InCred Equities - Britannia Industries Ltd

	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Revenue (Rsm)	179,427	195,290	212,749	232,439
Operating EBITDA (Rsm)	31,872	35,120	39,133	43,490
Net Profit (Rsm)	22,036	24,594	27,384	30,415
Core EPS (Rs)	91.5	102.1	113.7	126.3
Core EPS Growth	2.8%	11.6%	11.3%	11.1%
FD Core P/E (x)	68.29	61.19	54.95	49.48
DPS (Rs)	72.0	90.6	99.9	110.2
Dividend Yield	1.17%	1.45%	1.60%	1.76%
EV/EBITDA (x)	47.16	42.85	38.50	34.57
P/FCFE (x)	91.19	61.20	54.65	43.54
Net Gearing	(4.5%)	(1.0%)	1.7%	(4.3%)
P/BV (x)	34.55	32.48	30.31	28.12
ROE	53.1%	54.7%	57.1%	59.0%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Total Net Revenues	179,427	195,290	212,749	232,439
Gross Profit	73,386	81,843	91,292	99,819
Operating EBITDA	31,872	35,120	39,133	43,490
Depreciation And Amortisation	(3,133)	(3,533)	(3,669)	(3,891)
Operating EBIT	28,738	31,587	35,463	39,599
Financial Income/(Expense)	591	1,535	1,404	1,338
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)	292	(12)	(17)	(21)
Profit Before Tax (pre-EI)	29,621	33,110	36,851	40,915
Exceptional Items
Pre-tax Profit	29,621	33,110	36,851	40,915
Taxation	(7,487)	(8,417)	(9,368)	(10,402)
Exceptional Income - post-tax
Profit After Tax	22,134	24,693	27,483	30,514
Minority Interests	(98)	(98)	(98)	(98)
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	22,036	24,594	27,384	30,415
Recurring Net Profit	22,036	24,594	27,384	30,415
Fully Diluted Recurring Net Profit	22,036	24,594	27,384	30,415

(Rs mn)	Mar-25A	Mar-26F	Mar-27F	Mar-28F
EBITDA	31,872	35,120	39,133	43,490
Cash Flow from Invt. & Assoc.	(98)	(98)	(98)	(98)
Change In Working Capital	4,183	(4,836)	(5,316)	(1,546)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense	2,271	3,773	3,703	3,691
Other Operating Cashflow
Net Interest (Paid)/Received	(1,388)	(2,250)	(2,315)	(2,375)
Tax Paid	(7,487)	(8,417)	(9,368)	(10,402)
Cashflow From Operations	29,352	23,291	25,738	32,760
Capex	(3,433)	(3,200)	(3,200)	(3,200)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments	(1,251)
Other Investing Cashflow
Cash Flow From Investing	(4,684)	(3,200)	(3,200)	(3,200)
Debt Raised/(repaid)	(8,164)	4,500	5,000	5,000
Proceeds From Issue Of Shares
Shares Repurchased
Dividends Paid	(17,675)	(21,824)	(24,060)	(26,546)
Preferred Dividends
Other Financing Cashflow	(137)	198	198	198
Cash Flow From Financing	(25,977)	(17,126)	(18,862)	(21,347)
Total Cash Generated	(1,309)	2,965	3,676	8,213
Free Cashflow To Equity	16,503	24,591	27,538	34,560
Free Cashflow To Firm	26,056	22,341	24,853	31,935

(Rs mn)	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Total Cash And Equivalents	14,241	17,206	20,882	29,095
Total Debtors	4,486	4,696	5,125	5,606
Inventories	12,365	12,675	15,911	17,385
Total Other Current Assets	9,209	10,456	12,208	13,241
Total Current Assets	40,302	45,034	54,126	65,328
Fixed Assets	28,313	27,980	27,511	26,820
Total Investments	18,077	18,077	18,077	18,077
Intangible Assets	1,328	1,328	1,328	1,328
Total Other Non-Current Assets	348	348	348	348
Total Non-current Assets	48,066	47,733	47,264	46,573
Short-term Debt	5,118	7,618	10,118	12,618
Current Portion of Long-Term Debt
Total Creditors	17,522	15,817	15,899	17,323
Other Current Liabilities
Total Current Liabilities	22,641	23,436	26,018	29,941
Total Long-term Debt	7,129	9,129	11,629	14,129
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities
Total Non-current Liabilities	7,129	9,129	11,629	14,129
Total Provisions	6,372	6,107	6,125	6,145
Total Liabilities	36,142	38,672	43,772	50,215
Shareholders Equity	43,557	46,327	49,652	53,521
Minority Interests	256	454	653	851
Total Equity	43,813	46,782	50,305	54,372

	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Revenue Growth	7.0%	8.8%	8.9%	9.3%
Operating EBITDA Growth	0.5%	10.2%	11.4%	11.1%
Operating EBITDA Margin	17.8%	18.0%	18.4%	18.7%
Net Cash Per Share (Rs)	8.28	1.90	(3.59)	9.74
BVPS (Rs)	180.81	192.31	206.11	222.17
Gross Interest Cover	20.70	14.04	15.32	16.67
Effective Tax Rate	25.3%	25.4%	25.4%	25.4%
Net Dividend Payout Ratio	80.2%	88.7%	87.9%	87.3%
Accounts Receivables Days	8.56	8.58	8.42	8.43
Inventory Days	41.61	40.28	42.95	45.82
Accounts Payables Days	58.17	53.63	47.66	45.72
ROIC (%)	74.6%	75.8%	76.2%	83.5%
ROCE (%)	53.2%	59.0%	57.6%	56.4%
Return On Average Assets	24.1%	25.6%	26.9%	27.4%

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

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

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Market Data

Source: Bloomberg