31.01.2022 - Macquarie on Britannia Maintain Neutral CMP 3509 Target 4000
CLSA ON BRITANNIA (CMP: 3,681) MAINTAIN OUTPERFORM TARGET: 3,850 - 18.08.2021
Growth Levers Falling In Place
Market Share Focus To Pay Off For Co
Annual Rpt Highlights Focus On Cost Efficiency, Pdct Innovation, Distribution Footprint
• In Biscuits, Co Focussing On Localised Strategies For Large Brands
• FCF Generation For FY21 Was Robust At *1,600 Cr Despite Capex
• Overall ICDs Reduced YoY To 1,000 Cr,
But Group Co ICDs Expanded To *790 Cr
MAINTAIN OUTPERFORM TARGET: 3,850
CLSA ON BRITANNIA INDUSTRIES - 18.08.2021
Maintain Outperform, Target at Rs 3850/sh
• Market-share gain focus continues
• Focus on adjacent categories
• Strong FCF, balance-sheet strength;
* inter-group ICD exposure remains
• Multiple growth levers ahead
