Analyst Meet 21st February 2011

Disclaimer
This presentation may contain statements which reflect Managements current views and estimates and could be construed as forward looking statements. The future involves risks and uncertainties that could cause actual results to differ materially from the current views being expressed. Potential risks and uncertainties include factors such as general economic conditions, commodities and currency fluctuations, competitive product and pricing pressures, industrial relations and regulatory developments. This communication is not an offer to sell or the solicitation of an offer to buy securities.

Will talk about

The opportunity in food - - market, consumers, growth How Britannia is positioned to tap that opportunity
Consumer & Brands Customers & Markets Go To Market Approach

The trajectory of our performance

Food is a large and growing space

Source: Ministry of Food Processing Industries, India http://www.worldoffoodindia.com/thefair/market_data.php * Projected

Mostly unbranded --- Therefore branded food is a big opportunity

Source: Ministry of Food Processing Industries, India Industry estimates, Nielsen Retail Audit

Branded, packaged biscuits dominate food

Food
% Contribution to total FMCG

Non-Food

Total Sales (Rs Billion) Top 5 Categories by Sales (Rs Billion)

669

617

Source: Nielsen Retail Audit

Branded Food growth has outstripped Non-Food growth

Source: Nielsen Retail Audit

 Driven by

Income growth

Higher preference for branded foods because of better quality and sensorial experience

Convenience

However there are less noticed household/individual level shifts that have an equally big impact on business

Key insights driving our business

Affordable Delight Health and Taste Any Time, Any Where -- on-the-go consumption Indulgent Delight Morphing of Categories

Any Time, Any Where and on-the-go consumption

Delight that is affordable to all

Combining Health and Taste

Food as entertainment: Delighting through morphing

Rusk?

Biscuit ?

Salty Snack? Biscuit or Chocolate?

A deep understanding of this phenomenon is helping us diversify our portfolio

Increasing relevance and footprint of Britannia

Biscuits Rusks Cake In-between meals @ home

Anytime Anywhere On-the-go Packs Time Pass Daily Bread

Dahi Butter. Cheese Milk Meal Accompaniment

Main Meal Bread Healthy Start

The Bread, Cake and Rusk Growth Story

Source: BIL

The Dairy Growth Story

190 161 139 116 100

2005-06

2006-07

2007-08

2008-09

2009-10

NSV (Indexed to 2005-06)

Source: BIL

We are ideally placed to benefit from the current trends

Key Momentum Fulcrums

Strong Brands

Supply Chain Infrastructure

Right Position in the delight Chain

Go-to-market Infrastructure

Rich Innovation Funnel

Strong Brands (1) Consumer connect

9 decades of Credentials Universality of Appeal

Enjoyable food that is good for you; Anytime, Anywhere, Everyday

Delight And Enjoyment In every Bite

Umpteen Britannia Special Moments

Among the top 10 brands in this country for the last 10 Years. No 1 food brand

2010

Strong Pillar Brands make for a diversified consumption foot print

Strong and versatile NutriChoice our seventh pillar brand

Digestive

Nature Spice Cracker 5 Grain

Diabetes Friendly

Innovation to drive profitable growth

Activation of the Britannia Credo

The conventional Distribution infrastructure delivers to 35 Lakhs outlets. 8.5 Lakhs outlets are serviced directly
Institutions/Chain retailers

AW
Urban Retailer (Direct)

Wholesalers

Consumers

BIL

Urban Retailer (Indirect)

Rural Retailer (Indirect)

RPD Super Stockist

Rural Retailer (Direct) mk mkmk

And our brands are where people are

Railway Station

Coffee Day Xpress

Kiosk

Corporate Canteen

CSR Integral to our business proposition

Britannia @ PDS

Britannia at the closing plenary of the CGI Annual Meeting in 2009

Britannia Indias Most Respected FMCG Company

The trajectory of our performance

NSV Doubled In 4 Years

35,000 30,000
Rs. MM

25,000 20,000 15,000 10,000 05-06 06-07 07-08 08-09 09-10

NSV - Standalone NSV - Consolidated

17,133

21,992 22,662

25,848 27,769

31,122 34,212

34,014 37,708

YTD December 10- Growth of 25%

Sustained Investment Behind Brands

10 2,800 7.9 9
2,300 6.8 8 1,800 7.0

Rs. MM

7 6.3 1,300
6.2 6

800 2005-06 2006-07 2007-08 2008-09 2009-10

A & SP

1,071

1,356

1,797

2,112

2,688

YTD Dec 10 Increase of 14%

% NSV

Inflationary And Volatile Commodity Scenario.

..And Competitive Intensity - Impacted Profit.

..Despite cost reduction of over Rs. 2,000 MM
1,800

PAT

Rs. MM

1,300

800 2005-06 2006-07 2007-08 2008-09 2009-10

PAT - Standalone PAT - Consolidated

1,464

1,076 1,051

1,910 1,774

1,804 1,515

1,165 1,032

YTD Dec 10 Rs. 1,020 MM

To Summarize

The opportunity is large and Britannia is well positioned to exploit it

Subsidiary losses curtailed

Biscuit continues to be the most affordable packaged food, registering robust growth Commodity inflation will stress operating margin being addressed through fundamental cost re-structuring and revenue management Investing in people, brands and infrastructure will enhance overall capability & competitiveness

Investor Relations Contact: invrl@britindia.com