Key downside risks to our estimates continued surge in RM prices, emergence of 3rd COVID wave impacting demand.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Britannia Industries: Gradual Recovery In-Sight

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

<p>HSIE Results Daily NTPC: Generation/sales increased 19.2%/19.3% YoY to 71.7bn/66.6bn unit in Q1FY22 on the back of demand recovery. Coal PAF, however, declined in Q1FY22 to 94% vs 96% YoY, but coal PLF was up at 70% in Q1FY22 vs 58.2% YoY. Underrecovery in Q1FY22 came in at INR1.9bn. After adjusting for previous periods and one-off items, adjusted PAT came in at INR31.6bn above our estimate. Debtors (&gt;45 days) increased to INR90bn vs INR65bn QoQ during the second corona wave. NTPC plans to add 15GW of RES capacity by FY24 and another 45GW by FY32.</p>
<div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

HSIE Results Daily NTPC: Generation/sales increased 19.2%/19.3% YoY to 71.7bn/66.6bn unit in Q1FY22 on the back of demand recovery. Coal PAF, however, declined in Q1FY22 to 94% vs 96% YoY, but coal PLF was up at 70% in Q1FY22 vs 58.2% YoY. Underrecovery in Q1FY22 came in at INR1.9bn. After adjusting for previous periods and one-off items, adjusted PAT came in at INR31.6bn above our estimate. Debtors (&gt;45 days) increased to INR90bn vs INR65bn QoQ during the second corona wave. NTPC plans to add 15GW of RES capacity by FY24 and another 45GW by FY32.
Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

HSIE Results Daily: NTPC, IOC, Britannia and More

<p><a href="https://www.smartkarma.com/entities/britannia-industries-ltd" target="_blank" data-smartkarma-citation="entities:16495:1" rel="noopener">Britannia Industries (BRIT IN)</a> released its earnings on April 27th 2021. Apart from the usual commentary, we believe the most important announcement was the "re-launch" of Milk Bikis. </p>
<p>In this Insight, we interact with a couple of channels to get their perspective on the new launch along with presenting our FY22 and FY23 estimates.</p>

Britannia Industries (BRIT IN) released its earnings on April 27th 2021. Apart from the usual commentary, we believe the most important announcement was the "re-launch" of Milk Bikis. 
In this Insight, we interact with a couple of channels to get their perspective on the new launch along with presenting our FY22 and FY23 estimates.

Britannia Industries (BRIT IN) | Taking On "G" | Estimates and Valuation

India

Britannia Industries Limited manufactures bakery products such as biscuits, bread, cakes and rusks.  The Company also manufactures and exports soybean products, cashew kernels, marine products, and general merchandise items.

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Britannia Industries (BRIT IN)

The Narrative | Q1 FY22 | India Staples - BRIT, DABUR, HUVR, MRCO

For the narrative, we will be covering commentary from Britannia Industries (BRIT IN) / Dabur India Ltd (DABUR IN) / Hindustan Unilever (HUVR IN) /...

Pranav Bhavsar

Britannia Industries: Consolidated Q1 FY22 PAT Rises 7% QoQ to Rs 390 Cr

Britannia Consolidated Q1 FY22 PAT rises 7% QoQ to Rs 390 cr Britannia Industries Ltd., India's leading Food Company, reported consolidated Sales...

SMC Online

Britannia Industries: Gradual Recovery In-Sight

Maintain BUY with unchanged TP of Rs. 3,890 as we roll forward to FY24E. Key downside risks to our estimates continued surge in RM prices,...

Axis Direct

HSIE Results Daily: NTPC, IOC, Britannia and More

NTPC: Generation/sales increased 19.2%/19.3% YoY to 71.7bn/66.6bn unit in Q1FY22 on the back of demand recovery. Coal PAF, however, declined in...

HDFC Securities

Britannia Industries (BRIT IN) | Taking On "G" | Estimates and Valuation

In this Insight, we interact with a couple of channels to get their perspective on the new launch along with presenting our FY22 and FY23 estimates.

Pranav Bhavsar

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