InCred Equities - Britannia Industries Ltd

	Mar-24A	Mar-25A	Mar-26F	Mar-27F
Revenue (Rsm)	167,693	179,427	195,290	214,843
Operating EBITDA (Rsm)	31,698	31,872	36,023	39,758
Net Profit (Rsm)	21,427	22,036	25,269	27,618
Core EPS (Rs)	88.9	91.5	104.9	114.6
Core EPS Growth	10.1%	2.8%	14.7%	9.3%
FD Core P/E (x)	63.04	61.30	53.46	48.91
DPS (Rs)	72.0	72.0	92.8	101.9
Dividend Yield	1.28%	1.31%	1.66%	1.82%
EV/EBITDA (x)	42.59	42.33	37.50	34.01
P/FCFE (x)	68.31	81.85	53.52	48.25
Net Gearing	(2.6%)	(4.5%)	(1.2%)	1.6%
P/BV (x)	34.27	31.01	29.07	27.27
ROE	57.3%	53.1%	56.1%	57.5%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-24A	Mar-25A	Mar-26F	Mar-27F
Total Net Revenues	167,693	179,427	195,290	214,843
Gross Profit	72,772	73,386	83,348	92,153
Operating EBITDA	31,698	31,872	36,023	39,758
Depreciation And Amortisation	(3,005)	(3,133)	(3,533)	(4,047)
Operating EBIT	28,694	28,738	32,490	35,710
Financial Income/(Expense)	227	591	1,535	1,469
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)	275	292	(12)	(17)
Profit Before Tax (pre-EI)	29,196	29,621	34,013	37,163
Exceptional Items
Pre-tax Profit	29,196	29,621	34,013	37,163
Taxation	(7,793)	(7,487)	(8,646)	(9,447)
Exceptional Income - post-tax
Profit After Tax	21,403	22,134	25,367	27,716
Minority Interests	24	(98)	(98)	(98)
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	21,427	22,036	25,269	27,618
Recurring Net Profit	21,427	22,036	25,269	27,618
Fully Diluted Recurring Net Profit	21,427	22,036	25,269	27,618

(Rs mn)	Mar-24A	Mar-25A	Mar-26F	Mar-27F
EBITDA	31,698	31,872	36,023	39,758
Cash Flow from Invt. & Assoc.	24	(98)	(98)	(98)
Change In Working Capital	4,135	4,183	(4,861)	(5,471)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense	2,142	2,271	3,773	3,703
Other Operating Cashflow
Net Interest (Paid)/Received	(1,640)	(1,388)	(2,250)	(2,250)
Tax Paid	(7,793)	(7,487)	(8,646)	(9,447)
Cashflow From Operations	28,567	29,352	23,941	26,194
Capex	(5,104)	(3,433)	(3,200)	(3,200)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments	5,707	(1,251)
Other Investing Cashflow
Cash Flow From Investing	603	(4,684)	(3,200)	(3,200)
Debt Raised/(repaid)	(9,393)	(8,164)	4,500	5,000
Proceeds From Issue Of Shares
Shares Repurchased
Dividends Paid	(17,325)	(17,675)	(22,364)	(24,549)
Preferred Dividends
Other Financing Cashflow	48	(137)	198	198
Cash Flow From Financing	(26,669)	(25,977)	(17,666)	(19,350)
Total Cash Generated	2,500	(1,309)	3,076	3,644
Free Cashflow To Equity	19,777	16,503	25,241	27,994
Free Cashflow To Firm	30,810	26,056	22,991	25,244

(Rs mn)	Mar-24A	Mar-25A	Mar-26F	Mar-27F
Total Cash And Equivalents	21,429	14,241	17,317	20,961
Total Debtors	3,933	4,486	4,696	5,169
Inventories	11,812	12,365	12,675	16,066
Total Other Current Assets	12,834	9,209	10,400	12,308
Total Current Assets	50,008	40,302	45,088	54,504
Fixed Assets	28,014	28,313	27,980	27,133
Total Investments	10,977	18,077	18,077	18,077
Intangible Assets	1,298	1,328	1,328	1,328
Total Other Non-Current Assets	418	348	348	348
Total Non-current Assets	40,707	48,066	47,733	46,886
Short-term Debt	11,365	5,118	7,618	10,118
Current Portion of Long-Term Debt
Total Creditors	16,275	17,522	15,736	16,020
Other Current Liabilities
Total Current Liabilities	27,640	22,641	23,355	26,138
Total Long-term Debt	9,047	7,129	9,129	11,629
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities
Total Non-current Liabilities	9,047	7,129	9,129	11,629
Total Provisions	5,898	6,372	6,107	6,125
Total Liabilities	42,585	36,142	38,591	43,893
Shareholders Equity	39,415	43,557	46,462	49,531
Minority Interests	245	256	454	653
Total Equity	39,660	43,813	46,917	50,184

	Mar-24A	Mar-25A	Mar-26F	Mar-27F
Revenue Growth	2.9%	7.0%	8.8%	10.0%
Operating EBITDA Growth	12.0%	0.5%	13.0%	10.4%
Operating EBITDA Margin	18.9%	17.8%	18.4%	18.5%
Net Cash Per Share (Rs)	4.22	8.28	2.36	(3.27)
BVPS (Rs)	163.62	180.81	192.87	205.61
Gross Interest Cover	17.50	20.70	14.44	15.87
Effective Tax Rate	26.7%	25.3%	25.4%	25.4%
Net Dividend Payout Ratio	80.9%	80.2%	88.5%	88.9%
Accounts Receivables Days	7.86	8.56	8.58	8.38
Inventory Days	45.65	41.61	40.82	42.75
Accounts Payables Days	59.15	58.17	54.22	47.24
ROIC (%)	68.3%	74.6%	77.9%	77.1%
ROCE (%)	49.0%	53.2%	60.4%	58.0%
Return On Average Assets	23.0%	24.1%	26.3%	27.0%

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

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

(91) 2241611558 saurabh.singh@incredresearch.com

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Market Data

Source: Bloomberg