Britannia Industries Ltd (BRIT IN) - GAAP - Vertical Analysis

In Millions of INR except Per Share FY 2015 FY 2016 FY 2017 FY 2018

12 Months Ending 03/31/2015 03/31/2016 03/31/2017 03/31/2018
Revenue 100.00% 100.00% 100.00% 100.00%
+ Sales & Services Revenue 100.00% 100.00% 100.00% 100.00%
Gross Profit 0.00% 0.00% 0.00% 0.00%
+ Other Operating Income 1.06% 1.05% 1.24% 1.07%
- Operating Expenses 91.85% 87.58% 87.91% 87.05%
+ Selling & Marketing 0.00% 5.02% 3.87% 3.75%
+ Research & Development 0.22% 0.29% 0.31% 0.29%
+ Depreciation & Amortization 1.65% 1.15% 1.16% 1.30%
+ Prov For Doubtful Accts 0.00% 0.01% 0.04% 0.01%
+ Other Operating Expense 89.98% 81.11% 82.53% 81.70%
Operating Income (Loss) 9.21% 13.47% 13.33% 14.02%
- Non-Operating (Income) Loss -3.22% -1.55% -1.73% -1.68%
+ Interest Expense, Net -0.63% -0.98% -1.12% -1.12%
+ Interest Expense 0.02% 0.00% 0.00% 0.00%
- Interest Income 0.65% 0.98% 1.12% 1.12%
+ Other Investment (Inc) Loss 0.00% 0.00% 0.00% 0.00%
+ Foreign Exch (Gain) Loss -0.02% 0.00% 0.01% -0.03%
+ Other Non-Op (Income) Loss -2.57% -0.57% -0.62% -0.53%
Pretax Income 12.43% 15.02% 15.05% 15.70%
- Income Tax Expense (Benefit) 3.66% 5.04% 4.90% 5.40%
+ Current Income Tax 4.02% 5.02% 4.69% 5.43%
+ Deferred Income Tax -0.36% 0.02% 0.21% -0.02%
Income (Loss) from Cont Ops 8.77% 9.98% 10.15% 10.30%
- Net Extraordinary Losses (Gains) 0.00% 0.00% 0.00% 0.00%
+ Discontinued Operations 0.00% 0.00% 0.00% 0.00%
+ XO & Accounting Changes 0.00% 0.00% 0.00% 0.00%
Income (Loss) Incl. MI 8.77% 9.98% 10.15% 10.30%
- Minority Interest 0.00% 0.00% 0.00% 0.00%
Net Income, GAAP 8.77% 9.98% 10.15% 10.30%
- Preferred Dividends 0.00% 0.00% 0.00% 0.00%
- Other Adjustments 0.00% 0.00% 0.00% 0.00%
Net Income Avail to Common, GAAP 8.77% 9.98% 10.15% 10.30%
0.00% 0.00% 0.00% 0.00%
Net Income Avail to Common, Adj 6.76% 10.02% 10.17% 9.93%
Net Abnormal Losses (Gains) -2.00% 0.04% 0.01% -0.37%
Net Extraordinary Losses (Gains) 0.00% 0.00% 0.00% 0.00%

Basic Weighted Avg Shares 239.8516 239.9322 239.982 240.093

Basic EPS, GAAP 25.95 31.815 35.155 39.48
Basic EPS from Cont Ops 25.95 31.815 35.155 39.48
Basic EPS from Cont Ops, Adjusted 20.0176 31.955 35.2063 38.0798

Diluted Weighted Avg Shares 239.8848 239.9962 240.0232 240.2143

Diluted EPS, GAAP 25.945 31.805 35.15 39.46
Diluted EPS from Cont Ops 25.945 31.805 35.15 39.46
Diluted EPS from Cont Ops, Adjusted 20.0137 31.9464 35.1999 38.0604

Reference Items
Accounting Standard IN GAAP IN GAAP IN GAAP IN GAAP
EBITDA 7715 11183.4 12041.5 14104.8
EBITDA Margin (T12M) 10.8655 14.6157 14.4877 15.3214
EBITA 6580.5 10345.5 11121.6 12949.3
EBIT 6542.3 10305.5 11077.2 12907.2
Operating Margin 9.2139 13.4684 13.3275 14.0205
Profit Margin 8.7658 9.9758 10.1508 10.2965
Sales per Employee 27257044.146 25277964.982 25924922.021 24264443.859
Dividends per Share 8 10 11 12.5
Total Cash Common Dividends 1918.8 2399.5163 2640.0179 3179.1
Personnel Expenses 1767.9 2162.4 2416.8 2948.7
Depreciation Expense 1134.5 837.9 919.9 1155.5
Rental Expense 65.6 507.1 563.7 506.8
Source: Bloomberg
l Analysis
FY 2019
03/31/2019
100.00%
100.00%
0.00%
0.89%
86.20%
4.22%
0.33%
1.30%
0.00%
80.35%
14.70%
-1.82%
-1.24%
0.00%
1.24%
0.00%
-0.01%
-0.57%
16.52%
5.72%
5.60%
0.12%
10.80%
0.00%
0.00%
0.00%
10.80%
0.00%
10.80%
0.00%
0.00%
10.80%
0.00%
10.44%
-0.37%
0.00%

240.2465
46.71
46.71
45.1297

240.4276
46.68
46.68
 45.1005

IN GAAP
16621.3
15.9982
15306.5
15271.3
14.6988
10.8013
23190825.893
15
3618.5
3216.4
1314.8
565.7