Britannia Industries Ltd (BRIT IN) - GAAP - Horizontal 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% 107.76% 117.06% 129.65%
+ Sales & Services Revenue 100.00% 107.76% 117.06% 129.65%
Gross Profit 0.00% 0.00% 0.00% 0.00%
+ Other Operating Income 100.00% 106.00% 136.16% 129.92%
- Operating Expenses 100.00% 102.75% 112.03% 122.87%
+ Selling & Marketing 0.00% 100.00% 83.82% 89.90%
+ Research & Development 100.00% 138.84% 165.34% 168.75%
+ Depreciation & Amortization 100.00% 74.86% 82.23% 102.12%
+ Prov For Doubtful Accts 0.00% 100.00% 277.14% 48.57%
+ Other Operating Expense 100.00% 97.14% 107.36% 117.72%
Operating Income (Loss) 100.00% 157.52% 169.32% 197.29%
- Non-Operating (Income) Loss 100.00% 51.92% 62.81% 67.64%
+ Interest Expense, Net 100.00% 168.45% 207.91% 230.36%
+ Interest Expense 100.00% 9.92% 5.79% 13.22%
- Interest Income 100.00% 164.27% 202.57% 224.63%
+ Other Investment (Inc) Loss 100.00% 9.09% 9.09% 0.00%
+ Foreign Exch (Gain) Loss 100.00% -26.09% -65.22% 249.57%
+ Other Non-Op (Income) Loss 100.00% 23.95% 28.17% 26.76%
Pretax Income 100.00% 130.20% 141.76% 163.74%
- Income Tax Expense (Benefit) 100.00% 148.28% 156.60% 191.13%
+ Current Income Tax 100.00% 134.49% 136.59% 174.87%
+ Deferred Income Tax 100.00% -6.28% -67.78% 8.83%
Income (Loss) from Cont Ops 100.00% 122.64% 135.55% 152.29%
- 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 100.00% 122.64% 135.55% 152.29%
- Minority Interest 0.00% 0.00% 0.00% 0.00%
Net Income, GAAP 100.00% 122.64% 135.55% 152.29%
- 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 100.00% 122.64% 135.55% 152.29%

Net Income Avail to Common, Adj 100.00% 159.69% 175.97% 190.42%

Net Abnormal Losses (Gains) 100.00% -2.38% -0.84% 23.63%
Net Extraordinary Losses (Gains) 0.00% 0.00% 0.00% 0.00%

Basic Weighted Avg Shares 100.00% 100.00% 100.04% 100.08%

Basic EPS, GAAP 100.00% 122.62% 135.49% 152.14%
Basic EPS from Cont Ops 100.00% 122.62% 135.49% 152.14%
Basic EPS from Cont Ops, Adjusted 100.00% 159.64% 175.87% 190.21%

Diluted Weighted Avg Shares 100.00% 100.04% 100.04% 100.13%

Diluted EPS, GAAP 100.00% 122.58% 135.45% 152.06%
Diluted EPS from Cont Ops 100.00% 122.58% 135.45% 152.06%
Diluted EPS from Cont Ops, Adjusted 100.00% 159.67% 175.91% 190.20%

Reference Items
Accounting Standard IN GAAP IN GAAP IN GAAP IN GAAP
EBITDA 7715 11183.4 12041.5 14104.8
EBITDA Margin (T12M) 10.87 14.62 14.49 15.32
EBITA 6580.5 10345.5 11121.6 12949.3
EBIT 6542.3 10305.5 11077.2 12907.2
Operating Margin 9.21 13.47 13.33 14.02
Profit Margin 8.77 9.98 10.15 10.3
Sales per Employee 27257044.15 25277964.98 25924922.02 24264443.86
Dividends per Share 8 10 11 12.5
Total Cash Common Dividends 1918.8 2399.5 2640 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
al Analysis
FY 2019
03/31/2019
146.32%
146.32%
0.00%
123.08%
137.31%
113.97%
218.85%
115.12%
17.14%
130.66%
233.42%
82.75%
287.63%
10.74%
280.32%
0.00%
120.00%
32.48%
194.44%
228.25%
203.50%
-49.25%
180.30%
0.00%
0.00%
0.00%
180.30%
0.00%
180.30%
0.00%
0.00%
180.30%

225.82%
26.69%
0.00%

100.13%
180.00%
180.00%
225.42%

100.21%
179.88%
179.88%
 225.39%

IN GAAP
16621.3
16
15306.5
15271.3
14.7
10.8
23190825.89
15
3618.5
3216.4
1314.8
565.7