External broker reports(aggregated public sources), Sharekhan

Sharekhan

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External broker reports(aggregated public sources)

Equity Bottom-Up

<ul><li>Britannia posted 8% y-o-y revenue growth in Q3FY25, led by ~6% volume growth (higher than 3-5% estimated).</li><li>Gross margin/OPM fell by 515/90 bps y-o-y due to high input cost inflation. Adjusted PAT grew 4% y-o-y.</li><li>Focus on innovation, distribution expansion, revamped urban RTM, marketing, pricing actions, and dairy capacity expansion will drive growth in the medium-long term. </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>

Britannia posted 8% y-o-y revenue growth in Q3FY25, led by ~6% volume growth (higher than 3-5% estimated).Gross margin/OPM fell by 515/90 bps y-o-y due to high input cost inflation. Adjusted PAT grew 4% y-o-y.Focus on innovation, distribution expansion, revamped urban RTM, marketing, pricing actions, and dairy capacity expansion will drive growth in the medium-long term. 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 Ltd - Volumes Maintained in Tough Times; High RM Inflation Hits Margins