Vishweshwar Education Society’s

Indira Institute of Business Management

PROJECT REPORT ON

“THE DETAILED VALUATION ANALYSIS OF BRITANNIA INDUSTRIES LTD”

Submitted in partial fulfilment for the award of the degree of

MASTER OF MANAGEMENT STUDIES
UNIVERSITY OF MUMBAI

Submitted by
Ms. Rutuja Praful Amberkar
ROLL NO- 2022004

2022-2024

Under The Guidance of

Prof. Nikhil Shirsat
 DECLARATION

I hereby declare that this project report submitted by me in partial fulfilment of the requirement for the
award of MASTER OF MANAGEMENT STUDIES (MMS) of the University of Mumbai is a bonafide
work undertaken by me and it has not been submitted to any other University or institution for the award of
any other degree or diploma certificate or published any time before.

Name: Rutuja Praful Amberkar

Roll No: 2022004

Signature of the student

 Vishweshwar Education Society’s
Indira Institute of Business
Management

CERTIFICATE

This is to certify that the project entitled “The detailed Valuation analysis of Britannia Industries Ltd.”
submitted by Miss. Rutuja Praful Amberkar in partial fulfilment for the award of Master of Management
Studies of Mumbai University is his/ her original work and does not form any part of the projects undertaken
previously.

Date:

------------------------------ ---------------------------
PROF. NIKHIL SHIRSAT DR. ASHOK LUHAR
(PROJECT GUIDE) (DIRECTOR)
 ACKNOWLEDGEMENT

This project has been a great learning experience for me. I take this opportunity to thank Prof. NIKHIL
SHIRSAT, my internal project guide whose valuable guidance & suggestions made this project possible. I
am extremely thankful to him for his support. He has encouraged me and channelized my enthusiasm
effectively.
I express my heart-felt gratitude towards my parents, siblings and all those friends who have willingly and
with utmost commitment helped me during the course of my project work.

I also express my profound gratitude to DR. ASHOK LUHAR, Director of Indira Institute of Business
Management for giving me the opportunity to work on the projects and broaden my knowledge and
experience.

I would like to thank all the professors and the staff of Indira Institute of Business Management especially
the library staff who were very helpful in providing books and articles I needed for my project.

Last but not the least, I am thankful to all those who indirectly extended their co-operation and invaluable
support to me.
EXECUTIVE SUMMARY
 CONTENTS

SR. NO TITLE PAGE NO

1 INTRODUCTION
1.1 Introduction of the study
1.2 Objectives of the study
1.3 Scope of the study
1.4 Limitation of the study

2 COMPANY PROFILE

3 RESEARCH METHODOLOGY

4 METHODOLOGY
4.1 Research Design
4.2 Sample design
4.3 Data Collection methods

5 DATA ANALYSIS & INTERPRETATION

6 FINDINGS

7 CONCLUSION

BIBLIOGRAPHY AND REFERENCES

ANNEXURE
 CHAPTER I
INTRODUCTION
1.1 RELEVANCE OF PROJECT
This project aims to develops a comprehensive valuation model and financial model for Britannia Company
within the fast-moving consumer goods (FMCG) sector which holds significant relevance and potential
impact across various dimensions. Firstly, the FMCG sector stands as a cornerstone of the global economy,
providing essential products that cater to the daily needs of consumers worldwide. Within this context,
Britannia Company holds a prominent position, and a detailed analysis of its financial dynamics and
valuation methodologies can offer invaluable insights for investors, analysts, and stakeholders alike. Such a
project is crucial for investment decision-making processes, as it equips investors with the tools to make
informed judgments regarding investments in Britannia or similar firms within the FMCG sector. By delving
into key financial metrics, growth prospects, and risk factors, investors can ascertain the intrinsic value of
the company and evaluate potential returns, thereby facilitating more robust investment strategies.
In essence, a project focused on developing a valuation model and financial model for Britannia Company
within the FMCG sector holds immense relevance across various facets, including investment decision-
making, strategic planning, market analysis, risk management, and stakeholder communication. Through a
thorough examination of financial data and market dynamics, such a project can empower stakeholders with
the insights and tools needed to navigate the complexities of the FMCG industry and drive sustainable
growth and value creation.

1.2 INTRODUCTION
The introduction section provides an in-depth overview of Britannia Industries, one of India's leading
FMCG companies renowned for its iconic brands in the biscuit, bakery, and dairy segments. It delves into
Britannia's rich history, tracing its evolution from a modest bakery in Kolkata to a household name
synonymous with quality and innovation. The fast-moving consumer goods (FMCG) sector stands as a
cornerstone of the global economy, representing a diverse array of products that cater to the everyday needs
of consumers worldwide. Within this dynamic landscape, Britannia Company emerges as a key player,
renowned for its iconic brands and steadfast commitment to quality and innovation. In the pursuit of
sustainable growth and value creation, Britannia, like many companies operating in the FMCG sector, faces
the imperative of navigating complex financial dynamics and market uncertainties.
Furthermore, the introduction highlights Britannia's strategic positioning within the FMCG sector,
emphasizing its robust business model built on consumer-centric product innovation, extensive distribution
network, and strong brand equity. It explores how Britannia has navigated market challenges and capitalized
on emerging opportunities to maintain its leadership position in a competitive landscape. Moreover, the
introduction sheds light on the broader FMCG industry dynamics and Britannia's role therein, showcasing its
resilience to economic fluctuations, changing consumer preferences, and technological advancements. It
articulates the rationale behind conducting a comprehensive analysis of Britannia's financial performance
and valuation, underscoring the importance of understanding its growth trajectory, profitability drivers, and
market outlook.
Financial and valuation models serve as indispensable tools in the arsenal of corporate decision-makers and
investors alike. By leveraging historical financial data, market trends, and forward-looking assumptions,
these models offer a systematic framework for assessing a company's performance, identifying growth
opportunities, and evaluating potential risks.
1.3 OBJECTIVES OF THE STUDY

 To develop valuation model considering historical performance, market dynamic.

 To analyse key financial metrics to understand Britannia's financial health and performance drive.
 To assess investment potential through comparative analysis and identification of competitive
advantages.
 To identify growth opportunities within the FMCG sector based on valuation and financial insights.

1.4 SCOPE OF THE STUDY

The development of a valuation model and financial model for Britannia Company within the FMCG sector
holds significant importance for a diverse range of stakeholders. For investors, these models offer a window
into Britannia's financial health, growth prospects, and investment potential, empowering them to make
informed decisions and maximize returns. It also plays a crucial role for investors in evaluating investment
opportunities across various asset classes. By utilizing financial models, investors can assess the potential
risks and returns associated with different investment options, enabling them to make well-informed
decisions aligned with their investment objectives and risk tolerance. Financial analysts benefit from the
systematic framework provided by these models, enhancing their analytical capabilities and enabling
accurate forecasting for clients or stakeholders. Industry peers glean valuable insights into market trends,
competitive dynamics, and best practices, fostering learning, innovation, and continuous improvement.
Academic researchers leverage the data and insights provided by these models for academic studies,
research papers, and industry analysis, contributing to knowledge advancement and collaboration within the
academic community.
Financial Modelling also helps Investment Banker in valuing the company by forecasting the revenues. On
the basis of Valuation, they recommend the buyer or seller on acquisition of new funds or investments in
new funds respectively. It equips Credit Analysts in collecting historical information and, outstanding debts
and forecasting future growth on excel sheet to determine the degree of risk factor, which helps in giving
rating. It helps the companies in access the value of the company which they want to merge or acquire by
forecasting the revenues, preparing debt schedule, by doing competitor analysis.

1.5 RATIONALE OF THE STUDY

The study on financial modelling and valuation analysis of Britannia Company holds significant importance
across multiple dimensions. Firstly, in the realm of investment decision-making, comprehensive financial
models and valuation analyses serve as indispensable tools for investors. By dissecting Britannia Company's
financial data, these analyses provide crucial insights into its profitability, growth prospects, and overall
financial stability. Such insights are instrumental in guiding investors towards sound investment decisions,
whether they are considering equity investments, debt instruments, or other financial products. Furthermore,
given the inherent risks associated with investing, especially in volatile markets, a thorough understanding
of Britannia's financial modelling helps stakeholders in risk assessment and management, allowing for more
informed and resilient investment strategies. Moreover, beyond the realm of investment, financial modeling
and valuation analyses play a pivotal role in strategic planning and management. For managers within
Britannia Company, these analyses offer invaluable insights into the company's performance relative to
industry peers, historical trends, and future projections. Armed with this information, managers can
formulate and adjust strategic plans, optimize resource allocation, and identify areas for improvement or
expansion. Additionally, financial modelling facilitates scenario analysis, enabling managers to assess the
potential impacts of various strategic decisions or external factors on the company's financial health and
long-term viability.

Furthermore, the significance of studying Britannia Company's financial modelling extends beyond
individual firms to the broader economic landscape. Policymakers, regulators, and economic analysts rely on
such analyses to gauge the overall health of the economy, assess sectoral trends, and formulate appropriate
policies. Understanding Britannia's financial modelling can provide insights into consumption patterns,
supply chain dynamics, and market sentiment, all of which are critical for making informed policy decisions
and fostering economic stability and growth.
Lastly, from an academic perspective, studying the financial modelling and valuation of Britannia Company
contributes to the body of knowledge in finance and business studies. Through empirical research and
analysis, scholars can deepen their understanding of financial theories, test hypotheses, and explore practical
applications in real-world contexts. This not only enriches academic discourse but also has practical
implications for industry practitioners, policymakers, and investors alike. In summary, the study on financial
modelling and valuation analysis of Britannia Company is essential for investors, managers, policymakers,
and academics alike. It provides valuable insights for investment decision-making, strategic planning,
economic analysis, and academic research, ultimately contributing to informed decision-making, economic
stability, and knowledge advancement.

1.6 LIMITATIONS OF THE STUDY

 Market direction is highly uncertain, making it impossible for any single model to comprehensively
capture all variables affecting outcomes.
 Financial modelling being an analytical study means that results vary between individuals and
companies, reflecting different perspectives and methodologies.
 Forecast accuracy hinges on data quality; for instance, companies venturing into new markets lack
historical data for projections.
 Limited availability and quality of financial data may constrain the accuracy of the analysis.
 Assumptions and simplifications inherent in financial modelling may not fully capture the complexities
of the business environment.
 Complexity of models can hinder interpretation and validation of results.
 CHAPTER II
COMPANY PROFILE
ABOUT FMCG SECTOR

The Fast-Moving Consumer Goods (FMCG) sector, often referred to as the Consumer-Packaged Goods
(CPG) industry, serves as a fundamental pillar of the global economy, encompassing a vast spectrum of
essential products that are consumed daily by individuals across the world. This expansive sector is defined
by its diverse range of goods, spanning food and beverages, personal care items, household essentials, and
over-the-counter pharmaceuticals, all of which are characterized by their rapid turnover, high consumer
demand, and relatively low cost per unit. FMCG products are integral to people's daily lives, meeting basic
needs and enhancing quality of life in countless ways.
At the heart of the FMCG sector lies the consumer. With products that are frequently purchased, consumers
play a central role in driving demand and shaping market trends within this industry. As such, FMCG
companies devote significant resources to understanding consumer behaviour, preferences, and evolving
needs. This deep understanding informs product development, branding strategies, and marketing initiatives
aimed at capturing consumer attention and loyalty in a crowded marketplace.
Competition within the FMCG sector is intense, driven by factors such as product innovation, pricing
strategies, distribution networks, and marketing campaigns. Companies must constantly innovate and adapt
to changing market dynamics to stay ahead of the competition and maintain relevance with consumers.
Innovation takes many forms within the FMCG sector, including new product formulations, packaging
designs, flavours, and functional benefits that address emerging consumer trends such as health and
wellness, convenience, sustainability, and ethical sourcing. The FMCG sector is not only a driver of
economic growth but also a catalyst for social and environmental impact. Many FMCG companies prioritize
corporate social responsibility (CSR) initiatives focused on environmental sustainability, community
development, and employee welfare. By integrating sustainability practices into their business operations,
FMCG companies contribute to positive social and environmental outcomes while also enhancing brand
reputation and long-term business sustainability.
The FMCG sector is a dynamic and essential component of the global economy, serving as a conduit for
meeting basic consumer needs and driving innovation, growth, and social impact. With its diverse range of
products, deep consumer insights, and relentless focus on quality, innovation, and sustainability, the FMCG
sector continues to play a vital role in shaping the way people live, work, and interact with the world around
them.
OVERVIEW OF THE BRITANNIA INDUSTRIES LTD

Britannia Industries Limited, often referred to simply as Britannia, stands as one of India's leading food
companies, with a rich legacy spanning over a century. Founded in 1892, the company has established itself
as a household name, synonymous with quality, trust, and innovation in the fast-moving consumer goods
(FMCG) sector. Britannia's diverse product portfolio encompasses a wide range of food and beverage
categories, including biscuits, bread, cakes, dairy products, and snacks, catering to the varied tastes and
preferences of consumers across India and beyond.
Driven by a commitment to delivering superior quality products, Britannia has earned the loyalty of millions
of consumers over generations, making it one of the most trusted brands in the country. With a relentless
focus on innovation and consumer-centricity, the company continually introduces new products, flavors, and
packaging formats to stay ahead of evolving consumer trends and preferences.
Britannia's robust distribution network, comprising a mix of direct distribution and channel partners, ensures
wide market coverage and accessibility, reaching consumers across urban and rural areas alike. The
company's state-of-the-art manufacturing facilities adhere to stringent quality standards and employ cutting-
edge technology to ensure the freshness, purity, and nutritional value of its products.
In addition to its domestic presence, Britannia has also made significant strides in expanding its global
footprint, exporting its products to over 60 countries worldwide. This global expansion reflects Britannia's
ambition to become a leading player in the global FMCG market while staying true to its core values of
integrity, innovation, and excellence.
BRITANNIA INDUSTRIES LTD- HISTORY

1892: In Kolkata, a group of businessmen started a biscuit-making company. That was the start of Britannia.
1918: Britannia was born on 21st March as a public company.
1921: Britannia made history by being the first company in its area to use special ovens from abroad. During
World War II, the Government chose Britannia to supply lots of ‘service biscuits’ to soldiers because they
were trusted for making good quality biscuits.
1924: The company opened a new factory in Mumbai and joined hands with a big UK biscuit company,
Peek Frean & Company Limited. This move helped them make more biscuits in their Kolkata and Mumbai
factories.
1952: The company moved its Kolkata factory from Dum Dum to Tarantola Road.
1965: Britannia opened a new bread bakery in Delhi, showing their dedication to making a variety of food
items.
1975: Britannia Biscuit Company took over the biscuit-selling tasks from another company named Parry’s.
1976: The people of Calcutta and Chennai were introduced to Britannia bread.
1978: The company let people buy parts of it and the Indian people owned more than 60% of the company.
1979: Britannia Biscuit Company Limited changed its name to Britannia Industries Limited.
1993: A new biscuit, “Britannia Tiger”, was made especially for children to enjoy a tasty and healthy snack.
1997: Britannia started making dairy products.
2002: People loved Britannia so much that it was named India’s second most trusted brand.
2013: In Bidadi, Britannia opened a special centre where they think of new biscuit ideas and ways to make
them even tastier.
2019: “Britannia Milk Bikes Milk Cream” was introduced – a creamy biscuit that added more variety to
their yummy biscuit range.
2022: Britannia teamed up with a big cheese company called Bel SA.
NOTABLE ACQUISITIONS BY BRITANNIA:

Acquisition of Daily Bread:

In 2009, Britannia acquired a majority stake in Daily Bread, a Bangalore-based premium bakery and bread
manufacturer. This acquisition allowed Britannia to diversify its product range into the premium bakery
segment and leverage Daily Bread's expertise in artisanal bread production.
Acquisition of Kenafric Biscuits Ltd:
Britannia Industries acquired a controlling stake in Kenya's Kenafric Biscuits Ltd in the year 2022, while
also fully taking over Catalyst Britania Brands. The company's wholly-owned arm Britannia and Associates
(Dubai) Pvt Co Ltd (BADCO) acquired control of Kenafric Biscuits Ltd (KBL), a private limited liability
firm incorporated in Nairobi, Kenya, by subscribing to 51 per cent of the equity share capital of the
company. The cost of acquisition was Kenyan Shillings (KES) 13.87 crore (Rs 9.2 crore).

STRATEGIC JOINT VENTURES & INVESTMENTS

 Britannia and Chipita India Private Limited:

In 2019, Britannia entered into a joint venture with Chipita, a leading Greek snack food company, to
manufacture and market ready-to-eat croissants and other snack products in India. The joint venture
aimed to leverage Britannia's strong distribution network and Chipita's expertise in snack food
technology to capture a share of the growing Indian snack market.

 Britannia and Fonterra Brands (New Zealand) Limited:

Britannia formed a joint venture with Fonterra Brands (New Zealand) Limited in 2006 to establish
Britannia New Zealand Foods Pvt Ltd. The joint venture focused on manufacturing and marketing dairy
products in India, combining Britannia's distribution reach with Fonterra's dairy technology expertise.

 Britannia and Groupe Danone:

In the early 2000s, Britannia had a joint venture with Groupe Danone, a multinational food company,
known as Britannia New Zealand Foods Pvt Ltd. The joint venture aimed to introduce dairy products in
India leveraging Danone's expertise in dairy technology and Britannia's distribution network. However,
the joint venture was later dissolved.
PRODUCTS PORTFOLIO

Britannia Industries Limited offers a diverse range of products and services across various categories within
the food and beverage industry. Some of their prominent products and services include:

 Biscuits: Britannia is renowned for its wide array of biscuits catering to different tastes and preferences.
This includes popular products like Good Day, Marie Gold, Nutri Choice, 50-50, Tiger, and Treat.
 Bakery Products: Apart from biscuits, Britannia also offers a range of bakery products such as bread,
cakes, and rusks, catering to breakfast and snacking needs.
 Dairy Products: Britannia has diversified into the dairy segment, offering a range of dairy products
including cheese, dairy whitener, and milk.
 Beverages: Britannia's beverage portfolio includes health drinks and juices, providing consumers with
options for refreshing and nutritious beverages.
 Snacks: In addition to biscuits, Britannia offers a variety of snack items such as cakes, rusks, and
breadsticks, catering to different snacking occasions.
 International Products: Britannia also offers international products to cater to diverse consumer
preferences, such as Britannia's biscuits and cakes.
 Nutrition Products: Recognizing the importance of nutrition, Britannia provides a range of nutrition-
focused products under the Nutri Choice brand, offering healthier alternatives to traditional snacks.
 Convenience Foods: Britannia offers convenience foods like ready-to-eat meals and snacks, providing
consumers with quick and easy meal solutions.

SHAREHOLDING PATTERN

INTERNATIONAL PRESENCE
Asia: Britannia has a significant presence in several Asian markets, including the Middle East, South East
Asia, and the Indian subcontinent. The company's products are well-received in countries such as the United
Arab Emirates (UAE), Saudi Arabia, Oman, Kuwait, Qatar, Bahrain, Singapore, Malaysia, Sri Lanka, and
Nepal, among others.
Africa: Britannia has expanded its footprint in various African countries, catering to the growing demand
for packaged food products. The company's products are available in markets such as Nigeria, Kenya,
Tanzania, Uganda, Ghana, Zambia, Zimbabwe, South Africa, and Mozambique, among others.
Americas: Britannia has made inroads into the Americas, particularly in North America and the Caribbean.
The company's products are distributed in countries such as the United States, Canada, Trinidad and Tobago,
Jamaica, Guyana, and Suriname, catering to the diverse tastes and preferences of consumers in these
regions.
Europe: Britannia has a presence in select European markets, primarily targeting the expatriate Indian
community and ethnic food stores. While its presence in Europe may be relatively smaller compared to other
regions, Britannia's products are available in countries such as the United Kingdom, Germany, France, the
Netherlands, and Switzerland.
Oceania: Britannia has ventured into select Oceanic markets, including Australia and New Zealand, where it
caters to the Indian diaspora and ethnic food markets. The company's products are available in Indian
grocery stores and supermarkets in these countries, offering a taste of home to consumers.

MARKET CAPITALIZATION

COMPETITORS
Britannia Industries Limited faces competition from several domestic and international players in the food
and beverage industry. Some of its notable competitors include:

 Parle Products Pvt. Ltd.: Parle is one of the largest biscuit manufacturers in India and offers a wide
range of biscuit products, including popular brands like Parle-G, Monaco, KrackJack, and Hide & Seek.
 ITC Limited: ITC is a diversified conglomerate with a significant presence in the food industry. Its food
division includes brands like Sunfeast, which offers a variety of biscuits, cakes, and snacks, competing
directly with Britannia's product portfolio.
 Mondelez International: Mondelez is a global food and beverage company that owns brands like Oreo,
Cadbury, and Bourn Vita. While it primarily competes with Britannia in the chocolate and confectionery
segment, it also offers biscuit products that compete with Britannia's offerings.
 Nestlé India: Nestlé is another multinational company with a strong presence in the Indian market. It
offers a range of food and beverage products, including biscuits and snacks under brands like KitKat and
Maggi, competing with Britannia's offerings in certain segments.
 Unibic Foods India Pvt. Ltd.: Unibic is a relatively newer player in the Indian biscuit market but has
gained popularity with its premium biscuit offerings, challenging Britannia and other established players
with innovative flavours and packaging.
 Anmol Industries Limited: Anmol is a leading biscuit manufacturer in India, offering a wide range of
biscuits at competitive prices. It competes with Britannia in various biscuit categories, particularly in the
mass-market segment.
 Priya gold: Priya gold is another prominent biscuit manufacturer in India, known for its extensive range
of biscuit products catering to different consumer preferences and price points, posing competition to
Britannia in the biscuit market.

SWOT ANALYSIS
SWOT analysis is a strategic planning tool used to identify and evaluate the Strengths, Weaknesses,
Opportunities, and Threats involved in a business venture or project. It involves identifying internal factors
(Strengths and Weaknesses) and external factors (Opportunities and Threats) that may impact the
organization's ability to achieve its objectives.
STRENGTHS:
Strong Brand Equity: Britannia is one of India's most trusted and recognized food brands, with a long-
standing legacy and a loyal consumer base.
Diverse Product Portfolio: The company offers a wide range of products across multiple categories,
catering to various consumer preferences and dietary needs.
Market Leadership: Britannia holds a leading position in several product segments, particularly in the
biscuit category, with a strong distribution network covering both urban and rural markets.
Innovation and R&D: Britannia invests in research and development to innovate and introduce new
products, staying ahead of market trends and consumer preferences.
International Presence: The company exports its products to over 60 countries worldwide, leveraging its
brand equity to penetrate international markets and drive revenue growth.

WEAKNESSES:
Dependency on Biscuit Segment: Britannia's heavy reliance on the biscuit segment for revenue exposes it
to risks associated with market fluctuations and changing consumer preferences.
Competition: The food industry is highly competitive, with numerous domestic and international players
vying for market share, putting pressure on pricing and margins.
Supply Chain Challenges: Britannia faces challenges related to supply chain management, including raw
material sourcing, logistics, and distribution, which can impact production and delivery schedules.

OPPORTUNITIES:
Health and Wellness Trend: Growing consumer awareness about health and wellness presents
opportunities for Britannia to expand its portfolio of healthy and nutritious products, catering to this
evolving trend.
Expansion into New Markets: Britannia can explore opportunities for expansion into new geographic
markets, both domestically and internationally, to tap into unexplored consumer segments and drive growth.
Product Innovation: Continued investment in product innovation and development can help Britannia
differentiate itself in the market, introduce premium offerings, and capture new market segments.

THREATS:
Commodity Price Volatility: Fluctuations in commodity prices, particularly raw materials like wheat,
sugar, and dairy, pose a threat to Britannia's profit margins and financial performance.
Regulatory Environment: Changes in government regulations, including food safety standards, taxation
policies, and labelling requirements, can impact Britannia's operations and compliance costs.
Economic Uncertainty: Economic downturns, inflation, and currency fluctuations can affect consumer
spending patterns, leading to reduced demand for Britannia's products and pressure on pricing.
 CHAPTER III
METHODOLOGY
 CHAPTER IV
DATA ANALYSIS AND INTERPRETATION

HISTORICAL FINANCIAL STATEMENT ANALYSIS FROM MARCH 2018 TO MARCH 2023

 2017-2018

 Despite challenges such as the GST transition and geopolitical issues, Britannia managed to maintain
positive growth momentum.
 Strategies such as enhancing direct reach, focusing on rural markets, and investing in brands contributed
to double-digit volume growth.
 Premiumisation and innovation remained key focuses, with the launch of new products like Treat
Chocolate & Vanilla and Pure Magic Deuce.
 International business faced challenges due to geopolitical situations and currency fluctuations,
impacting growth rates.
 Efforts to improve profitability included focusing on high-profit products and cost efficiency programs.
 Commodities' prices remained stable in certain quarters, aiding profitability.
 Technological advancements were made with the establishment of new greenfield factories and
dedicated facilities for export markets.
 Capacity expansion initiatives were undertaken, including setting up an Integrated Food Park at
Ranjangaon, Maharashtra, and a greenfield plant in Guwahati, Assam.
 The company diversified its product portfolio and focused on bridging gaps in the bakery and snacking
businesses.
 Investments were made in building technologically superior factories to support future growth.
 Expansion into new markets, such as Nepal, was part of Britannia's growth strategy.

2018-2019

 Britannia Industries Limited has witnessed positive market momentum achieving double-digit growth in
revenue and volume.
 Growth is attributed to investments in brands, widening distribution networks, and focusing on direct
reach, rural markets, and weaker states.
 The company has continued its Premiumisation & Innovation journey by launching new products like
"Triple Chocolate Chunkies," "Wonderfulls Butter Jeera & Mixed fruit," and "Multi Grain Rusk."
 Expansion efforts include launching new categories like croissants, cream wafers, and other macro
snacks to strengthen its position in the bakery business.
 Britannia's international business remained flat due to challenges in regions like the Middle East and
Africa, while the dairy business growth has been subdued.
 Despite challenges such as the GST transition and inflation in raw material prices, the company has
maintained consistent revenue and net profit growth.
 Cost efficiency programs and technological advancements in manufacturing have contributed to
improved profitability.
 Britannia is focused on bridging portfolio gaps, scaling up new product categories, and achieving
profitable growth across its bakery, dairy, and international business units.
 2019-2020

 Britannia initially experienced moderate growth, but this was disrupted by the global pandemic and
subsequent lockdown measures, impacting revenue and net profit growth.
 The company responded swiftly to the crisis, implementing safety, hygiene, and quality measures
across its operations.
 Despite challenges, Britannia quickly recovered and worked closely with government authorities to
resume operations across its factories and depots.
 The pandemic prompted the company to adapt its ways of working, optimize production planning,
and ensure continuous supplies to distributors and retailers.
 Cost reduction initiatives were implemented to manage additional costs triggered by the crisis.
 Alongside the Wadia Group, Britannia contributed to humanitarian efforts, providing meals and
bakery packs to the less fortunate, especially migrants, across 19 states.
 Despite the challenges posed by the pandemic, Britannia demonstrated resilience, adaptability, and a
commitment to supporting communities while maintaining operational efficiency and strategic focus.

2020-2021

 Despite challenging economic conditions, the company delivered robust topline growth, profitability
improvement, and market share gains. This performance reflects the effectiveness of the company's
strategies and the dedication of its team.
 The company invested in digital transformation projects, such as S4 HANA and online management
systems, to enhance operational efficiency and leverage data for business intelligence and analytics.
 The company continued to focus on fundamental aspects of its business, including direct reach, rural
distribution, and brand building. This focus on basic building blocks contributes to the company's long-
term growth and sustainability.
 A cost efficiency program yielded targeted results, enabling the company to maintain strong cost
leadership. Strategic buying helped manage sudden increases in commodity costs, such as palm oil,
packing material, and dairy products.
 The company prioritized the physical and emotional wellbeing of its employees and their families amid
the ongoing challenges. Measures such as setting up a medical concierge desk, providing financial
protection, and offering support for frontline workers demonstrate the company's commitment to its
workforce.

2021-2022

 The impact of the second wave of COVID-19 started receding during the year leading to improved
economic activity.
 Britannia launched new products such as Milk Bikis Classic, Potazos, Treat Stix, Marble Cake, Good
Day Harmony, Jeera Marie, and Nutri choice Seeds & Herbs to cater to different consumer preferences
and enhance its product portfolio.
 Inflationary trends persisted globally, affecting input material prices, particularly palm oil, industrial
fuel, and packaging materials. Britannia partially mitigated the impact through strategic forward covers
and cost efficiency programs while initiating necessary price increases across its portfolio to address cost
pressures and normalize profitability.
 Britannia focused on building technologically superior factories, with a new dairy greenfield factory on
track for commercialization and plans for setting up three greenfield units in Uttar Pradesh, Tamil Nadu,
and Bihar.
 Britannia was recognized among the "Top 40 of India’s most sustainable companies" by Business World,
reflecting its commitment to sustainable profitable growth and adherence to the pillars of the ESG
framework – People, Growth, Governance, and Resources.
 Commodity prices witnessed an increase, leading to inflation. To mitigate the impact on profitability, the
company implemented price increases ahead of competition and accelerated cost efficiency programs.

2022-2023

 The company achieved consistent topline growth despite challenging economic conditions, reflecting
its execution strength and go-to-market strategy. It also experienced consistent market share gains.
 The company expanded its market leadership through diligent market practices and enhanced rural
footprint, reaching approximately 27,000 Rural Preferred Dealers. This focus on rural markets
resulted in better market share gains than urban areas.
 Several new products were launched, including Biscafe, Bourbon Vanilla Cheesecake, and
Nutrichoice Seeds & Herbs. Additionally, the company strengthened its portfolio with the
introduction of Croissant and Cheese Wafers.
 Despite global economic factors impacting inflation, the company took necessary price increases to
cover costs. It also implemented cost efficiency programs to mitigate the impact on profitability and
sustain growth.
 The company achieved 100% plastic waste neutrality and remains committed to its ESG framework,
focusing on People, Growth, Governance, and Resources. It continues to invest in sustainability
initiatives to build a sustainable and profitable business.
 The company made progress in building technologically superior factories, including the
commercialization of biscuit greenfield units in Uttar Pradesh and Tamil Nadu, and brownfield
expansion in Orissa. This expansion aims to enhance productivity and better leverage seasonal
opportunities.
HISTORICAL FINANCIAL STATEMENT ANALYSIS FROM MARCH 2018 TO MARCH 2023

 PROFIT AND LOSS ACCOUNT

ANALYSIS:
Sales Growth: Britannia Industries has shown consistent growth in sales over the years, with varying
growth rates. There was a significant increase in sales from March 2022 to March 2023, indicating robust
revenue expansion.
Profitability:
Gross Profit Margin: The gross profit margin fluctuated over the years, with a notable decrease in March
2022 due to increase in the price of the commodities and industry fuels sue to the impact of the Russia and
Ukraine war. However, there was a recovery in March 2023, indicating potential efficiency improvements.
EBITDA Margin: The EBITDA margin remained relatively stable over the years, with a significant
increase observed in March 2022 and March 2023. This was due to the effective cost management and
operational efficiency.
Net Profit Margin: After facing negative margins in the previous years from 2019 to 2021 due to the
COVID 19 (Pandemic), Britannia Industries demonstrated a remarkable recovery, achieving positive net
profit margins in March 2022 and March 2023. This indicates improved profitability and better bottom-line
performance.
Earnings per Share (EPS): Britannia Industries experienced fluctuations in EPS over the years, with
negative growth observed in some years. However, there was significant positive growth in EPS from March
2021 to March 2022, indicating improved earnings performance.
Dividend Policy: The dividend payout ratio fluctuated significantly over the years, reaching negative values
in March 2021. However, there was a substantial increase in dividend payout ratio in March 2022 and March
2023, indicating a more generous dividend distribution policy.
Retained Earnings: Britannia Industries' retained earnings fluctuated over the years, reflecting changes in
dividend payout and reinvestment strategies. Despite fluctuations, the company maintained positive retained
earnings, indicating overall financial stability.
Britannia Industries has exhibited resilience, adaptability, and strategic foresight in navigating
through dynamic market conditions. The company's consistent focus on innovation, cost management, and
shareholder value creation positions it well for sustained growth and success in the future.

 BALANCESHEET

ANALYSIS:
From 2018 to 2023, Britannia Industries Ltd.’s balance sheet reflects several notable trends and
developments:
Equity Share Capital: There is stability in the equity share capital, indicating a consistent ownership
structure over the years.
Reserves: Reserves have fluctuated, with a peak in 2020 followed by a decline in subsequent years as the
company had paid the dividend to its shareholders instead of keeping it as the reserves.
Borrowings: There was a significant increase in borrowings from 2018 to 2021, due to the investments in
various upcoming projects.
Fixed Assets and Investments: There is a steady increase in fixed assets and investments over the years,
suggesting ongoing investment in infrastructure and technology to support business growth and
diversification.
Current Assets: Receivables, inventory, and cash & bank balances have shown some variability over the
years. Receivables and inventory increased in certain years, possibly due to higher sales volumes and
extended credit terms, while cash & bank balances fluctuated based on cash management policies and
investment decisions.
Total Assets: Despite fluctuations in specific asset categories, total assets have generally increased over the
years, reflecting overall growth and expansion of Britannia's business operations.
Overall, Britannia's balance sheet reflects a dynamic and evolving financial position, with
investments in both long-term assets and current assets to support sustainable growth and operational
efficiency. Additionally, the company appears to maintain a strong financial foundation, with prudent
management of borrowings and a focus on optimizing asset utilization to enhance shareholder value.

 CASHFLOW STATEMENT
ANALYSIS:
The cash flow statement of Britannia Industries Ltd from the years 2018 to 2023 reveals several significant
insights:
Operating Activities: The cash generated from operating activities has generally shown an increasing trend
over the years except for the year 2022 as it has negative inventories indicating that the company has the less
inventory in hand than that of what should be available based on its sales and purchase transaction and also
due to the negative working capital that is the difference between the current assets and current liabilities
which indicates the company have to pay more than what it has available in the assets. However, there have
been fluctuations in working capital changes, particularly in receivables, inventory, and payables, which
have impacted the overall cash flow from operations.

Investing Activities: There have been significant fluctuations in investing activities, with large investments
in fixed assets and investments in some years, followed by divestments and proceeds from asset sales in
other years. The net cash flow from investing activities has been negative in most years, indicating a
substantial outflow of cash for investment purposes as the company had come up with various projects such
as Green field projects, Digital project i.e. S4 HANA, etc

Financing Activities: Financing activities have shown variability, with proceeds from shares, borrowings,
and investment subsidies in certain years, offset by repayments of borrowings and dividends paid in other
years. The net cash flow from financing activities has been negative in some years due to higher dividend
payments and debt repayments.

Net Cashflow: The overall net cash flow has fluctuated over the years, influenced by the cash flows from
operating, investing, and financing activities. While there have been periods of positive net cash flow, there
were also instances of negative net cash flow, particularly in 2020 and 2022, indicating periods of cash
outflow exceeding cash inflow.
The cash flow statement reflects Britannia's investment in expanding its fixed assets and making
strategic investments in various ventures. The company's ability to generate positive cash flow from
operating activities demonstrates its operational strength and ability to fund its day-to-day business
operations. However, fluctuations in working capital and significant investments have led to variability in
overall cash flow performance. Britannia's financing activities, including debt management and dividend
payments, have also impacted its cash position over the years.
RATIO ANALYSIS

ANALYSIS

Sales Growth:
It measures the percentage change in sales revenue from one period to another. It indicates the company's
ability to increase sales over time. Positive growth rates signify expansion, while negative rates suggest
contraction. Here, the Britannia has experienced fluctuating sales growth over the analysed periods, with
varying rates ranging from 4.93% to 15.31%. Overall, there is a positive trend in sales growth, indicating
that the company has been able to consistently increase its revenue. The highest growth was in 2021 and
2023. This indicates varying market conditions and the company's ability to adapt to them. The lowest
growth was in the year 2019 which was due to the pandemic. The sales growth rate shows that Britannia is
successfully penetrating new markets and gaining market share in existing ones and also implementing
effective marketing strategies, product innovation and increasing demand for its products.
EBITDA Growth:
It reflects the percentage change in EBITDA (Earnings Before Interest, Taxes, Depreciation, and
Amortization) from one period to another. It demonstrates the company's ability to improve its operating
profitability, excluding non-operating expenses. EBITDA growth has been positive overall, with significant
fluctuations. The company experienced a decline in 2022 which was due to the lower EBITDA in the year
2022 due to increase in the price of commodity which resulted in increase in the COGS of the company. But
in the following year the substantial rebound is seen in the year 2023, suggesting changes in operational
efficiency and market dynamics.
EBIT Growth:
It shows the percentage change in EBIT (Earnings Before Interest and Taxes) from one period to another. It
indicates the company's operational performance, excluding the impact of taxes and financing decisions.
EBIT growth has been volatile, with both positive and negative growth rates. The drastic decline in 2019,
2021,2022 was due to the lower earnings by the company and later in the year 2023 the recovery is
reflecting which states changes in operating expenses and revenue generation.
Net Profit Growth:
It represents the percentage change in net profit from one period to another. It reflects the company's bottom-
line performance after accounting for all expenses, including taxes and interest. Net profit growth has been
inconsistent, with significant fluctuations. The negative growth in 2019 and 2022 due to the lower earnings
of the company due to the pandemic may raise concerns about the company's profitability, but the company
overcame with the positive growth in other years which indicates resilience.
Dividend Growth:
It measures the percentage change in dividends paid to shareholders from one period to another. It indicates
the company's policy regarding the distribution of profits to shareholders. Dividend growth has been erratic,
with fluctuating payout ratios. The negative growth in 2022 states that the company has paid less dividend
than that of the previous year this may be due to the management decision to invest in the projects for
further growth opportunities.

Gross Margin:
It is calculated by dividing gross profit by revenue and expressing it as a percentage. It reflects the
percentage of revenue retained after accounting for the cost of goods sold. Higher margins suggest better
cost management. Here, Britannia has maintained healthy gross margins, indicating efficient cost
management.
EBITDA Margin:
It represents EBITDA as a percentage of revenue. It indicates the company's operating profitability before
accounting for non-operating expenses and taxes. The EBITDA margin shows variability over time, with the
highest margin at 19.10% in year 2021 and the lowest at 15.14% in march 2018. The increase in the year
2021 indicate improved operational efficiency and higher revenue relative to operating expenses.
EBT Margin:
EBT (Earnings Before Taxes) margin indicates the proportion of revenue that translates into operating profit
before taxes. The EBT margin experiences significant fluctuations, with negative margins in year 2019 to
2021as the company incurred losses before accounting for taxes during those periods. However, it improved
in subsequent years, reaching 15.98% in 2023, indicating a return to profitability.
Net Profit Margin:
It represents net profit as a percentage of revenue. It reflects the company's profitability after accounting for
all expenses, including taxes and interest. The net profit margin also shows fluctuations but generally
follows a positive trend. There are instances of negative margins in 2019, 2020, and 2021, indicating periods
of losses. However, the margin improves in 2023, reaching 11.59%. This indicates the company's ability to
generate profits after accounting for all expenses.
Sales Expenses % Sales:
This ratio, also known as the selling expenses to sales ratio, measures the proportion of sales revenue that is
consumed by selling expenses. Selling expenses include costs related to advertising, marketing, distribution,
and sales personnel. The trend shows a slight fluctuation but remains relatively stable over the period
analyzed. A decreasing trend in this ratio, as observed from Mar-18 to Mar-22, indicates that the company is
becoming more efficient in managing its selling expenses relative to its sales revenue. However, there's a
slight increase in Mar-23, which could be attributed to various factors such as increased marketing
expenditure or changes in sales strategies.
Depreciation % Sales:
This ratio, also known as the depreciation to sales ratio, indicates the proportion of sales revenue that is used
to cover depreciation expenses. Depreciation represents the allocation of the cost of tangible assets over their
useful lives. The trend in the depreciation to sales ratio also shows slight fluctuations but remains relatively
consistent over the period. The ratio hovers around 1.4% to 1.6%, indicating that the company allocates a
small portion of its sales revenue to cover depreciation expenses. A stable trend in this ratio suggests
consistent capital expenditure and depreciation practices by the company, which is essential for maintaining
its asset base and operational capacity.
Return on Capital Employed (ROCE):
ROCE measures the efficiency and profitability of a company's capital investments. It shows how effectively
a company is utilizing its capital to generate profits. The ROCE for Britannia Industries Ltd. fluctuates but
generally shows a positive trend from 2018 to 2022. A consistently high and increasing ROCE indicates
efficient utilization of capital, which is favourable for shareholders.
Retained Earnings:
Retained earnings represent the portion of net income that is retained by the company rather than distributed
to shareholders as dividends. It reflects the company's ability to reinvest profits into its operations for
growth. Britannia's retained earnings show a fluctuating trend over the analysed period. The significant
increase from year 2020 to 2021 indicates the company's decision to retain more earning for future growth
initiatives and for the investments. However, the substantial decrease in 2022 and 2023 suggest changes in
dividend policies or increased dividend payouts.
Return on Equity (ROE):
ROE measures a company's profitability relative to its shareholders' equity. It indicates how much profit a
company generates with the money shareholders have invested. The ROE for Britannia fluctuates
significantly, with negative values in 2019, 2020, and 2021. Negative ROE can be concerning as it implies
that the company is not generating sufficient profits relative to its shareholders' equity. The positive trend
from 2022 to 2023 is a positive sign, indicating improved profitability relative to shareholder investments.
Self-Sustained Growth Rate (SSGR):
SSGR calculates the maximum growth rate a company can achieve without relying on external financing. It
determines the level of growth a company can sustain using its internally generated funds. Britannia's SSGR
fluctuates over the period, with negative values in 2019, 2020, and 2021. Negative SSGR suggests that the
company may need external financing to support its growth initiatives during those periods. However, the
positive trend from 2022 to 2023 indicates improved ability to fund growth internally.
Interest Coverage Ratio:
The Interest Coverage Ratio measures a company's ability to pay interest on its outstanding debt. A higher
ratio indicates a better ability to cover interest expenses from its earnings. Britannia's Interest Coverage
Ratio remains significantly high throughout the period, indicating strong financial health and the company's
ability to cover interest payments comfortably.
Debtor Turnover Ratio:
The debtor turnover ratio, also known as accounts receivable turnover, measures how efficiently a company
collects payments from its customers. It indicates the number of times, on average, a company collects its
accounts receivable during a specific period. Britannia's debtor turnover ratio fluctuates but generally shows
a positive trend from 2018 to 2023. A higher ratio suggests that the company is collecting payments from its
customers more quickly, which is favourable for cash flow management.
Creditor Turnover Ratio:
The creditor turnover ratio, also known as accounts payable turnover, measures how efficiently a company
pays its suppliers or creditors. It indicates the number of times, on average, a company pays its creditors
during a specific period. Britannia's creditor turnover ratio remains relatively stable over the period. A higher
ratio suggests that the company is paying its creditors more quickly, which indicate strong supplier
relationships or effective cash flow management.
Inventory Turnover Ratio:
The inventory turnover ratio measures how efficiently a company manages its inventory. It indicates the
number of times, on average, a company sells and replaces its inventory during a specific period. Britannia's
inventory turnover ratio fluctuates over the period. The Britannia Inventory turnover ratio indicates that the
company is selling its inventory quickly, which may indicate efficient inventory management and strong
demand for its products.
Fixed Asset Turnover Ratio:
The fixed asset turnover ratio measures how efficiently a company utilizes its fixed assets to generate sales.
It indicates the number of sales generated per unit of fixed assets. Britannia's fixed asset turnover ratio
fluctuates over the period but generally shows a positive trend. It concludes that the company is generating
more sales per unit of fixed assets, indicating efficient utilization of its fixed assets.
Capital Turnover Ratio:
The capital turnover ratio measures how efficiently a company utilizes its total capital to generate sales. It
indicates the number of sales generated per unit of total capital employed. Britannia's capital turnover ratio
shows an increasing trend over the period it means that the company is generating more sales per unit of
total capital employed, which reflects efficient capital utilization.
Debtor Days:
Debtor days, also known as accounts receivable days, represent the average number of days it takes for a
company to collect payment from its customers after making a sale. A lower number of debtor days indicates
that the company is collecting payments more quickly, which is generally favorable. Britannia's debtor days
show a decreasing trend from 11 days to 7 days over the period this means that the company is becoming
more efficient in collecting payments from its customers, which may improve cash flow and working capital
management.
Payable Days:
Payable days, also known as accounts payable days, represent the average number of days it takes for a
company to pay its suppliers or creditors after receiving goods or services. A higher number of payable days
indicates that the company is taking longer to pay its creditors, which can be advantageous for cash flow
management. Britannia's payable days show a relatively stable trend around 60 to 65 days over the period.
This indicates that the company maintains consistent payment terms with its suppliers, which can help
manage cash flow effectively.
Inventory Days:
Inventory days represent the average number of days it takes for a company to sell its inventory. A lower
number of inventory days indicates that the company is selling its inventory more quickly, which can reduce
carrying costs and improve liquidity. Britannia's inventory days show some fluctuations but generally remain
relatively stable over the period. The slight increase from 24 days to 35 days may suggest a slower inventory
turnover rate in certain periods, which could impact working capital efficiency.
CFO/Sales (Cash Flow from Operations to Sales):
CFO/Sales ratio measures the proportion of cash flow generated from operations relative to total sales
revenue. It indicates the efficiency of a company in converting its sales revenue into cash flow from its core
operating activities. A higher ratio suggests better cash generation capability from sales. Britannia's
CFO/Sales ratio fluctuates over the period but generally shows a positive trend, indicating that the company
is generating a reasonable amount of cash flow from its sales revenue. The decrease in the ratio from
14.91% to 6.88% in the fourth period raise concerns about the company's ability to generate cash from its
operations during that period.
CFO/Total Assets (Cash Flow from Operations to Total Assets):
CFO/Total Assets ratio measures the proportion of cash flow generated from operations relative to total
assets. It indicates how efficiently a company utilizes its total assets to generate cash flow from its core
operations. A higher ratio suggests better cash generation efficiency per unit of assets. Britannia's CFO/Total
Assets ratio shows some variability but generally demonstrates a positive trend, indicating that the company
efficiently generates cash flow from its total assets. The increase in the ratio from 18.48% to 31.34%
suggests improved efficiency in cash generation relative to total assets over the period.
CFO/Total Debts (Cash Flow from Operations to Total Debts):
CFO/Total Debts ratio measures the proportion of cash flow generated from operations relative to total debts
or liabilities. It indicates the company's ability to generate cash flow from its operations to meet its debt
obligations. A higher ratio suggests better debt servicing capability from operating cash flow. Britannia's
CFO/Total Debts ratio fluctuates over the period but generally remains at elevated levels, indicating a strong
ability to generate cash flow from operations to cover its total debts. The decrease in the ratio from 736.42%
to 39.21% in the fourth period may raise concerns about the company's ability to service its debt obligations
from operating cash flow during that period.
SALES FORECAST

ANALYSIS
The data provided presents the sales figures and sales growth percentages for Britannia Industries Ltd over a
period from 2012 to projected figures for 2028. The “year weight” is assign to each year indicating a
numerical weight or importance to each year when conducting the analysis. The ‘A’ represents the Actual
Year for which the data is available and ‘F’ indicates the Forecasted and Projected year.

Sales Growth Analysis:

Sales have generally shown a positive growth trend over the years, with some fluctuations. The sales growth
rate has varied annually, ranging from as low as -1.41% to as high as 15.32%. Notable growth spikes
occurred in 2015 (13.67%), 2019 (11.51%), 2021 (13.24%), and 2023 (15.32%).
Projected Sales Growth:
The data includes projected/forecasted sales figures (denoted by "F") for the years 2024 to 2028.
The projected sales growth rates are positive, indicating an expected increase in sales in the coming years.
The growth rates for the projected years range from 4.99% to 5.87%.
The forecasted growth rate indicates that Britannia Industries Ltd anticipates favourable market conditions
or has implemented strategies to drive revenue growth also the company may be introducing new products,
expanding into new markets, and capitalizing on existing market trends to boost sales. It also indicates that
the company is effectively competing in its industry and will be outperforming its competitors. It will also
attract new investors and positively impact the company's stock performance.
Overall, the forecast of high sales growth rates indicates a promising future for Britannia Industries Ltd,
reflecting its ability to adapt to market dynamics, innovate, and capitalize on growth opportunities.
COMMON SIZE STATEMENT
A common size statement, also known as a common size financial statement or vertical analysis, is a
financial statement that expresses each line item as a percentage of a base item within the same statement.
The base item is typically total revenue or total assets, depending on whether the statement is an income
statement or a balance sheet.

PROFIT AND LOSS STATEMENT

The interpretation of the common size income statement for Britannia Industries Ltd provides
valuable insights into the company's financial performance and operational efficiency over the years:
Sales Composition: Sales represent 100% of the total revenue in each year, serving as the baseline for
analysing other items.
Cost of Goods Sold (COGS): Raw material costs constitute a significant portion of sales, indicating the
company's reliance on raw materials for its operations. Minor fluctuations in raw material costs, change in
inventory, and power and fuel expenses suggest stable cost management practices.
Operating Expenses: Manufacturing and other expenses, including employee costs and
selling/administrative expenses, have remained relatively stable as percentages of sales. Consistent
percentages for depreciation and interest expenses indicate a disciplined approach to managing fixed costs.

Profitability Metrics:
Profit before tax as a percentage of sales has shown stability over the years, with occasional peaks
suggesting periods of increased profitability.
Fluctuations in tax expenses reflect changes in tax regulations or the company's tax planning strategies.
Increasing net profit margins indicate improving profitability and operational efficiency.
Other Income and Dividend Distribution:
The increasing percentage of other income relative to sales suggests diversification or additional revenue
streams beyond core operations.
Fluctuations in dividend amounts as a percentage of sales indicate varying dividend policies and
management decisions regarding profit distribution.

Overall Performance:
The analysis underscores Britannia Industries Ltd's ability to maintain stable cost structures, effectively
manage expenses, and improve profitability over time.
The company's financial performance appears robust, with consistent revenue growth and increasing
profitability metrics.
In summary, the interpretation of the common size income statement highlights Britannia Industries Ltd's
financial health, operational efficiency, and strategic decisions regarding cost management, revenue
generation, and profit distribution.

BALANCESHEET
 COMPARABLE COMPANY VALUATION ANALYSIS