Britannia Industries

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

Mar-19 Mar-20
Revenue From Operations [Gross] 10,973.46 11,443.99
Revenue From Operations [Net] 10,973.46 11,443.99
Other Operating Revenues 81.21 155.56
Total Operating Revenues 11,054.67 11,599.55
COGS 7,003.28 7,414.16
Cost Of Materials Consumed 5,513.01 5,684.98
Purchase Of Stock-In Trade 1,103.63 1,189.92
Changes In Inventories Of FG,WIP And Stock-In Trade -55.18 52.57
Employee Benefit Expenses 441.82 486.69
Gross Profit 4,051.39 4,185.39
Other Expenses 2,317.97 2,342.21
EBITDA 1,733.42 1,843.18
Depreciation And Amortisation Expenses 161.88 184.81
EBIT 1,571.54 1,658.37
Add: Other Income 206.45 279.4
Less: Finance Costs 9.09 76.9
EBT 1,768.90 1,860.87
Profit/Loss Before Exceptional, ExtraOrdinary Items And Tax 1,768.90 1,860.87

Exceptional Items 0 -17.01

Profit/Loss Before Tax 1,768.90 1,843.86
Tax Expenses-Continued Operations
Current Tax 599.78 447.69
Deferred Tax 12.69 3.01
Total Tax Expenses 612.47 450.7
Profit/Loss After Tax And Before ExtraOrdinary Items 1,156.43 1,393.16
Profit/Loss From Continuing Operations 1,156.43 1,393.16
Profit/Loss For The Period 1,156.43 1,393.16
Share Of Profit/Loss Of Associates -0.97 0.44
Minority Interest 3.66 9.03
Consolidated Profit/Loss After MI And Associates 1,159.12 1,402.63

Equity Share Dividend 360.45 360.48

Tax On Dividend 1.4 74.09

Retained Earnings 797.27 968.06

Basic EPS (Rs.) 48 58

Diluted EPS (Rs.) 48 58

DIVIDEND AND DIVIDEND PERCENTAGE
Number of Shares O/S 24.09 24.02
Margin Mar-19 Mar-20
Gp Margin 37% 36%
EBITDA Margin 16% 16%
EBIT Margin 14% 14%
EBT Margin 16% 16%
NI Margin 10% 12%

Growth Rate Mar-19 Mar-20

Revenue 5%
Gross Profit 3%
EBITDA 6%
EBIT 6%
EBT 5%
NI 20%
----------------- in Rs. Cr. ------------------- Verticle analysis Horizontal anal
Mar-21 Mar-22 Mar 23 Mar-19 Mar-20 Mar-21 Mar-22 Mar 23 Mar-19
12,883.04 13,944.67 15,984.90 99% 99% 98% 99% 98% 100%
12,883.04 13,944.67 15,984.90 99% 99% 98% 99% 98% 100%
253.1 191.59 315.65 1% 1% 2% 1% 2% 100%
13,136.14 14,136.26 16,300.55 100% 100% 100% 100% 100% 100%
8,153.48 9,302.56 10,249.68 63% 64% 62% 66% 63% 100%
6,502.33 7,473.97 8,326.70 50% 49% 49% 53% 51% 100%
1,160.89 1,361.59 1,337.13 10% 10% 9% 10% 8% 100%
-37.12 -75.26 -72.53 0% 0% 0% -1% 0% 100%
527.38 542.26 658.38 4% 4% 4% 4% 4% 100%
4,982.66 4,833.70 6,050.87 37% 36% 38% 34% 37% 100%
2,473.37 2,632.19 3,219.96 21% 20% 19% 19% 20% 100%
2,509.29 2,201.51 2,830.91 16% 16% 19% 16% 17% 100%
197.85 200.54 225.91 1% 2% 2% 1% 1% 100%
2,311.44 2,000.97 2,605.00 14% 14% 18% 14% 16% 100%
312.87 222.83 215.86 2% 2% 2% 2% 1% 100%
110.9 144.29 169.1 0% 1% 1% 1% 1% 100%
2,513.41 2,079.51 2,651.76 16% 16% 19% 15% 16% 100%
2,513.41 2,079.51 2,651.76
16% 16% 19% 15% 16% 100%
-0.61 -0.98 375.6 0% 0% 0% 0% 2%
2,512.80 2,078.53 3,027.36 16% 16% 19% 15% 19% 100%

657.12 612.24 720.97 5% 4% 5% 4% 4% 100%

5.9 -49.89 -4.52 0% 0% 0% 0% 0% 100%
663.02 562.35 716.45 6% 4% 5% 4% 4% 100%
1,849.78 1,516.18 2,310.91 10% 12% 14% 11% 14% 100%
1,849.78 1,516.18 2,310.91 10% 12% 14% 11% 14% 100%
1,849.78 1,516.18 2,310.91 10% 12% 14% 11% 14% 100%
0.81 -0.2 5.41 0% 0% 0% 0% 0% 100%
13.31 8.84 5.45 0% 0% 0% 0% 0% 100%
1,863.90 1,524.82 2,321.77 10% 12% 14% 11% 14% 100%
2,839.66 1,794.47 1,360.91
3% 3% 22% 13% 8% 100%
0 0 0
0% 1% 0% 0% 0% 100%
-975.76 -269.65 960.86
7% 8% -7% -2% 6% 100%

77 63 96
0% 1% 1% 0% 1% 100%
77 63 96 0% 1% 1% 0% 1% 100%

24.02 24.07 24.07

Mar-21 Mar-22 Mar 23 Avg Median
38% 34% 37% 36% 37%
19% 16% 17% 17% 16%
18% 14% 16% 15% 14%
19% 15% 16% 16% 16%
14% 11% 14% 12% 12%

Mar-21 Mar-22 Mar 23 Avg Median

13% 8% 15% 10% 10%
19% -3% 25% 11% 11%
36% -12% 29% 15% 17%
39% -13% 30% 15% 18%
35% -17% 28% 13% 16%
33% -18% 52% 22% 27%
 Horizontal analysis
Mar-20 Mar-21 Mar-22 Mar 23
104% 117% 127% 146%
104% 117% 127% 146%
192% 312% 236% 389%
105% 119% 128% 147%
106% 116% 133% 146%
103% 118% 136% 151%
108% 105% 123% 121%
-95% 67% 136% 131%
110% 119% 123% 149%
103% 123% 119% 149%
101% 107% 114% 139%
106% 145% 127% 163%
114% 122% 124% 140%
106% 147% 127% 166%
135% 152% 108% 105%
846% 1220% 1587% 1860%
105% 142% 118% 150%

105% 142% 118% 150%

104% 142% 118% 171%

75% 110% 102% 120%

24% 46% -393% -36%
74% 108% 92% 117%
120% 160% 131% 200%
120% 160% 131% 200%
120% 160% 131% 200%
-45% -84% 21% -558%
247% 364% 242% 149%
121% 161% 132% 200%

100% 788% 498% 378%

5292% 0% 0% 0%

121% -122% -34% 121%

121% 160% 131% 200%

121% 160% 131% 200%
Britannia Industries

Consolidated Balance Sheet ------------------- in Rs. Cr. -------------------

Mar-19 Mar-20 Mar-21 Mar-22 Mar 23

EQUITIES AND LIABILITIES

Equity Share Capital 24.03 24.05 24.09 24.09 24.09

Total Share Capital 24.03 24.05 24.09 24.09 24.09
Reserves and Surplus 4,209.29 4,344.37 3,495.47 2,534.01 3,510.18

Total Reserves and Surplus 4,209.29 4,344.37 3,495.47 2,534.01 3,510.18

Employees Stock Options 19.93 34.41 28.1 0 0

Total Shareholders Funds 4,253.25 4,402.83 3,547.66 2,558.10 3,534.27

Minority Interest 32.68 35.65 36.34 27.5 30.23

NON-CURRENT LIABILITIES

Long Term Borrowings 61.92 766.06 747.75 706.99 1,551.80

Deferred Tax Liabilities [Net] 3.87 12.69 8.69 0.81 1.87
Other Long Term Liabilities 27.24 46.54 54.07 66.4 74.51
Long Term Provisions 11.45 0 0 0 25.64
Total Non-Current Liabilities 104.48 825.29 810.51 774.2 1,653.82
CURRENT LIABILITIES
Short Term Borrowings 76.1 747.99 1,339.42 1,758.55 1,428.71
Trade Payables 1,140.51 1,047.00 1,314.75 1,285.22 1,448.81
Other Current Liabilities 438.29 509.77 572.63 626.85 743.49
Short Term Provisions 196.51 273.7 387.47 485.11 513.39
Total Current Liabilities 1,851.41 2,578.46 3,614.27 4,155.73 4,134.40
Total Capital And Liabilities 6,241.82 7,842.23 8,008.78 7,515.53 9,352.72
ASSETS

NON-CURRENT ASSETS

Tangible Assets 1,550.31 1,730.84 1,648.51 1,598.00 2,512.82

Intangible Assets 7.62 8.37 8.54 15.6 14.24
Capital Work-In-Progress 101.24 39.55 116.52 535.68 105
Fixed Assets 1,659.17 1,778.76 1,773.57 2,149.28 2,632.06
Non-Current Investments 726.4 1,884.46 1,387.44 928.64 1,523.25
Deferred Tax Assets [Net] 13.75 19.56 9.66 44.93 43.64
Long Term Loans And Advances 19.02 202.95 74.58 100 150
Other Non-Current Assets 166.77 142.56 207.95 182.65 129.38
Total Non-Current Assets 2,715.48 4,167.26 3,589.10 3,545.11 4,606.49
CURRENT ASSETS
Current Investments 749.88 1,008.77 1,393.25 833.73 1,800.99
Inventories 781.38 740.96 1,091.49 1,367.49 1,193.26
Trade Receivables 394.24 320.36 257.27 331.93 328.94
Cash And Cash Equivalents 109.82 122.85 211.34 184.9 197.98
Short Term Loans And Advances 1,203.92 1,110.11 946.56 698 560
OtherCurrentAssets 287.1 371.92 519.77 554.37 665.06
Total Current Assets 3,526.34 3,674.97 4,419.68 3,970.42 4,746.23
Total Assets 6,241.82 7,842.23 8,008.78 7,515.53 9,352.72

OTHER ADDITIONAL INFORMATION

CONTINGENT LIABILITIES, COMMITMENTS

Contingent Liabilities 287.84 277.65 584.33 625.21 450.31

BONUS DETAILS
Bonus Equity Share Capital 21.94 21.94 21.94 21.94 21.94

NON-CURRENT INVESTMENTS

Non-Current Investments Unquoted Book Value 725.36 1,882.98 1,385.15 926.55 1,028.09

CURRENT INVESTMENTS

Current Investments Unquoted Book Value 749.88 1,008.77 1,393.25 833.73 1,800.99

Years 2019 2020 2021 2022 2023

Working Capital TCA-TCL 1,674.93 1,096.51 805.41 -185.31 611.83
Non-Cash Working 109.82 122.85 211.34 184.9 197.98
NCWC 13.03 88.49 -26.44 13.08

GROSS BLOCK OF FIXED ASSETS (END RESULTS) 1821.05 2125.45 2318.11 2894.36 3603.05
Less : Accumulated Depreciation 161.88 346.69 544.54 745.08 970.99
Net Block of Fixed Assets 1,659.17 1,778.76 1,773.57 2,149.28 2,632.06
Investment in Fixed Assets 304.4 192.66 576.25 708.69

FCFF 2020 2021 2022 2023

EBIT*(1-T) 536.9007 527.2854 503.6636 1075.909
Add: Depreciation 161.88 184.81 197.85 200.54
Less : NCWC 13.03 88.49 -26.44 13.08
Investment In Fixed Assets 304.4 192.66 576.25 708.69
FCFF 381.3507 430.9454 151.7036 554.6791
35%
Date Volume Open High Low Close Adj Close Returns
4/1/2019 5616067 3104.95 3109 2876.050049 2896.05 2640.065
5/1/2019 12374015 2896.05 2970 2615.850098 2921.95 2663.676 0.89%
6/1/2019 7634768 2936 3010 2700 2743.7 2501.182 -6.10%
7/1/2019 7845581 2750.1 2862.899902 2540.300049 2605 2374.742 -5.06%
8/1/2019 15750300 2590 2743.25 2300 2701.65 2462.849 3.71%
9/1/2019 12393017 2701.65 3583.75 2588.199951 2944.15 2699.458 9.61%
10/1/2019 9249018 2952 3399 2835.100098 3266.6 2995.109 10.95%
11/1/2019 8631774 3295 3299 3004.300049 3057.7 2803.57 -6.40%
12/1/2019 6281786 3057.7 3155.949951 3020 3027.8 2776.156 -0.98%
1/1/2020 7800755 3044.7 3274.600098 2978.050049 3200.7 2934.685 5.71%
2/1/2020 9254418 3161 3318 2917 2970.2 2723.343 -7.20%
3/1/2020 14636211 2995 3165 2100 2688.95 2465.468 -9.47%
4/1/2020 21929203 2700 3290 2475 3165.75 2902.64 17.73%
5/1/2020 16995136 3165.75 3417 2867 3378.85 3132.354 7.91%
6/1/2020 20944030 3416 3708 3305.75 3603.8 3340.894 6.66%
7/1/2020 23262219 3605 4010 3512.050049 3823.6 3544.659 6.10%
8/1/2020 12445299 3827 4005 3684 3726.05 3454.225 -2.55%
9/1/2020 11655825 3735 3890.949951 3540.050049 3798.15 3597.693 4.15%
10/1/2020 19698621 3820 3879.949951 3382 3473.25 3289.941 -8.55%
11/1/2020 19276615 3483 3684.899902 3390 3637.95 3445.948 4.74%
12/1/2020 13578627 3702.5 3797.699951 3534.850098 3576.35 3387.6 -1.69%
1/1/2021 15229254 3575 3704.899902 3480.199951 3501.1 3316.321 -2.10%
2/1/2021 16499146 3539 3616.899902 3317.300049 3363.75 3186.22 -3.92%
3/1/2021 10334908 3371.5 3655 3367.050049 3625.05 3433.729 7.77%
4/1/2021 11970269 3635 3850 3437 3449 3266.97 -4.86%
5/1/2021 11246626 3439.1 3555 3371.399902 3447.85 3319.927 1.62%
6/1/2021 8101267 3458 3709.899902 3442 3649.65 3527.288 6.25%
7/1/2021 8228588 3640 3661 3378 3423.4 3308.623 -6.20%
8/1/2021 13041517 3446.7 4027.300049 3440.050049 3997.5 3863.475 16.77%
9/1/2021 6907591 3984.6 4153 3940.300049 3948.95 3816.553 -1.21%
10/1/2021 5704734 3958.8 3993.149902 3605.850098 3675.75 3552.513 -6.92%
11/1/2021 6911876 3694 3760 3469.100098 3545.5 3426.63 -3.54%
12/1/2021 5347404 3550.5 3658.350098 3430.100098 3606 3485.101 1.71%
1/1/2022 4805477 3610 3800.949951 3430.25 3535.3 3416.771 -1.96%
2/1/2022 5831221 3560 3710 3327.350098 3427.45 3312.537 -3.05%
3/1/2022 9352095 3427.45 3439.550049 3050 3206.4 3098.898 -6.45%
4/1/2022 5010145 3210 3402 3132.050049 3279.25 3169.306 2.27%
5/1/2022 10299751 3242 3700 3156.899902 3647.8 3525.5 11.24%
6/1/2022 7199985 3649.1 3669.75 3270.949951 3466.4 3350.182 -4.97%
7/1/2022 8377971 3412 3949.350098 3412 3900.4 3834.652 14.46%
8/1/2022 6478880 3900.4 3916 3585.25 3747.75 3684.575 -3.91%
9/1/2022 8290448 3730 3889.800049 3564.100098 3843.05 3778.269 2.54%
10/1/2022 4258622 3862 3878.199951 3690 3766.55 3703.059 -1.99%
11/1/2022 10612591 3780 4387.899902 3705.449951 4362.3 4288.766 15.82%
 12/1/2022 5801311 4364.55 4537 4296.549805 4307.45 4234.841 -1.26%
1/1/2023 5463863 4379.95 4444 4206.299805 4317.6 4244.82 0.24%
2/1/2023 6946619 4329.9 4669.200195 4326.850098 4461.75 4386.54 3.34%
3/1/2023 5461107 4439 4454.549805 4153 4322.15 4249.293 -3.13%
4/1/2023 5358259 4344 4564.850098 4222.549805 4553.55 4476.792 5.35%
5/1/2023 8653320 4553.55 4705.450195 4443.350098 4657.05 4657.05 4.03%
6/1/2023 7193483 4655 5085.25 4587.549805 5024.55 5024.55 7.89%
7/1/2023 7115693 5035 5270.350098 4763.799805 4793.95 4793.95 -4.59%
8/1/2023 10995195 4825.1 4843.5 4421.399902 4467.75 4467.75 -6.80%
9/1/2023 7277620 4475 4634.299805 4426 4537.15 4537.15 1.55%
10/1/2023 6859134 4537.15 4623 4401.899902 4426.5 4426.5 -2.44%
11/1/2023 5694088 4442.6 4875.950195 4347.700195 4852.65 4852.65 9.63%
12/1/2023 7067613 4873 5386.049805 4837.049805 5338.45 5338.45 10.01%
1/1/2024 6655408 5339 5375 4925.899902 5198.4 5198.4 -2.62%
2/1/2024 6598860 5196.05 5239.75 4828.850098 4965.2 4965.2 -4.49%
3/1/2024 2034819 4965.2 4986.700195 4788.75 4856.65 4856.65 -2.19%

Average monthly return 1.25%

Annualised return 16%

Standard Deviation 7%
Annualised SD(volatility) MonthlySD*sqrt(12) 23%

Return If 100000 invested

Lower Higher Lower
67% 1 12.36% 19.92% 12364.1
90% 1.67 9.83% 22.46% 9831.661
95% 2 8.58% 23.70% 8584.339
99% 3 4.80% 27.48% 4804.578
Index
100 Britannia Industries
100.8943
25000000 6000
94.73939
89.95012 5000
20000000
93.28742
4000
102.2497 15000000
113.4483 3000
106.1932 10000000
2000
105.1548
111.1596 5000000
1000
103.1544
0 0
93.38663 1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 37 39 41 43 45 47 49 51 53 55 57 59
109.9458
118.6469 Volume Close
126.5459
134.2641
130.8386 ₹ 100 invested in April 2019 is ₹ 183 now
136.2729 250
124.6159
130.5251 200
128.315
125.6151 150
120.6872
130.0623
100
123.7458
125.7517
50
133.6061
125.3235
0
146.3401 1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 37 39 41 43 45 47 49 51 53 55 57 59
144.5628
134.5616
129.7934 This chart isn't available in your version of Excel.
132.0082
129.42 Editing this shape or saving this workbook into a different file format will
125.4718 permanently break the chart.
117.3796
120.0465
133.5384
126.8977
145.2484
139.5638
143.1127
140.2639
162.4493
 160.4067
160.7847
166.1527
160.9541
169.5713
176.399
190.3192
181.5845
169.2288
171.8575
167.6663
183.808
202.209
196.9042
188.0711
183.9595

00000 invested 16143.86 Average return

Higher
19923.62
22456.06
23703.38
27483.14
 6000

5000

4000

3000

2000

1000

0
51 53 55 57 59

49 51 53 55 57 59
Company Name Last Price Market Cap (Rs.Cr) Net Sales (EBIT Net Profit ( Rs.Cr)
SOLARA ACTIVE P 452.35 1628.29 1268.34 -35.15 -58.56
Neuland Lab 1138.9 1461.2 951.08 93.15 63.53
Orchid Pharma 330 1346.94 556.97 25.25 -52.77
Medicamen Bio 1073.35 1311.27 115.45 17.79 14.91
RPG Life 713.7 1180.39 440.16 70.7 51.48
TTK Healthcare 834.45 1179.11 599.24 11.75 18.51
Suven Life Sci 70.35 1022.77 11.84 -41.04 -36.25
JagsonpalPharma 388.95 1018.97 226.1 24.27 19.59
Bajaj Health 365.05 1007.48 679.89 100.87 71.39
NGL Fine Chem 1604 990.96 318.67 57.9 52.25
5167.74

Company Name Shares O/S EPS P/E Ratio Net Profit Margin Operating Profit margin
SOLARA ACTIVE P 3.60 -16.27 -27.81 -5% -3%
Neuland Lab 1.28 49.52 23.00 7% 10%
Orchid Pharma 4.08 -12.93 -25.52 -9% 5%
Medicamen Bio 1.22 12.20 87.95 13% 15%
RPG Life 1.65 31.13 22.93 12% 16%
TTK Healthcare 1.41 13.10 63.70 3% 2%
Suven Life Sci 14.54 -2.49 -28.21 -306% -347%
JagsonpalPharma 2.62 7.48 52.01 9% 11%
Bajaj Health 2.76 25.87 14.11 11% 15%
NGL Fine Chem 0.62 84.57 18.97 16% 18%
Total Assets
2949.67 This chart isn't availa
1382.12
1094.19 Editing this shape or
225.2
344.61
558.55
486.35
168.45
721.1
277.72

Mkt Share Return on assets Mcap/Sales Relative value Decision

25% -1% 1.28 1648.02 Undervalued Buy
18% 7% 1.54 1329.11 Overvalued Sell
11% 2% 2.42 1336.76 Overvalued Sell
2% 8% 11.36 1075.39 Overvalued Sell
9% 21% 2.68 1118.69 Overvalued Sell
12% 2% 1.97 1156.37 Overvalued Sell
0% -8% 86.38 1122.99 Undervalued Buy
4% 14% 4.51 1074.19 Undervalued Buy
13% 14% 1.48 1198.58 Undervalued Buy
6% 21% 3.11 1087.28 Undervalued Buy

SUMMARY OUTPUT
Regression Statistics
Multiple R 0.825408940904786
R Square 0.681299919725561
Adjusted R Square 0.42633985550601
Standard Error 165.404598413362
Observations 10

ANOVA
df
Regression 4
Residual 5
Total 9

Coefficients
Intercept 1033.512
Net Sales ( Rs.Cr) 0.075
EBIT 0.823
Net Profit ( Rs.Cr) -1.202
Total Assets 0.162
RESIDUAL OUTPUT

Observation Predicted Market Cap (Rs.Cr)

1 1648.01542181977
2 1329.11465074646
3 1336.76366664131
4 1075.38809696979
5 1118.68575946668
6 1156.37048921196
7 1122.9910046207
8 1074.19436406519
9 1198.57672011767
10 1087.27982634047
This chart isn't available in your version of Excel.

Editing this shape or saving this workbook into a different file format will permanently break the chart.

SS MS F Significance F
292429.5982786 73107.4 2.6721829 0.15500353814
136793.4058814 27358.681
429223.00416

Standard Error t Stat P-value Lower 95% Upper 95% Lower 95.0% Upper 95.0%
94.825 10.899 0.000 789.756 1277.267 789.756 1277.267
0.563 0.133 0.899 -1.372 1.522 -1.372 1.522
2.628 0.313 0.767 -5.932 7.579 -5.932 7.579
2.824 -0.425 0.688 -8.462 6.058 -8.462 6.058
0.281 0.576 0.590 -0.561 0.885 -0.561 0.885
 Residuals
-19.72542181977
132.0853492535
10.17633335869
235.8819030302
61.70424053332
22.73951078804
-100.2210046207
-55.22436406519
-191.0967201177
-96.31982634047
.