BRITANNIA
CLSA ON BRITANNIA : 03.08.2021
• Strategy of volume over margin aided top line and drove beat
• Price hikes on the rise; focus to grow margin higher than in FY20
• Normalcy, focus on scaling adjacent operations; PLI boosts prospects
• Better pricing should help margin; normalcy expected to aid diversification
CITI ON BRITANNIA : 03.08.2021
• Maintain BUY, Target at Rs 3,975/share
• Good operational beat on very low expectations
• Britannia has been one of the worst performing consumer names YTD
• See room for relative valuation gap to bridged
JEFFERIES ON BRITANNIA : 03.08.2021
* Jefferies upgrades Britannia to BUY, target raised to Rs 4,150/sh
* While Mărgin Has Started Normalising, Revenue Trend Better In Q1
• Focus Remains On Growth And Gross Margin Is Close To Bottoming Out
* May See Product Price Hikes In Coming Quarters
* Stock Appears Attractive At Current Levels
* UPGRADE BUY TARGET: 4,150 (PREV TGT: 3,800)
MACQUARIE ON BRITANNIA : 03.08.2021
* Macquarie has a neutral call on Britannia
* MAINTAIN NEUTRAL TARGET: 3,600
* Co Intends To Take Price Hikes To Offset Cost Pressures
* Await Details On Its Strategy To Offset The Input Cost Pressures
* Look To Gain Clarity On Competitive Situation On Ground
CITI ON BRITANNIA : 03.08.2021
* Citi has a Buy call as it believes co reported operational beat in Q1
• Good Operational Beat On Very Low Expectations
* EBITDA Is Ahead Of Our/Consensus Forecasts
* Room For Relative Valuation Gap To Be Bridged
* MAINTAIN BUY TARGET: 3,975
CLSA ON BRITANNIA : 03.08.2021
* CLSA maintains Underperform call on Britannia, sees limited pricing to help co gain share
* MAINTAIN UNDERPERFORM TARGET: 3,625
* Margin Pressure On Expected Lines; Better Topline Aided Overall Delivery
* Estimate Co To Have Registered Low Single digit Volume Growth For Quarter
• See Limited Pricing To Help Co Gain Share
