External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>BRIT’s top line improved by 15.5% YoY in Q4FY22 but remained flattish QoQ. The company reported revenues of Rs 3,508 Cr, up 15.5% YoY, driven by mid-single digit volume growth of 4% on account of share gains from unorganized players</li><li>Gross Margin (GPM) of 37.3% in Q4FY22 was lower than 136bps YoY owing to a sharp QoQ and YoY rise in prices of RMs like palm oil and crude that impacted prices of packing material and transport costs</li><li>Retain HOLD with revised TP of Rs 3,650 (earlier Rs 3,700), valuing BRIT at 43x PE its FY24E EPS.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

BRIT’s top line improved by 15.5% YoY in Q4FY22 but remained flattish QoQ. The company reported revenues of Rs 3,508 Cr, up 15.5% YoY, driven by mid-single digit volume growth of 4% on account of share gains from unorganized playersGross Margin (GPM) of 37.3% in Q4FY22 was lower than 136bps YoY owing to a sharp QoQ and YoY rise in prices of RMs like palm oil and crude that impacted prices of packing material and transport costsRetain HOLD with revised TP of Rs 3,650 (earlier Rs 3,700), valuing BRIT at 43x PE its FY24E EPS.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Britannia Industries: Volume Growth Encouraging; Maintaining Near-Term Profitability A Challenge

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Thematic (Sector/Industry)

<ul><li>Aggregate revenue/EBITDA to grow by 8/9%: Our FMCG coverage universe is expected to deliver growth of 8/9% YoY in revenue/EBITDA in Q4FY22 (vs 24/22% in Q4FY21 and 16/12% in Q3FY22)</li><li>Inflationary pressure continued to disrupt demand in both urban and rural India; however, rural volume growth was weaker than urban</li><li>Volume growth has been decelerating even on 2/3 year CAGR (demand pressure, grammage reduction); however, downtrading was not witnessed</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Aggregate revenue/EBITDA to grow by 8/9%: Our FMCG coverage universe is expected to deliver growth of 8/9% YoY in revenue/EBITDA in Q4FY22 (vs 24/22% in Q4FY21 and 16/12% in Q3FY22)Inflationary pressure continued to disrupt demand in both urban and rural India; however, rural volume growth was weaker than urbanVolume growth has been decelerating even on 2/3 year CAGR (demand pressure, grammage reduction); however, downtrading was not witnessedContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

FMCG & Alco Bev: Rural Demand Struggles; Margin Pressures Continue

<ul><li>Downgrade the stock to HOLD (BUY earlier) with revised TP of Rs. 3,775 (earlier Rs. 3,890) valuing BRIT at 43x PE its FY24E EPS</li><li>Q2FY22 Revenues healthy although EBITDA impacted: Despite the high inflation, operating profitability in H1 is comparable to pre-covid levels</li><li>Price hikes and cost optimization to mitigate RM pressures: Management has initiated pricing actions (combination of MRP increase and grammage reduction) in Q2FY22</li></ul><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Downgrade the stock to HOLD (BUY earlier) with revised TP of Rs. 3,775 (earlier Rs. 3,890) valuing BRIT at 43x PE its FY24E EPSQ2FY22 Revenues healthy although EBITDA impacted: Despite the high inflation, operating profitability in H1 is comparable to pre-covid levelsPrice hikes and cost optimization to mitigate RM pressures: Management has initiated pricing actions (combination of MRP increase and grammage reduction) in Q2FY22Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Britannia Industries: Volumes To Be Subdued In The Near Term

External broker reports(aggregated public sources), SMC Global

SMC Online

<p>Britannia Consolidated Q1 FY22 PAT rises 7% QoQ to Rs 390 cr Britannia Industries Ltd., India's leading Food Company, reported consolidated Sales of Rs. 3,403 crores with a sequential growth of 10%. Consolidated Net Profit for the Quarter stood at Rs. 390 crores with a sequential growth of 7%. While the Consolidated Sales &amp; Net Profit declined 1% &amp; 29% respectively vs last year on a higher base, however, on a 24-month...</p>
<div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Britannia Consolidated Q1 FY22 PAT rises 7% QoQ to Rs 390 cr Britannia Industries Ltd., India's leading Food Company, reported consolidated Sales of Rs. 3,403 crores with a sequential growth of 10%. Consolidated Net Profit for the Quarter stood at Rs. 390 crores with a sequential growth of 7%. While the Consolidated Sales &amp; Net Profit declined 1% &amp; 29% respectively vs last year on a higher base, however, on a 24-month...
Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Britannia Industries: Consolidated Q1 FY22 PAT Rises 7% QoQ to Rs 390 Cr

<p>Maintain BUY with unchanged TP of Rs. 3,890 as we roll forward to FY24E. Key downside risks to our estimates continued surge in RM prices, emergence of 3rd COVID wave impacting demand.</p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Maintain BUY with unchanged TP of Rs. 3,890 as we roll forward to FY24E. Key downside risks to our estimates continued surge in RM prices, emergence of 3rd COVID wave impacting demand.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Britannia Industries: Gradual Recovery In-Sight

India

Britannia Industries Limited manufactures bakery products such as biscuits, bread, cakes and rusks.  The Company also manufactures and exports soybean products, cashew kernels, marine products, and general merchandise items.

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Britannia Industries (BRIT IN)

Britannia Industries: Volume Growth Encouraging; Maintaining Near-Term Profitability A Challenge

We tweak our FY22-24E to factor in the impact of RM headinds Retain HOLD with revised TP of Rs 3,650 (earlier Rs 3,700) valuing BRIT at 43x PE its...

Axis Direct

FMCG & Alco Bev: Rural Demand Struggles; Margin Pressures Continue

Aggregate revenue/EBITDA to grow by 8/9%: Our FMCG coverage universe is expected to deliver growth of 8/9% YoY in revenue/EBITDA in Q4FY22...

HDFC Securities

Britannia Industries: Volumes To Be Subdued In The Near Term

Downgrade the stock to HOLD (BUY earlier) with revised TP of Rs. 3,775 (Rs. 3,890 earlier) valuing it at 43x PE its FY24E. Key downside risks to...

Axis Direct

Britannia Industries: Consolidated Q1 FY22 PAT Rises 7% QoQ to Rs 390 Cr

Britannia Consolidated Q1 FY22 PAT rises 7% QoQ to Rs 390 cr Britannia Industries Ltd., India's leading Food Company, reported consolidated Sales...

SMC Online

Britannia Industries: Gradual Recovery In-Sight

Maintain BUY with unchanged TP of Rs. 3,890 as we roll forward to FY24E. Key downside risks to our estimates continued surge in RM prices,...

Axis Direct

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