Religare Investment Call

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1 v-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 v-18 Q2FY19 Result Update Q2FY19 Result Update BUY CMP (Rs) 5,813 Target Price (Rs) 6,519 Potential Upside 12.1% Sensex 35,144 Nifty 10,583 Key Stock data BSE Code NSE Code Bloomberg BRITANNIA BRIT:IN Shares o/s, Cr (FV 2) 24.0 Market Cap (Rs Cr) 69,870 3M Avg Volume 1,82, week H/L 6,934/4,400 Shareholding Pattern (%) Mar-18 Jun-18 Sep-18 Promoter FII DII Others Year relative price performance Research Analyst Nirvi Ashar, MBA nirvi.ashar@religare.com Britannia Nifty 50 Positive momentum continues Britannia Industries Ltd (BRIT) reported in-line numbers for Q2FY19. Its revenue grew by 12.7% yoy driven by double digit volume growth. The company s EBITDA margins improved by 100bps on back of premiumization and cost cutting initiatives. However, its PAT margin improvement was restricted to 30 bps yoy due to increase in depreciation, interest, tax expense and decrease in other income. Going forward, we remain positive on company s growth prospects, as we believe it would continue to focus on growing its volumes & revenue in double digits on back of rising demand, innovative & renovating its products and increasing distribution reach in states where it has weak presence. We maintain a BUY on the stock with price target of Rs 6,519. Q2FY19 Result Update: BRIT reported revenue growth of 12.7% yoy to Rs 2,869.6 cr driven by double digit volume growth of 12%. During the quarter, the company continued its innovation and premiumization of products in domestic business. Further, its constant efforts of widening distribution network through direct reach, increasing presence in rural market and in states where the company has weak presence have led BRIT to post healthy growth in Q2FY19. Also it has entered two new categories, Cream Wafers and Flavored Milk Shakes, which would help the company in taking a step forward towards achieving its goal to be a Global Total Food Company. Despite slow growth in geographies like Middle-east and Africa, the company s international business showed strong double digit growth during the quarter. Moreover, the company is looking for expansion in Nepal, (likely to commission Greenfield plant in FY19), as per its plan of expanding footprints in international markets every year. During Q2FY19, its Gross profit margins improved by 228 bps yoy due to operational efficiency and volume led growth. Further, improvement in EBITDA margins by 100bps to 15.8% was on account of company s constant efforts towards controlling cost and innovating premium products. However it s PAT margin increased just by 30bps because of increase in depreciation (+9.8% yoy), interest (+72.9% yoy), tax expense (+17.8% yoy) and lower growth in other income (-13.5% yoy). Other Key Highlights: 1) Inflation of around 4% was witnessed in raw material prices. 2) Price hike would be taken in the coming quarters by around 3.5-4% 3) Greenfield project in Nepal to get commissioned in Q4FY19. 4) New launches continued in Biscuits (Good-day, Tiger and Pure Magic), Dairy (dairy whitener) and Cake segments during the quarter. 5) Management plans to launch more products in H2FY19. 6) BRIT has announced stock split of equity share of face value of Rs 2 to Rs 1 per share (ex date - 29th v-18). Outlook & Valuation: BRIT s continued its strong growth momentum in Q2FY19. Its overall H1FY19 revenue grew by 10.8% yoy, driven by healthy volume growth and product mix. During the same period, the company s EBITDA and PAT margins improved by 113bps and 60bps, on back of cost saving initiatives and premiumization of products. Further, we believe BRIT would grow at the same pace in H2FY19. We estimate BRIT s revenue and PAT to grow by 13.6% & 19% CAGR respectively over FY18-20E, led by healthy outlook of Indian biscuit segment, steady capacity addition, improved product mix, increasing direct distribution reach, continued efforts towards renovating & innovative products and cost saving efforts. We maintain a Buy on the stock with target price of Rs. 6,519. Financial Summary - consolidated Particulars, Rs cr FY17 FY18 FY19E FY20E Net revenue 9, , , ,886.0 EBITDA 1, , , ,154.9 EBITDAM (%) APAT , , ,421.6 APATM (%) EPS (Rs) PE (x) RoE (%) vember 14, 2018

2 P&L Account - consolidated Particulars (cr) Q2FY19 Q2FY18 Y-o-Y % Q1FY19 Q-o-Q % Net Sales 2, , , Cost of Raw Materials 1, , , Purchase of Finished Goods (Increase) / Decrease In Stocks Gross Profit 1, , Gross Margins % bps bps Employee Cost Other Expense Total Expenditure 2, , , EBITDA EBITDA Margins (%) bps bps Depreciation EBIT Other Income Interest PBT Tax PAT PAT Margin (%) bps bps EPS

3 P&L Account - consolidated Net sales 9, , , ,886.0 Expenditure Raw material consumed 4, , , ,624.5 Purchase of stock in trade , ,001.4 (Increase) / Decrease In Stocks (54.2) Employee cost Other expenses 2, , , ,512.8 Total expenditure 8, , , ,731.1 EBITDA 1, , , ,154.9 EBITDAM (%) Depreciation PBIT 1, , , ,947.8 Other income Interest expenses PBT 1, , , ,154.0 Tax PAT , , ,421.6 Exceptional - (0.2) - - PAT (after exceptional) , , ,421.6 PATM (%) EPS Balance sheet - consolidated Share Capital Reserves & Surplus 2, , , ,241.0 Total Shareholder's Fund 2, , , ,265.0 Minority Interest & Capital Long term borrowings Short term borrowing Total Debt Deferred tax liabilities (23.1) (22.6) (22.6) (22.6) Long term provision Other long term liabilities Current Liabilities Trade payables , ,343.0 Short term provisions Other current liabilities Total liabilities 4, , , ,516.2 Application of Assets Net Block 1, , , ,665.2 Current work in process Goodwill on consolidation n current investment Long term loans and advances Other non-current assets , , , ,903.1 Current Assets Current investments , ,288.6 Inventories Trade receivables Cash & Bank Short term loans and advances , ,159.7 Other current assets , , , ,613.1 Total assets 4, , , ,516.2

4 Cash Flow statement - consolidated Profit before tax 1, , , ,154.0 Add: Depreciation Add: Interest cost Others (139.5) Operating profit before working 1, , , ,369.5 Changes in working capital (450.6) (253.8) (159.1) Direct taxes (396.6) (514.2) (626.7) (732.4) Cash flow from operating , , ,478.1 Net cash used in Investing Purchase of fixed assets (374.3) (327.7) (392.2) (451.0) Sale of fixed assets (Purchase) / Sales of FA/ Investments (Net) (592.2) (313.1) (461.1) Incorporate deposits (Placed)/ (217.8) Interest Received Others - (38.3) - - Cash flow from investing (149.9) (958.1) (705.3) (912.1) Cash flow from Financing Proceeds from issuance of shares 5.8 (0.0) - - Net proceeds from borrowings (6.8) Dividend (Incl dividend tax) (288.8) (299.9) (359.9) (419.8) Interest cost (5.5) (7.6) (8.0) (8.4) Others - (48.3) - - Cash flow from Financing (295.2) (355.8) (367.9) (428.3) Net cash Inflow/Outflow (3.0) Opening Cash & Cash Equivalents Overdraft and others (c) (8.8) (12.2) - - Bank Balance Closing Cash & Bank Key Financial ratios - consolidated Per share Data EPS Book value per share Rs Dividend per share Dividend Yield (%) Payout (%) Profitability Ratios EBITDAM(%) EBITM (%) NPM (%) RoCE (%) RoE (%) Efficiency Data Debt-Equity Ratio Interest Cover Ratio Fixed Asset Ratio Debtors (Days) Inventory (Days) Payable (Days) WC (Days) Valuation P/E P/BV EV/EBIDTA EV/Sales

5 Before you use this research report, please ensure to go through the disclosure inter-alia as required under Securities and Exchange Board of India (Research Analysts) Regulations, 2014 and Research Disclaimer at the following link : Specific analyst(s) specific disclosure(s) inter-alia as required under Securities and Exchange Board of India (Research Analysts) Regulations, 2014 is/are as under: Statements on ownership and material conflicts of interest, compensation Research Analyst (RA) [Please note that only in case of multiple RAs, if in the event answers differ inter-se between the RAs, then RA specific answer with respect to questions under F (a) to F(j) below, are given separately] S.. Statement Answer Tick appropriate I/we or any of my/our relative has any financial interest in the subject company? [If answer is yes, nature of Interest is given below this table] I/we or any of my/our relatives, have actual/beneficial ownership of one per cent. or more securities of the subject company, at the end of the month immediately preceding the date of publication of the research report or date of the public appearance? Yes I / we or any of my/our relative, has any other material conflict of interest at the time of publication of the research report or at the time of public appearance? I/we have received any compensation from the subject company in the past twelve months? I/we have managed or co-managed public offering of securities for the subject company in the past twelve months? I/we have received any compensation for brokerage services from the subject company in the past twelve months? I/we have received any compensation for products or services other than brokerage services from the subject company in the past twelve months? I/we have received any compensation or other benefits from the subject company or third party in connection with the research report? I/we have served as an officer, director or employee of the subject company? I/we have been engaged in market making activity for the subject company? Nature of Interest ( if answer to F (a) above is Yes : Name(s) with Signature(s) of RA(s). [Please note that only in case of multiple RAs and if the answers differ inter-se between the RAs, then RA specific answer with respect to questions under F (a) to F(j) above, are given below] Copyright in this document vests exclusively with RBL. This information should not be reproduced or redistributed or passed on directly or indirectly in any form to any other person or published, copied, in whole or in part, for any purpose, without prior written permission from RBL. We do not guarantee the integrity of any s or attached files and are not responsible for any changes made to them by any other person. Research Disclaimer:

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