Britannia Industries Limited
Britannia Industries is one of Indias leading food companies with a 100 year legacy and annual revenues in excess of Rs. 9000 Cr. Britannia is among the most trusted food brands, and manufactures India’s favorite brands like Good Day, Tiger, NutriChoice, Milk Bikis and Marie Gold which are household names in India. Britannia’s product portfolio includes Biscuits, Bread, Cakes, Rusk, and Dairy products including Cheese, Beverages, Milk and Yoghurt.
Key Business segments
- Market Leader in the Biscuit segment (80% of the revenue)
- Britannia Bread
- Dairy Products (5% of the revenue)
Shareholding Pattern
-PUBLIC GROUP
-PROMOTER GROUP
Financial Summary
| Particulars | March 2022 | March 2023 | March 2024 |
| Sales | 14,136 | 16,301 | 16,769 |
| Sales Growth % | 7.61% | 15.31% | 2.88% |
| Expenses | 11,935 | 13,470 | 13,603 |
| Operating Profit | 2,201 | 2,831 | 3,167 |
| OPM % | 16% | 17% | 19% |
| Net Profit | 1,516 | 2,316 | 2,134 |
| EPS in Rs | 63.31 | 96.39 | 88.84 |
Synopsis of Financials
- Q3 ’24-’25 revenue growth of 6.5% year-on-year.
- Profit after tax (PAT) growth of 4.8% for the same period.
- 12-month revenue growth at 6.5% and PAT at 4.8%.
- 24-month growth figures show 8.8% revenue growth and 1.6% PAT growth.
- Capex for FY ’25 expected to be lower, around ₹150-200 Cr, as the company has recently completed significant investments in new plants.
- Focus on leveraging existing capacity rather than incurring additional capital expenditures.
Final Outlook
In the medium term, Britannia’s biscuits portfolio is expected to achieve mid- to high single-digit volume growth (6% volume CAGR over FY14-24) due to (a) formalization in the foods segment, given a high share of the unorganised market; (b) expanding its distribution network in focus states (mainly the Hindi heart belt), which is currently under-indexed; (c) concentrating on innovation and premiumization; (d) prioritizing in-house manufacturing (65% of sales), which improves product quality and lowers travel time, which lowers market returns; (e) growing consumer preference for Rs 10 SKU versus Rs 5 SKU, as the former helps to satisfy one’s appetite.
By (a) focusing on introducing value-added products and customization in traditional and fiercely competitive categories (bread, cake rusk), (b) partnering with strategic partners (Bel SA cheese, croissant Chipita) in areas where it lacks strategic acumen, and (c) utilizing its distribution network to incubate high-potential fast-growing categories (wafers, healthy snacks, etc.), it has begun its transition from a biscuit and bakery company to a food company.
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