Britannia Industries

Consolidated Profit & Loss account ------------------- in Rs. Cr. -------------------

Mar 19 Mar-18 Mar-17
12 mths 12 mths 12 mths
INCOME
Revenue from Operations [Net of Excise] 10,973.46 9,829.52 8,962.28
Other Operating Revenues 81.21 84.47 91.81
Total Operating Revenues 11,054.67 9,913.99 9,054.09
Other Income 206.45 166.37 150.54
Total Revenue 11,261.12 10,080.36 9,204.63
EXPENSES
Cost of Materials Consumed 5,513.01 4,906.08 4,839.57
Purchase of Stock-In Trade 1,103.63 1,194.72 803.31
Changes In Inventories of FG,WIP And Stock-In Trade -55.18 6.3 -54.2
Total Cost of Material 6,561.46 6,107.10 5,588.68
Employee Benefit Expenses 441.82 401.6 352.61
Finance Costs 9.09 7.59 5.45
Depreciation and Amortisation Expenses 161.88 142.07 119.27
Other Expenses 2,317.97 1,903.64 1,834.62
Total Expenses 9,492.22 8,562.00 7,900.63
Profit Before Profit/Loss of Associates 1,768.90 1,518.36 1,304.00
Share Of Profit/Loss Of Associates -0.97 -0.18 0.28
Profit Before Tax 1,767.93 1,518.18 1,304.28
Tax Expenses:
Current Tax 599.78 513.68 401.87
Less: MAT Credit Entitlement 0 0 0
Deferred Tax 12.69 0.54 17.8
Total Tax Expenses 612.47 514.22 419.67
Profit After Tax 1,155.46 1,003.96 884.61
Earnings per share (face value of INR 1 each):
Basic [in INR] 48.25 41.83
Diluted [in `] 48.21 41.8
--
Mar-17 Mar-16 Mar-15 CAGR
12 mths 12 mths 12 mths

8,962.28 8,325.44 7,775.09 9.00

91.81 71.79 83.33 -0.64
9,054.09 8,397.23 7,858.42 8.91
150.54 124.35 87.96 23.77
9,204.63 8,521.58 7,946.38 9.11
Err:502
4,839.57 4,331.49 4,119.97 7.55
803.31 685.5 602.24 16.35
-54.2 -4.27 -30.4 16.07
5,012.72 4,691.81 Tota 8.75
352.61 341.36 280.58 12.02
5.45 4.87 3.86 23.88
119.27 113.41 144.48 2.88
1,834.62 1,828.76 1,876.06 5.43
7,900.63 7,301.12 6,996.79 7.92
1,304.00 1,220.46 949.59 16.83
0.28 0.22 0.21 #NUM!
1,304.28 1,220.68 949.8 16.80
Err:502
401.87 396.66 293.28 19.59
0 0 6.13 -100.00
17.8 -0.56 -26.04 #NUM!
419.67 396.1 261.11 23.76
884.61 824.58 688.69 13.81
 Britannia Industries
Consolidated Balance Sheet ------------------- in Rs. Cr. -------------------
Mar 19 Mar-18 Mar-17 Mar-16
12 mths 12 mths 12 mths 12 mths
EQUITIES AND LIABILITIES
SHAREHOLDER'S FUNDS
Equity Share Capital
24.03 24.01 24 24
[Face Value INR 1.00 each]
Total Share Capital 24.03 24.01 24 24
Reserves and Surplus 4,229.22 3,382.22 2,672.42 2,067.68
Total Reserves and Surplus 4,229.22 3,382.22 2,672.42 2,067.68
Total Shareholders Funds 4,253.25 3,406.23 2,696.42 2,091.68
Government/Other Grants 0 0 0 0
Minority Interest 32.68 13.14 2.6 2.46
NON-CURRENT LIABILITIES
Long Term Borrowings 61.92 84.57 31.4 37.68
Deferred Tax Liabilities [Net] 3.87 0 0 0
Other Long Term Liabilities 27.24 27.14 25.36 25.42
Long Term Provisions 11.45 8.87 7.62 6.83
Total Non-Current Liabilities 104.48 120.58 64.38 69.93
CURRENT LIABILITIES
Short Term Borrowings 76.1 93.65 84.31 86.13
Trade Payables 1,140.51 994.09 757.31 769.08
Other Current Liabilities 438.29 381.26 321.32 299.6
Short Term Provisions 196.51 178.97 182.46 175.03
Total Current Liabilities 1,851.41 1,647.97 1,345.40 1,329.84
Total Capital And Liabilities 6,241.82 5,187.92 4,108.80 3,493.91
ASSETS
NON-CURRENT ASSETS
Tangible Assets 1,550.31 1,209.43 1,020.54 821
Intangible Assets 7.62 7.97 11.61 13.33
Capital Work-In-Progress 101.24 202.82 30.07 90.07
Fixed Assets 1,659.17 1,420.22 1,062.22 924.4
Non-Current Investments 726.4 222.48 312 372.64
Deferred Tax Assets [Net] 13.75 22.57 23.11 44.4
Long Term Loans And Advances 19.02 134.24 45.92 195.22
Other Non-Current Assets 166.77 108.93 198.47 117.22
Total Non-Current Assets 2,715.48 2,036.64 1,769.56 1,769.79
CURRENT ASSETS
Current Investments 749.88 856.8 174.85 415.74
Inventories 781.38 652.79 661.45 440.65
Trade Receivables 394.24 304.6 179.16 170.61
Cash And Cash Equivalents 109.82 186.42 120.76 87.65
Short Term Loans And Advances 1,203.92 844.34 829.1 459.28
OtherCurrentAssets 287.1 306.33 373.92 150.19
Total Current Assets 3,526.34 3,151.28 2,339.24 1,724.12
Total Assets 6,241.82 5,187.92 4,108.80 3,493.91
 Mar-15
12 mths
Horizonral Analysis Common Size
Difference %age 2019 2018 2017 2016 2015
0.02 0.083299 0.384984 0.462806 0.584112 0.68691 0.858825
23.99

23.99 0.02 0.083299 0.384984 0.462806 0.584112 0.68691 0.858825

1,217.55 847 25.04272 67.7562 65.19414 65.04137 59.17954 43.58745
1,217.55 847 25.04272 67.7562 65.19414 65.04137 59.17954 43.58745
1,241.54 847.02 24.86679 68.14118 65.65695 65.62549 59.86645 44.44627
3.57 0 #DIV/0! 0 0 0 0 0.127804
2.43 19.54 148.7062 0.523565 0.253281 0.063279 0.070408 0.086992

43.33 -22.65 -26.78255 0.992018 1.630133 0.764213 1.078448 1.551184

0 3.87 0.062001 0 0 0 0
19.96 0.1 0.36846 0.436411 0.523138 0.617212 0.727552 0.714554
5.65 2.58 29.08681 0.18344 0.170974 0.185456 0.195483 0.202266
68.94 -16.1 -13.35213 1.673871 2.324246 1.566881 2.001483 2.468004

96.88 -17.55 -18.73999 1.219196 1.805155 2.051937 2.465146 3.468237

703.42 146.42 14.72905 18.27207 19.16163 18.43142 22.01202 25.18195
259.45 57.03 14.9583 7.02183 7.348995 7.820288 8.57492 9.288131
417.12 17.54 9.800525 3.14828 3.449745 4.440713 5.009574 14.93261
1,476.87 203.44 12.34488 29.66138 31.76552 32.74435 38.06166 52.87093
2,793.35 1053.9 20.3145 100 100 100 100 100

720.63 340.88 28.18518 24.83747 23.31243 24.83791 23.49803 25.79806

12.76 -0.35 -4.391468 0.12208 0.153626 0.282564 0.381521 0.456799
48.37 -101.58 -50.08382 1.621963 3.909467 0.731844 2.577914 1.731613
781.76 238.95 16.82486 26.58151 27.37552 25.85232 26.45746 27.98647
77.06 503.92 226.5013 11.63763 4.288424 7.593458 10.66541 2.758695
23.35 -8.82 -39.07842 0.220288 0.435049 0.562451 1.270783 0.835914
90.35 -115.22 -85.83135 0.304719 2.58755 1.117601 5.587436 3.234468
37.17 57.84 53.09832 2.671817 2.099685 4.830364 3.354981 1.33066
1,120.37 678.84 33.33137 43.50462 39.25735 43.06756 50.65357 40.10847

440.88 -106.92 -12.47899 12.0138 16.51529 4.2555 11.89899 15.7832

404.04 128.59 19.69852 12.51846 12.58288 16.09837 12.61194 14.46435
135.81 89.64 29.42876 6.316107 5.871332 4.360397 4.883068 4.861904
226.33 -76.6 -41.09001 1.759423 3.593348 2.939058 2.508651 8.102458
465.92 359.58 42.58711 19.28796 16.27512 20.17864 13.14516 16.67961
 0 -19.23 -6.277544 4.59962 5.904679 9.100467 4.298622 0
1,672.98 375.06 11.90183 56.49538 60.74265 56.93244 49.34643 59.89153
2,793.35 1053.9 20.3145 100 100 100 100 100
 Tred Analysis
2019 2018 2017 2016 2015
100.1667 100.0834 100.0417 100.0417 100

100.1667 100.0834 100.0417 100.0417 100

347.3549 277.789 219.4916 169.823 100
347.3549 277.789 219.4916 169.823 100
342.5786 274.3552 217.1835 168.4746 100
0 0 0 0 100
1344.856 540.7407 106.9959 101.2346 100

142.9033 195.1766 72.46711 86.96054 100

136.4729 135.9719 127.0541 127.3547 100

202.6549 156.9912 134.8673 120.885 100
151.5521 174.9057 93.38555 101.436 100

78.55078 96.66598 87.02519 88.9038 100

162.1378 141.3224 107.6611 109.3344 100
168.9304 146.9493 123.8466 115.475 100
47.11114 42.90612 43.74281 41.96155 100
125.3604 111.5853 91.09807 90.04449 100
223.4528 185.724 147.0922 125.0796 100

215.1326 167.8295 141.6178 113.9281 100

59.71787 62.46082 90.98746 104.4671 100
209.3033 419.3095 62.16663 186.2105 100
212.2352 181.6696 135.8755 118.246 100
942.6421 288.7101 404.8793 483.5712 100
58.88651 96.65953 98.97216 190.1499 100
21.05147 148.5778 50.82457 216.0708 100
448.6683 293.0589 533.9521 315.3619 100
242.3735 181.7828 157.9443 157.9648 100

170.0871 194.3386 39.65932 94.29777 100

193.3917 161.5657 163.709 109.061 100
290.2879 224.2839 131.9196 125.624 100
48.52207 82.36646 53.35572 38.72664 100
258.3963 181.22 177.949 98.57486 100
 210.782 188.3633 139.8247 103.0568 100
223.4528 185.724 147.0922 125.0796 100
 Britannia Industries
Consolidated Profit & Loss account ------------------- in Rs. Cr. -------------------
Mar 19 Mar-18
12 mths 12 mths
INCOME
Revenue from Operations [Net of Excise] 10,973.46 9,829.52
Other Operating Revenues 81.21 84.47
Total Operating Revenues 11,054.67 9,913.99
Other Income 206.45 166.37
Total Revenue 11,261.12 10,080.36
EXPENSES
Cost of Materials Consumed 5,513.01 4,906.08
Purchase of Stock-In Trade 1,103.63 1,194.72
Changes In Inventories of FG,WIP And Stock-In Trade -55.18 6.3
Total Cost of Material 6,561.46 6,107.10
Employee Benefit Expenses 441.82 401.6
Finance Costs 9.09 7.59
Depreciation and Amortisation Expenses 161.88 142.07
Other Expenses 2,317.97 1,903.64
Total Expenses 9,492.22 8,562.00
Profit Before Profit/Loss of Associates 1,768.90 1,518.36
Share Of Profit/Loss Of Associates -0.97 -0.18
Profit Before Tax 1,767.93 1,518.18
Tax Expenses:
Current Tax 599.78 513.68
Less: MAT Credit Entitlement 0 0
Deferred Tax 12.69 0.54
Total Tax Expenses 612.47 514.22
Profit After Tax 1,155.46 1,003.96
Earnings per share (face value of INR 1 each):
Basic [in INR] 48.25 41.83
Diluted [in `] 48.21 41.8

Britannia Industries
Consolidated Balance Sheet ------------------- in Rs. Cr. -------------------
Mar 19 Mar-18 Mar-17
12 mths 12 mths 12 mths
EQUITIES AND LIABILITIES
SHAREHOLDER'S FUNDS
Equity Share Capital
24.03 24.01 24
[Face Value INR 1.00 each]
Total Share Capital 24.03 24.01 24
Reserves and Surplus 4,229.22 3,382.22 2,672.42
Total Reserves and Surplus 4,229.22 3,382.22 2,672.42
Total Shareholders Funds 4,253.25 3,406.23 2,696.42
Government/Other Grants 0 0 0
Minority Interest 32.68 13.14 2.6
NON-CURRENT LIABILITIES
Long Term Borrowings 61.92 84.57 31.4
Deferred Tax Liabilities [Net] 3.87 0 0
Other Long Term Liabilities 27.24 27.14 25.36
Long Term Provisions 11.45 8.87 7.62
Total Non-Current Liabilities 104.48 120.58 64.38
CURRENT LIABILITIES
Short Term Borrowings 76.1 93.65 84.31
Trade Payables 1,140.51 994.09 757.31
Other Current Liabilities 438.29 381.26 321.32
Short Term Provisions 196.51 178.97 182.46
Total Current Liabilities 1,851.41 1,647.97 1,345.40
Total Capital And Liabilities 6,241.82 5,187.92 4,108.80
ASSETS
NON-CURRENT ASSETS
Tangible Assets 1,550.31 1,209.43 1,020.54
Intangible Assets 7.62 7.97 11.61
Capital Work-In-Progress 101.24 202.82 30.07
Fixed Assets 1,659.17 1,420.22 1,062.22
Non-Current Investments 726.4 222.48 312
Deferred Tax Assets [Net] 13.75 22.57 23.11
Long Term Loans And Advances 19.02 134.24 45.92
Other Non-Current Assets 166.77 108.93 198.47
Total Non-Current Assets 2,715.48 2,036.64 1,769.56
CURRENT ASSETS
Current Investments 749.88 856.8 174.85
Inventories 781.38 652.79 661.45
Trade Receivables 394.24 304.6 179.16
Cash And Cash Equivalents 109.82 186.42 120.76
Short Term Loans And Advances 1,203.92 844.34 829.1
OtherCurrentAssets 287.1 306.33 373.92
Total Current Assets 3,526.34 3,151.28 2,339.24
Total Assets 6,241.82 5,187.92 4,108.80
 Industries
-----------
Mar-17 Mar-16 Mar-15
12 mths 12 mths 12 mths

8,962.28 8,325.44 7,775.09

91.81 71.79 83.33
9,054.09 8,397.23 7,858.42
150.54 124.35 87.96
9,204.63 8,521.58 7,946.38

4,839.57 4,331.49 4,119.97

803.31 685.5 602.24
-54.2 -4.27 -30.4
5,588.68 5,012.72 4,691.81 Tota
352.61 341.36 280.58
5.45 4.87 3.86
119.27 113.41 144.48
1,834.62 1,828.76 1,876.06
7,900.63 7,301.12 6,996.79
1,304.00 1,220.46 949.59
0.28 0.22 0.21
1,304.28 1,220.68 949.8

401.87 396.66 293.28

0 0 6.13
17.8 -0.56 -26.04
419.67 396.1 261.11
884.61 824.58 688.69

-----------
Mar-16 Mar-15
12 mths 12 mths

24 23.99

24 23.99
2,067.68 1,217.55
2,067.68 1,217.55
2,091.68 1,241.54
0 3.57
2.46 2.43

37.68 43.33
0 0
25.42 19.96
6.83 5.65
69.93 68.94

86.13 96.88
769.08 703.42
299.6 259.45
175.03 417.12
1,329.84 1,476.87
3,493.91 2,793.35

821 720.63
13.33 12.76
90.07 48.37
924.4 781.76
372.64 77.06
44.4 23.35
195.22 90.35
117.22 37.17
1,769.79 1,120.37

415.74 440.88
440.65 404.04
170.61 135.81
87.65 226.33
459.28 465.92
150.19 0
1,724.12 1,672.98
3,493.91 2,793.35
 2019 2018 2017 2016 2015

Liquidity
Current Ratio CA/Cl 1.9046781 1.9122193 1.7386948 1.2964868 1.1327876
Quick Ratio CA-Inventories/cl 1.4826322 1.5161016 1.2470566 0.9651311 0.859209

Profit Margin
PBT TO TR PBT/TR 15.70% 15.06% #DIV/0! 14.17% 11.95%
PAT TO TR PAT/TR 10.26% 9.96% #DIV/0! 9.61% 8.67%

Financial Leverage
Asset Financing TA/NW 1.4675413 1.523068 1.5237982 1.6703846 2.2499074

68.141183 44.446274
less ratio states that company is financing assets from net worth
DEBT TO EQUITY TOTAL BORRWING/Equi 3.25% 5.23% 4.29% 5.92% 11.29%

Efficiency and turnover ratio

TR TO TA TR/TA 1.8041405 1.9430446 2.24 2.44 2.8447491
Comments

good
good

good
good

low
 Britannia Industries
Consolidated Profit & Loss account ------------------- in Rs. Cr. -------------------
Mar 19 Mar-18 Mar-17
12 mths 12 mths 12 mths
INCOME
Revenue from Operations [Net of Excise] 10,973.46 9,829.52 8,962.28
Other Operating Revenues 81.21 84.47 91.81
Total Operating Revenues 11,054.67 9,913.99 9,054.09
Other Income 206.45 166.37 150.54
Total Revenue 11,261.12 10,080.36 9,204.63
EXPENSES
Cost of Materials Consumed 5,513.01 4,906.08 4,839.57
Purchase of Stock-In Trade 1,103.63 1,194.72 803.31
Changes In Inventories of FG,WIP And Stock-In Trade -55.18 6.3 -54.2
Total Cost of Material 6,561.46 6,107.10 5,588.68
Employee Benefit Expenses 441.82 401.6 352.61
Finance Costs 9.09 7.59 5.45
Depreciation and Amortisation Expenses 161.88 142.07 119.27
Other Expenses 2,317.97 1,903.64 1,834.62
Total Expenses 9,492.22 8,562.00 7,900.63
Profit Before Profit/Loss of Associates 1,768.90 1,518.36 1,304.00
Share Of Profit/Loss Of Associates -0.97 -0.18 0.28
Profit Before Tax 1,767.93 1,518.18 1,304.28
Tax Expenses:
Current Tax 599.78 513.68 401.87
Less: MAT Credit Entitlement 0 0 0
Deferred Tax 12.69 0.54 17.8
Total Tax Expenses 612.47 514.22 419.67
Profit After Tax 1,155.46 1,003.96 884.61
Earnings per share (face value of INR 1 each):
Basic [in INR] 48.25 41.83
Diluted [in `] 48.21 41.8
- Horizonral Analysis Common Size
Mar-17 Mar-16 Mar-15
12 mths 12 mths 12 mths Difference %age
2019 2018
8,962.28 8,325.44 7,775.09 1,143.94 11.6378 97.44555 97.5116
91.81 71.79 83.33 -3.26 -3.85936 0.721154 0.837966
9,054.09 8,397.23 7,858.42 1,140.68 11.50576 98.1667 98.34956
150.54 124.35 87.96 40.08 24.09088 1.833299 1.650437
9,204.63 8,521.58 7,946.38 1,180.76 11.71347 100 100

4,839.57 4,331.49 4,119.97 606.93 12.37098 48.95614 48.66969

803.31 685.5 602.24 -91.09 -7.62438 9.800357 11.85196
-54.2 -4.27 -30.4 -61.48 -975.873 -0.490005 0.062498
5,012.72 4,691.81 Tota 454.36 7.439865 58.2665 60.58415
352.61 341.36 280.58 40.22 10.01494 3.923411 3.983985
5.45 4.87 3.86 1.50 19.76285 0.08072 0.075295
119.27 113.41 144.48 19.81 13.94383 1.437512 1.409374
1,834.62 1,828.76 1,876.06 414.33 21.76514 20.58383 18.88464
7,900.63 7,301.12 6,996.79 930.22 10.86452 84.29197 84.93744
1,304.00 1,220.46 949.59 250.54 16.5007 15.70803 15.06256
0.28 0.22 0.21 -0.79 438.8889 -0.008614 -0.001786
1,304.28 1,220.68 949.8 249.75 16.45062 15.69942 15.06077

401.87 396.66 293.28 86.10 16.76141 5.326113 5.09585

0 0 6.13 0 0
17.8 -0.56 -26.04 12.15 2250 0.112689 0.005357
419.67 396.1 261.11 98.25 19.10661 5.438802 5.101207
884.61 824.58 688.69 151.50 15.09024 10.26061 9.959565
Common Size Tred Analysis

2017 2016 2015

### 2019 2018 2017 2016 2015
97.36709 97.69831 97.84443 141.1361 126.4232
### 115.2691
### 107.0784 100
0.997433 0.842449 1.048654 97.4559 101.3681
### 110.1764
### 86.15145 100
98.36452 98.54076 98.89308 140.6729 126.1575
### 115.2151
### 106.8565 100
1.635481 1.459236 1.106919 234.709 189.1428
### 171.146
### 141.3711 100
100 100 100 141.7138 126.8547
### 115.8343
### 107.2385 100

52.57756 50.82966 51.84713 133.8119 119.0805

### 117.4661
### 105.134 100
8.727238 8.044283 7.578797 183.2542 198.3794
### 133.387
### 113.8251 100
-0.588834 -0.050108 -0.382564 181.5132 -20.72368
### 178.2895
### 14.04605 100
60.71597 58.82383 59.04336 139.8492 130.1651
### 119.1157
### 106.8398 100
3.83079 4.00583 3.530916 157.4667 143.1321
### 125.6718
### 121.6623 100
0.059209 0.057149 0.048576 235.4922 196.6321
### 141.1917
### 126.1658 100
1.295761 1.330856 1.818186 112.0432 98.33195
### 82.55122
### 78.49529 100
19.93149 21.46034 23.60899 123.5552 101.4701
### 97.79112
### 97.47876 100
85.83322 85.67801 88.05003 135.6654 122.3704
### 112.9179
### 104.3496 100
14.16678 14.32199 11.94997 186.2804 159.8964
### 137.3224
### 128.5249 100
0.003042 0.002582 0.002643 -461.9048 -85.71429
### 133.3333
### 104.7619 100
14.16983 14.32457 11.95261 186.1371 159.8421
### 137.3215
### 128.5197 100

4.365955 4.654771 3.690737 204.5076 175.15

### 137.0261
### 135.2496 100
0 0 0.077142 0 ###
0 ###
0 0 100
0.193381 -0.006572 -0.327696 -48.73272 -2.073733
### -68.35637
### 2.150538 100
4.559336 4.648199 3.285899 234.564 196.9362 ### 160.7254
### 151.6985 100
9.61049 9.676375 8.666714 167.7765 145.7782### 128.4482
### 119.7317 100