InCred Equities - Britannia Industries Ltd

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue (Rsm)	167,693	179,825	196,366	216,181
Operating EBITDA (Rsm)	31,698	32,606	36,447	40,843
Net Profit (Rsm)	21,427	21,373	24,525	27,486
Core EPS (Rs)	88.9	88.7	101.8	114.1
Core EPS Growth	10.1%	(0.3%)	14.7%	12.1%
FD Core P/E (x)	55.01	55.15	48.06	42.88
DPS (Rs)	72.0	80.1	91.6	102.9
Dividend Yield	1.47%	1.64%	1.87%	2.10%
EV/EBITDA (x)	37.16	36.19	32.31	28.76
P/FCFE (x)	59.60	55.89	40.69	35.96
Net Gearing	(2.6%)	2.6%	(3.1%)	(9.4%)
P/BV (x)	29.90	28.40	26.82	25.26
ROE	57.3%	52.8%	57.4%	60.7%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Net Revenues	167,693	179,825	196,366	216,181
Gross Profit	72,772	77,253	84,803	93,609
Operating EBITDA	31,698	32,606	36,447	40,843
Depreciation And Amortisation	(3,005)	(3,727)	(4,173)	(4,731)
Operating EBIT	28,694	28,878	32,275	36,112
Financial Income/(Expense)	227	189	1,085	1,281
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)	275	23	23	23
Profit Before Tax (pre-EI)	29,196	29,091	33,383	37,416
Exceptional Items
Pre-tax Profit	29,196	29,091	33,383	37,416
Taxation	(7,793)	(7,742)	(8,882)	(9,954)
Exceptional Income - post-tax
Profit After Tax	21,403	21,349	24,501	27,462
Minority Interests	24	24	24	24
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	21,427	21,373	24,525	27,486
Recurring Net Profit	21,427	21,373	24,525	27,486
Fully Diluted Recurring Net Profit	21,427	21,373	24,525	27,486

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
EBITDA	31,698	32,606	36,447	40,843
Cash Flow from Invt. & Assoc.	24	24	24	24
Change In Working Capital	4,135	(4,811)	(1,035)	(1,244)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense	2,142	2,462	3,358	3,554
Other Operating Cashflow
Net Interest (Paid)/Received	(1,640)	(2,250)	(2,250)	(2,250)
Tax Paid	(7,793)	(7,742)	(8,882)	(9,954)
Cashflow From Operations	28,567	20,290	27,663	30,973
Capex	(5,104)	(3,200)	(3,200)	(3,200)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments	5,707
Other Investing Cashflow
Cash Flow From Investing	603	(3,200)	(3,200)	(3,200)
Debt Raised/(repaid)	(9,393)	4,000	4,500	5,000
Proceeds From Issue Of Shares
Shares Repurchased
Dividends Paid	(17,325)	(19,288)	(22,072)	(24,785)
Preferred Dividends
Other Financing Cashflow	48	76	76	76
Cash Flow From Financing	(26,669)	(15,212)	(17,496)	(19,709)
Total Cash Generated	2,500	1,878	6,967	8,064
Free Cashflow To Equity	19,777	21,090	28,963	32,773
Free Cashflow To Firm	30,810	19,340	26,713	30,023

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Cash And Equivalents	21,429	23,307	30,273	38,337
Total Debtors	3,933	4,031	4,408	4,854
Inventories	11,812	12,137	13,256	14,594
Total Other Current Assets	12,834	13,875	14,674	15,645
Total Current Assets	50,008	53,349	62,611	73,431
Fixed Assets	28,014	27,487	26,514	24,983
Total Investments	10,977	10,977	10,977	10,977
Intangible Assets	1,298	1,298	1,298	1,298
Total Other Non-Current Assets	418	418	418	418
Total Non-current Assets	40,707	40,180	39,207	37,676
Short-term Debt	11,365	13,865	16,365	18,865
Current Portion of Long-Term Debt
Total Creditors	16,275	14,198	15,442	16,936
Other Current Liabilities
Total Current Liabilities	27,640	28,063	31,806	35,800
Total Long-term Debt	9,047	10,547	12,547	15,047
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities
Total Non-current Liabilities	9,047	10,547	12,547	15,047
Total Provisions	5,898	5,679	5,696	5,714
Total Liabilities	42,585	44,289	50,049	56,562
Shareholders Equity	39,415	41,501	43,953	46,654
Minority Interests	245	321	397	473
Total Equity	39,660	41,822	44,350	47,127

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue Growth	2.9%	7.2%	9.2%	10.1%
Operating EBITDA Growth	12.0%	2.9%	11.8%	12.1%
Operating EBITDA Margin	18.9%	18.1%	18.6%	18.9%
Net Cash Per Share (Rs)	4.22	(4.59)	5.65	18.37
BVPS (Rs)	163.62	172.27	182.45	193.66
Gross Interest Cover	17.50	12.83	14.34	16.05
Effective Tax Rate	26.7%	26.6%	26.6%	26.6%
Net Dividend Payout Ratio	80.9%	90.2%	90.0%	90.2%
Accounts Receivables Days	7.86	8.08	7.84	7.82
Inventory Days	45.65	42.61	41.54	41.47
Accounts Payables Days	59.15	54.22	48.49	48.21
ROIC (%)	68.3%	64.1%	71.5%	80.5%
ROCE (%)	49.0%	49.7%	51.1%	51.5%
Return On Average Assets	23.0%	23.0%	24.0%	24.6%

(91) 22 4161 1561 rohan.kalle@incredresearch.com

(91) 22 4161 1564 nishant.bagrecha@incredresearch.com

(91) 2241611558 saurabh.singh@incredresearch.com

More Reports

Market Data

Source: Bloomberg