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Company >> Finance >> P & L Consolidated

Britannia Industries Ltd
Industry :Food And Dairy Products Multinational
(Rs in Crs)
Mar 12(12) Mar 11(12) Mar 10(12) Mar 09(12)
Year
INCOME :
5,544.58
4,642.90
3,796.32
3,452.26
Sales Turnover
59.21
33.52
23.41
31.03
Excise Duty
5,485.37
4,609.38
3,772.91
3,421.23
Net Sales
59.14
59.01
58.24
82.72
Other Income
14.03
15.68
27.25
19.62
Stock Adjustments
Total Income
5,558.54
4,684.07
3,858.40
3,523.57
EXPENDITURE :
3,546.80
3,043.29
2,438.74
2,138.69
Raw Materials
72.87
56.54
45.47
51.48
Power & Fuel Cost
211.15
177.49
164.51
158.71
Employee Cost
393.22
319.89
282.13
257.5
Other Manufacturing Expenses
786.52
663.96
602.91
499.79
Selling and Administration Expenses
177.97
127.21
134.4
122.77
Miscellaneous Expenses
0
0
0
0
Less: Pre-operative Expenses Capitalised
5,188.53
4,388.38
3,668.16
3,228.94
Total Expenditure
370.01
295.69
190.24
294.63
Operating Profit
41.6
43.63
23.45
32.6
Interest
328.41
252.06
166.79
262.03
Gross Profit
61.83
64.91
58.23
65.91
Depreciation
0
0
0
0
Minority Interest (before tax)
266.58
187.15
108.56
196.12
Profit Before Tax
64.99
40.94
21.5
34.65
Tax
0
0
0
5.46
Fringe Benefit Tax
1.86
12
-16.04
12.77
Deferred Tax
199.73
134.21
103.1
143.24
Net Profit
0.1
-0.07
0.14
-8.03
Minority Interest (after tax)
-0.08
0.07
0.22
0.21
Profit/Loss of Associate Company
134.35
103.18
151.48
Net Profit after Minority Interest & P/L Asso.Co. 199.55
7.62
14.41
-19.3
19.22
Extraordinary Items
191.93
119.94
122.48
132.26
Adjusted Net Profit
0
0
0
0
Adjst. below Net Profit
86.72
57.13
35.3
14.62
P & L Balance brought forward
0
0
0
0
Statutory Appropriations
136.68
104.76
81.35
130.8
Appropriations
149.59
86.72
57.13
35.3
P & L Balance carried down
101.53
77.64
59.73
95.56
Dividend

Preference Dividend
Equity Dividend (%)
EPS before Minority Interest (Unit Curr.)
EPS before Minority Interest (Adj) (Unit Curr.)
EPS after Minority Interest (Unit Curr.)
EPS after Minority Interest (Adj) (Unit Curr.)
Book Value (Unit Curr.)
Dep/PBIT(%)
Avg A52

0
425
15.34
8.29
15.33
8.29
34.25

0
325
10.18

0
250
39

0
400
53.16

10.19

39.04

56.61

27.29

118.38

301.95

20.0629502 28.1263541 44.1102947
26.3362931

28.816894

192.82 -19.267.75 142.21 43.13 0 0 105.83 .92 6.Mar 08(12) Mar 07(12) 2.809.5 75.38 39.92 5.62 0 11.62 0 177.52 41 126.62 35.21 176.36 0 218.3 25.814.44 79.47 2.676.34 0 101.6 257.04 177.69 2.89 2.346.45 390.24 116.89 0.71 275.45 2.28 154.62 43 1.44 14.51 -0.26 0 2.51 99.02 35.22 -2.500.29 0 14.15 165.01 0 2.8 -1.65 35.21 29.82 318.538.32 54.26 194.13 5.44 12.23 106.85 14.96 0 116.93 105.25 198.25 24.384.59 2.05 11.98 18.779.34 8.33 1.

46 71.0 180 70.0178 .82 0 150 41.21 41.43 16.76 239.2669998 158.46 289.6342659 20.

05 15.27 1021.37 6.23 6.26 -40.02 1505.05 70.32 235.78 165.38 82.75 671.37 198.Year Networth Capital Employed Gross Block Net Working Capital ( Incl. Tax) Total Assets/Liabilities (excl Reval & W.66 186.74 0.88 154.46 58.36 12.36 593.95 526. Def.69 242.41 825.66 246.88 591.11 44.41 3424.06 120.28 2665.1 9.64 4974.24 512.89 23.22 14.5 53.63 58.98 4241.08 .4 7.41 299.3 396.35 24.44 235.81 128.92 50.51 23.75 483.21 18.09 25.81 3865.94 -2.11 102.79 3426.54 37.76 280.76 43.46 23.12 18.15 -51.36 1352.21 43.04 210. Tax) Current Assets ( Incl.42 337.68 8.29 116.78 0 0 0 2.54 40.18 5032.56 -156. Def.65 158.56 547.98 64.22 3821.07 604.12 -48.69 -128.74 145.77 15.19 4223.03 9. Tax) Current Liabilities and Provisions ( Incl.5 -48.33 14.21 11.25 1091.33 68.51 56.73 3337.26 17.off) Gross Sales Net Sales Other Income Value Of Output Cost of Production Selling Cost PBIDT PBDT PBIT PBT PAT CP Revenue earnings in forex Revenue expenses in forex Capital earnings in forex Capital expenses in forex Book Value (Unit Curr) Market Capitalisation CEPS (annualised) (Unit Curr) EPS (annualised) (Unit Curr) Dividend (annualised%) Payout (%) Cash Flow From Operating Activities Cash Flow From Investing Activities Cash Flow From Financing Activities Rate of Growth (%) ROG-Net Worth (%) ROG-Capital Employed (%) ROG-Gross Block (%) ROG-Gross Sales (%) ROG-Net Sales (%) ROG-Cost of Production (%) ROG-Total Assets (%) ROG-PBIDT (%) ROG-PBDT (%) ROG-PBIT (%) ROG-PBT (%) Mar 12(12) Mar 11(12) Mar 10(12) 520.06 189.55 -107.85 17.32 1696.25 11.96 -40.87 252.84 14.17 27.52 3403.86 677.48 696.67 20.86 7077.39 -184.42 13.57 66.62 425 325 250 59.84 60.4 166.04 451.71 570.42 -109.53 48.51 234.2 24.81 4255.29 -51.83 4978.12 490.87 12. Def.81 7.83 66.21 4.41 4426.2 290.89 51.

89 0.86 4.2 5.92 19.49 0.37 1.47 13.81 23.08 5.96 6.78 1.92 14.28 3.89 5.97 5.21 30.84 3.45 4.59 15.ROG-PAT (%) ROG-CP (%) ROG-Revenue earnings in forex (%) ROG-Revenue expenses in forex (%) ROG-Market Capitalisation (%) Key Ratios Debt-Equity Ratio Long Term Debt-Equity Ratio Current Ratio Turnover Ratios Fixed Assets Ratio Inventory Ratio Debtors Ratio Interest Cover Ratio PBIDTM (%) PBITM (%) PBDTM (%) CPM (%) APATM (%) ROCE (%) RONW (%) Debtors Velocity (Days) Creditors Velocity (Days) Assets Utilisation Ratio (times) Value of Output/Total Assets Value of Output/Gross Block 28.62 5.69 87.51 92.97 -40.7 4 17 3.26 26.22 19.32 59.94 818.53 23.05 23.57 13.37 0.9 24.05 0.01 1.01 6.26 5.83 -35.47 0.38 .13 76.17 53.7 23.77 5.2 4.17 7.1 3.61 3 19 6.42 -27.13 3.32 4.34 25.27 37.27 8.56 4 24 7.02 1.11 7.08 34.68 6.54 -83.46 14.04 5.37 8.

94 17.92 110 23.05 549.61 18.29 23.45 315.31 140 23.92 69.07 318.93 16.2 171.47 222.32 39.73 363.49 271.75 8.21 273.14 316.21 185.95 15.26 11.06 225.9 -4.18 232.35 3367.82 -141.98 -8.37 257.16 1260.65 2111.34 64.52 449.8 1615.49 434.04 0 0.59 39.62 81.39 19.62 157.28 77.28 246.49 2371.35 1919.57 12.15 26.45 0 2.31 341.09 148.09 68.28 37.73 81.21 239.7 0.29 431.4 232.21 2587.95 24.13 2233.99 167.18 2197.82 2570.81 614.12 2989.11 116.57 1817.89 84.85 4.08 132.58 1470.54 755.89 349.13 87 12.65 0 6.25 60.87 1091.96 235.07 9.65 1569.52 1757.08 -49.67 659.66 1001.03 1.43 168.86 261.17 443.84 45.82 -1.17 11.56 14.19 25.26 20.67 -32.72 89.77 53.15 11.65 213.38 205.66 146.36 82.37 735.74 227.11 207.91 619.58 553.19 -41.54 370.66 68.41 241.18 209.84 14.65 577.28 59.19 -13.87 127.8 24.96 23.63 1281.95 152.26 11.16 68.37 -8.44 27.53 13.9 -37.84 4260.1 9.34 281.4 229.89 2616.45 1510.77 167.45 -38.98 -35.22 196.06 53.24 220.87 20.78 2.51 400 180 150 58.74 39.27 4.6 511.27 4.92 1713.97 10.83 -9.07 36.46 28.8 141.71 861.31 59.09 1725.02 470.09 -1.23 25.41 35.45 265.2 300.51 4.78 63.41 -36.2 5.93 39.27 -130.87 270.37 9 11.84 206.5 453.15 .71 76.44 184.75 200.42 12.4 191 107.21 3112.86 220.18 392.33 27.79 190.39 212.82 849.36 10.06 3223.55 4.83 2.59 54.1 20.74 437.71 9.61 1208.66 250.09 558.44 9.89 42.97 90.62 7.14 3131.47 -185.05 -145.11 22.18 3142.47 9.23 29.27 4.21 23.74 15.17 59.65 -8.17 1500.92 -8.99 935.22 143.39 118.97 12.96 -6.25 54.61 82.81 1452.19 150 25.Mar 09(12) Mar 08(12) Mar 07(12) 824.48 400.85 -6.96 345.28 180.97 26.35 -48.14 118.18 96.55 248.37 30.27 19.66 0 0 0 7.98 2317.53 1439.88 320.11 15.04 1 2.18 860.38 116.15 8.29 239.84 244.

24 9.24 -71.7 14.65 11.74 29.96 0.9 22.51 11.8 5.15 7.43 11.18 0.8 40.01 0.42 12.19 5.1 10.95 34.8 -83.97 7.73 4.47 4.32 3 19 5.23 9.55 11.08 0 1.9 10.19 10.17 12.31 3.3 33.58 93.86 10.3 101.81 3.32 12.47 6.46 6.21 6.2 10.95 29.83 484.6 50.85 0.43 8.8 34.72 94.96 29.38 18.01 1.85 3 20 3.52 11.41 7.76 27.01 0.48 -20.23 10.4 60.61 -29.9 8.83 4 18 6.24 0.93 27.73 -33.55 -2.25 8.38 55.02 1.04 35.94 28.82 25.52 8.85 24.98 8.58 5.57 -19.35 9.24 0.14 0.84 -1.79 12.05 4.13 69.13 12.5 3 17 6.23 18.34 14.78 9.08 0.03 4.65 22.09 10.06 0.02 -45.49 6.05 0 0.29 6.82 -26.-5.37 9.5 3 17 6.43 65.47 77.02 0.74 194.21 53.43 .68 21.05 42.75 -21.74 4.69 24.2 0.86 10.32 65.24 8.41 22.8 634.52 15.89 6.06 7.87 3 17 6.53 19.57 0.05 12.

6 2.34 99.52 0.42 184.85 732.16 545.45 135.17 76.83 52.61 277.09 -43.4 147.4 158.02 -7.77 -1.23 6.391.47 994.47 1349.95 13.11 37.63 0 0.49 5.17 125.57 -7.34 -7.76 37.68 1295.06 1295.03 1295 47.46 173.75 -42.05 100 26.36 -97.5 212.19 151.65 287.31 74.14 .76 -38 -38.

76 11.85 4.45 0.88 0.64 10.73 21.88 -36.19 -44.59 50.51 -10.58 9.75 11.59 15.51 3.89 5.-51.76 7.21 avg De 0.96 24.15 0.321 .11 10.14 3 20 4.93 17.

95 1 208.483 5.156 2996.63667 12.511906 200.0819 116.57417 11.6177 188.26808 Capital Structure DE ratio(March 2012) 3.06549 68.561 Mar-14E Mar-15E 351.7392 387.778 140.333 250.0592 WACC 12.8452 105.608693 10.769301 283.80592 4.75 INR so it is overvalued.39172 5.04558046 4.3 0.6967 285.9759 468.3449 Mar-16E Mar-17E 425.6377 6296.737 235.0739 127.73136577 9.44 319. .147686 51.475726 194.71736 8.3985622 62.899425 5.1648 82.93348 257.6652 259.934143 3.6763 2 3 4 5 6 204.37 5.2335 8.622 3958.1731 343.623411 95.676196 234.4039 314.0812 56.5035 192.Britannia Free Cash Flow PBIT Tax PAT Depreciation & Amortization (NWC-Change) Capex FCFE WACC Risk Free Rate(%) Beta of Britannia Risk Premium (%) Cost of Equity(Ke) Cost of Debt Terminal Growth (%) Discounting Model Year PV of FCF Terminal Value NPV(Value of Firm) Value of Equity Intrinsic Value(per Share) (in Rs.5721 154.24906 7.45208 4.Cr) Mar-12 Mar-13E 290.67 312.5948 214.5403 378.8087 Thus we see that the stock is trading at 495.30183 75.9 10.4677 196.

8808 567.078 11.3464 206.185778 457.2407 187.90780447 503.0288 14.855813 Capital Structure 0.09266 6.589629 91.529676 416.6401 380.1175 0.240992 17.Mar-18E Mar-19E Mar-20E 515.865 Share Price(last traded) No.953 .171011 345.4152 Avg PBIT Growth rate= Tax rate Capex % 9 177.37 418.7165 624. of outstanding shares(Cr) 495.50869 7.0670028 7.321 7 8 185.8509 110.075 181.1754 15.76064 170.75 Expected CAGR Inflation Adjustment(Long Term) 0.827769 1735.0466 100.

10.05% 33% 1.265733 .

71 112.87 248.08 -4.46 -14.166464 .12 Trade & 0th receivables -71.76 -29.WC Changes 5.4 2.61 28.55 0 0 0 0 0 0 0 5.59 36.731767 241.9 29.55 0 0 0 0 0 0 3.78 0 0 0 0 0 0 0 -131.55 -47.87 -54.86 31.3597 Capital expenses in forex Avg Capex/PBIT(%) Avg 2.96 2.3474 127.44 0 0 0 0 0 0 0 95.32741 1.77 -42.37 -61.413445 1.57471 19.77 19.04 1 2.68 0 0 0 0 0 0 0 25.21 4.010093 0.08 Inventories 107.65 -12.36 47.44 235.41 -7.45 -7.69492 205.716 0.77 -12.7 Loans & Advances 0 Investments 0 Net Stock on Hire 0 Leased Assets Net of Sale 0 Trade Bill(s) Purchased 0 Change in Borrowing 0 Change in Deposits -0.76 9.82952 73.74 0.71 72.41 -19.88 Others -22 Total (OP before Working Capital Changes) -17.218 290.45 -86.21 7.760914 2.162955 2.834024 0.81 128.18 -9.75 -28.265733 2.13 46.54 Trade Payables -62.33 -36.77978 10.35 Avg WC Change PBIT Chnge in NWC/PBIT(%) Avg Chnge in NWC/PBIT 0.35 0 0 0 0 0 0 0 0 -58.22906 2.09 -50.

93 13.16 0 0 0 0 0 0 0 -23.66 2.16 -10.32 10.757059 -5.11 -3.18 158.94 85.119949 12.94192 27.2 2.10502 0.16 0.2453 6.19 27.51 -2.32 225.53 0 0 0 0 0 0 0 0 87.24 38.31767 0.21 0.08 0 0 0 0 0 0 0 -4.45 -11.44 -12.04 10.13.4 -2.65733 .05 -40.64323 190.

13687E-12 48379.69 190.39626E-15 0 Power & Fuel Cost 0 0 Employee Cost 0 0 Other Manufacturing Expenses 7.64274E-16 0 Selling and Administration Expenses 0 0 Miscellaneous Expenses 3.97904E-13 16932.86741 4.70693 0 30851.54747E-13 19351.09495E-13 0 Total Income 1 0 Raw Materials 6.01 295.05 Residuals Standard Residuals -2.31323E-10 0 6 ANOVA df Regression Residual Total 9 4294967295 4294967304 SS 30851.93886E-15 0 Less: Pre-operative Expenses Capitalised 0 0 Total Expenditure -1 0 MS 3427.70693 Coefficients Standard Error Intercept -9.SUMMARY OUTPUT Regression Statistics Multiple R R Square Adjusted R Square Standard Error Observations 1 1 -9.41061E-13 14513.91161 3.84532 1.967437 0 t Stat 65535 65535 65535 65535 65535 65535 65535 65535 65535 65535 RESIDUAL OUTPUT Observation 1 2 3 4 5 6 Predicted Operating Profit 370.98 154.27374E-13 -9675.38964E-13 31446.24 294.82322 7.55805 3.63 275.71273 .

4E-15 0 0 0 0 0 0 0 0 7.1E-13 -9.94E-15 3.64E-16 7.39626E-15 6.4E-15 6.Total Income Res Residuals 1.4E-15 6.1E-13 -9.1E-13 1 1 1 1 6.5E-12 1E-12 5E-13 0 -5E-13 P-value #NUM! #NUM! #NUM! #NUM! #NUM! #NUM! #NUM! #NUM! #NUM! #NUM! Significance F #NUM! Lower 95% Upper 95%Lower 95.93886E-15 3.09495E-13 -9.00 .64E-16 7.64274E-16 7.64E-16 0 0 0 0 3.94E-15 0 0 0 0 -1 -1 -1 -1 Operating Profit F #NUM! 400 300 200 100 0 0.0%Upper 95.94E-15 3.0% -9.

005.004.000.006.00 Total Expenditure 5.000.Total Income Residual Plot 1.00 1E-12 -5E-13 Raw Materials 0 5E-13 20 0 40 60 80 -1E-12 2E-12 Power & Fuel Cost 0 0 1E-12 50 100 150 200 250 -5E-13 2E-12 Employee Cost 0 1E-12100 0 200 300 400 500 -1E-12 2E-12 Other Manufacturing Expenses 0 1E-12200 0 400 600 800 -1E-12 2E-12 0Selling and Administration Expenses 1E-12 50 0 100 -1E-12 Miscellaneous Expenses 400 0 Other Manufacturing Expenses Residual PlotAdministration Selling and Expenses Residual Plot Miscellaneous Expenses Residual Plot Less: Pre-operative Expenses -1E-12 0 Operating Profit Capitalised Residual Plot Residuals Residuals Residuals Residuals Residuals -5E-13 Power & Fuel Cost Residual Plot Cost Residual Plot Employee 1E-12 Residuals 0 Residuals 5E-13 0.000.000.00 2E-12 Total Income 1.002.00 3.000.00 3.000.00 4.00 2.00 6.000.000.2 300 0.000.5E-12 0 1E-12 0.000.4 Less: Pre-operative Expenses Capitalised 200 100 0 0.000.000.000.5E-12 5E-13 0.00 1.5E-12 Raw Materials Residual Plot 1E-12 1.00 4.00 1.00 Total Expenditure Line Fit Plot Operating Profit Predicted Operating Profit 0.000.003.000.00 2.00 1.00 .000.

000.8 operative Expenses Capitalised 400 Operating Profit 3.00 Operating Profit Power & Fuel Cost Line Fit Plot Employee Cost Line Fit Plot Expenses Line Fit Plot Miscellaneous Expenses Line FitPre-operative Plot Less: Expenses Capitalised Line Fit Plot Operating Profit Operating Profit Operating Profit Other Manufacturing Expenses Line Fitand PlotAdministration Selling Operating Profit Operating Profit Operating Profit 300 Operating Profit Predicted Operating 200 400 Profit 0.000.00 Operating Profit Predicted Operating Raw Materials 200 0 Profit 0 20 40 60 80 100 400 Predicted Operating Power & Fuel Cost 0 Operating Profit Profit 200 0 100 200 300 400 Employee Cost 0 Operating Profit Predicted Operating 200 0 200 400 600 Profit 400 Other Manufacturing Expenses 0 Operating Profit Predicted Operating 200 500 0 1000 Profit 400 Selling and 0 Administration Expenses Predicted Operating 200 0 50 100 150 200 Profit Miscellaneous Expenses 0 0 0.Total Expenditure Residual Plo 1.000.00 3.4 0.6 0.000.000.000.00 2.000.00 1002.00 -5E-13 150 Miscellaneous Expenses Total Income Line Fit Plot 200 Raw Materials Line Fit Plot 1 0.00 Total Expenditure 1000 nistration Expenses 2.5E-12 Residuals ministration laneous Expenses esidual operative Plot Expenses 1E-12 5E-13 0 0.000.5 redicted Operating Profit Less: Pre-operative Expenses Capitalised .00 Capitalised Residual Plot 1.000.00 6.00 100 300 Operating Profit Predicted Operating Total Income 0 400 200 Profit 0.00 4.000.00 300 4.00 1.

000.000.000.al Expenditure Residual Plot 3.00 4.00 5.00 .000.00 Total Expenditure ministration eous Expenses Line operative Expenses Capitalised Line Fit Plot Operating Profit Predicted Operating Operating Profit Operating Profit Predicted Operating Profit Predicted Operating Profit operative Expenses Capitalised 1 6.

45 2.026945 8784.421.0318069 6600 360.57 2.23 82.54 3.69 1.6 OP(forecast) Net Sales 372.40 2.546.37 59.346.01 15.6318282 6000 366.33 1.267.25 24.32 54.52 41 126.03 5.24 27.44 79.82 -19.8623628 6000 360.609.47 164.48 158.5059667 6600 351.62 3.68 4.74 45.858.Net Sales Other Income Stock Adjustments Total Income Raw Materials Power & FuelEmployee Cost Cost 5.54 177.6975821 7260 850.438.25 2.1542186 7260 811.21 43.25 3.29 56.87 211.500.80 72.72 19.772.676.6 9663.150139 8784.91 58.69 51.15 4.523.814.47 2.26 OP(forecast) Net Sales 377.138.043.684.1673125 7986 1830.06 .65 35.558.485.51 3.38 59.07 3.779.14 14.7849282 7986 1707.49 3.71 2.

Other Manufacturing SellingExpenses and Administration Miscellaneous Expenses Less: Expenses Pre-operative TotalExpenses Expenditure Operating CapitalisedProfit 393.4 0 3.24 257.28 154.63 198.79 122.228.26 0 2.21 0 4.16 190.538.52 177.53 370.22 786.388.69 282.94 294.45 390.13 602.97 0 5.05 .188.91 134.23 106.192.5 499.668.71 275.01 0 2.01 319.82 318.5 75.96 127.89 663.38 295.77 0 3.98 194.