External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

External broker reports(aggregated public sources)

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<div><ul><li>Result beats expectations; but near-term outlook challenging</li><li>Sales in line; margins ahead of estimates BRIT’s consolidated sales rose 13.4% YoY to INR 35.5b (inline )in 4QFY22.</li></ul><div><ul><li>Highlights from the management commentary -f<span style="font-size: var(--content-font-size);">orward commitments had helped protect margins in 4QFY22.</span></li></ul></div></div><p><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></p>

Result beats expectations; but near-term outlook challengingSales in line; margins ahead of estimates BRIT’s consolidated sales rose 13.4% YoY to INR 35.5b (inline )in 4QFY22.Highlights from the management commentary -forward commitments had helped protect margins in 4QFY22.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.

4QFY22 Results Update  - Britannia Industries

External broker reports(aggregated public sources), Axis Direct

Axis Direct

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>BRIT’s top line improved by 15.5% YoY in Q4FY22 but remained flattish QoQ. The company reported revenues of Rs 3,508 Cr, up 15.5% YoY, driven by mid-single digit volume growth of 4% on account of share gains from unorganized players</li><li>Gross Margin (GPM) of 37.3% in Q4FY22 was lower than 136bps YoY owing to a sharp QoQ and YoY rise in prices of RMs like palm oil and crude that impacted prices of packing material and transport costs</li><li>Retain HOLD with revised TP of Rs 3,650 (earlier Rs 3,700), valuing BRIT at 43x PE its FY24E EPS.</li></ul><p><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></p>

BRIT’s top line improved by 15.5% YoY in Q4FY22 but remained flattish QoQ. The company reported revenues of Rs 3,508 Cr, up 15.5% YoY, driven by mid-single digit volume growth of 4% on account of share gains from unorganized playersGross Margin (GPM) of 37.3% in Q4FY22 was lower than 136bps YoY owing to a sharp QoQ and YoY rise in prices of RMs like palm oil and crude that impacted prices of packing material and transport costsRetain HOLD with revised TP of Rs 3,650 (earlier Rs 3,700), valuing BRIT at 43x PE its FY24E EPS.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: Volume Growth Encouraging; Maintaining Near-Term Profitability A Challenge

<ul><li>Downgrade the stock to HOLD (BUY earlier) with revised TP of Rs. 3,775 (earlier Rs. 3,890) valuing BRIT at 43x PE its FY24E EPS</li><li>Q2FY22 Revenues healthy although EBITDA impacted: Despite the high inflation, operating profitability in H1 is comparable to pre-covid levels</li><li>Price hikes and cost optimization to mitigate RM pressures: Management has initiated pricing actions (combination of MRP increase and grammage reduction) in Q2FY22</li></ul><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>

Downgrade the stock to HOLD (BUY earlier) with revised TP of Rs. 3,775 (earlier Rs. 3,890) valuing BRIT at 43x PE its FY24E EPSQ2FY22 Revenues healthy although EBITDA impacted: Despite the high inflation, operating profitability in H1 is comparable to pre-covid levelsPrice hikes and cost optimization to mitigate RM pressures: Management has initiated pricing actions (combination of MRP increase and grammage reduction) in Q2FY22Content 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: Volumes To Be Subdued In The Near Term

External broker reports(aggregated public sources), SMC Global

SMC Online

<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

<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

India

Britannia Industries Ltd is an Indian multinational food products company, primarily manufacturing and selling biscuits, bread, and dairy products. Approximately 80% of its revenue comes from biscuit products, with popular brands like Good Day, Marie Gold, and Tiger. The company is headquartered in Kolkata, India, and was founded in 1892.

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Britannia Industries (BRIT IN)

4QFY22 Results Update - Britannia Industries

Result beats expectations; but near-term outlook challenging, BRIT’s 4QFY22 result was ahead of our forecasts led by higher-than-expected volume...

Motilal Oswal

Britannia Industries: Volume Growth Encouraging; Maintaining Near-Term Profitability A Challenge

We tweak our FY22-24E to factor in the impact of RM headinds Retain HOLD with revised TP of Rs 3,650 (earlier Rs 3,700) valuing BRIT at 43x PE its...

Axis Direct

Britannia Industries: Volumes To Be Subdued In The Near Term

Downgrade the stock to HOLD (BUY earlier) with revised TP of Rs. 3,775 (Rs. 3,890 earlier) valuing it at 43x PE its FY24E. Key downside risks to...

Axis Direct

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

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