A study on ratio analysis of Britannia Industries Limited from the year 2016-

2021

A Project Submitted to

University of Mumbai for partial completion of the degree of

Master in Commerce

Under the Faculty of Commerce

By

Pankaj Keshab Tiwari

(Roll No. 7539)
Under the Guidance of
Dr. Farhat Fatima Shaikh

Mahatma Education Society’s

Pillai College of Arts, Commerce and Science
(Autonomous)
2020-2021

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 Certificate

This is to certify that Mr Pankaj Keshab Tiwari has worked and duly completed

her/his Project Work for the degree of Master in Commerce under the Faculty of

Commerce in the subject of Project Work Sem III and her/his project is entitled,

“Farhat Fatima Shaikh -” under my supervision. I further certify that the entire work

has been done by the learner under my guidance and that no part of it has been

submitted previously for any Degree or Diploma of any University. It is her/ his own

work and facts reported by her/his personal findings and investigations.

Name and Signature of Guiding Teacher

(Dr. Farhat Fatima Shaikh)

Signature of External Teacher

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 Declaration

I the undersigned Mr. Pankaj Keshab Tiwari here by, declare that the work

embodied in this project work titled “A Study on Ratio Analysis on Britannia

from the year 2016 to 2021. Industries”, forms my own contribution to the

research work carried out under the guidance of Farhat Fatma Shaikh a result of

my own research work and has not been previously submitted to any other

University for any other Degree/ Diploma to this or any other University. Wherever

reference has been made to previous works of others, it has been clearly indicated as

such and included in the bibliography. I, here by further declare that all information

of this document has been obtained and presented in accordance with academic rules

and ethical conduct.

Name and Signature of Learner

(___________________)

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 Acknowledgment

To list who all have helped me is difficult because they are so numerous and the depth is

so enormous. I would like to acknowledge the following as being idealistic channels and

fresh dimensions in the completion of this project. I take this opportunity to thank the

University of Mumbai for giving me chance to do this project.

I would like to thank my Principal and Coordinator Dr.Gajanan Wader for providing the

necessary facilities required for completion of this project.

I would also like to express my sincere gratitude towards my project guide Farhat Fatma

Shaikh whose guidance and care made the project successful.

I would like to thank my College Library, for having provided various reference books and

magazines related to my project.

Lastly, I would like to thank each and every person who directly or indirectly helped me in

the completion of the project especially my Parents and Peers who supported me

throughout my project.

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 Index

Chapter No. Topic Page No.

1 Introduction 6
2 Research Methodology 29
3 Review and Literature 34
4 Data Analysis, Interpretation and Presentation 38
5 Conclusion and Suggestions 70
Bibliography 74

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 Chapter Number 1: Introduction

Britannia Industries Limited is an Indian food and beverage company. Founded in 1892
and headquartered in Kolkata, it is one of India's oldest existing companies. It is now part
of the Wadia Group headed by Nusli Wadia. The company sells its Britannia and Tiger
brands of biscuits, breads and dairy products throughout India and in more than 60
countries across the world. Beginning with the circumstances of its takeover by the
Wadia group in the early 1990s, the company has been mired in several controversies
connected to its management. However, it does enjoy a large market share and is
exceedingly profitable.

1.1 Overview

“We demand the best of ingredients and package their natural goodness in our products,
without compromise.”

Britannia Industries is one of India’s leading food companies with a 100-year legacy and
annual revenues in excess of Rs. 9000 Cr. Britannia is among the most trusted food
brands, and manufactures India’s favourite brands like Good Day, Tiger, NutriChoice,
Milk Bikis and Marie Gold which are household names in India. Britannia’s product
portfolio includes Biscuits, Bread, Cakes, Rusk, and Dairy products including Cheese,
Beverages, Milk and Yoghurt. Britannia is a brand which many generations of Indians
have grown up with and our brands are cherished and loved in India and the world over.
Britannia products are available across the country in close to 5 million retail outlets and
reach over 50% of Indian homes.

The company’s Dairy business contributes close to 5 per cent of revenue and Britannia
dairy products directly reach 100,000 outlets.

Britannia Bread is the largest brand in the organized bread market with an annual
turnover of over 1 lac tons in volume and Rs.450 crores in value. The business operates
with 13 factories and 4 franchisees selling close to 1 mn loaves daily across more than
100 cities and towns of India.

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We have a presence in more than 60 countries across the globe. Our international
footprint includes presence in Middle East through local manufacturing in UAE and
Oman, are the No 2 biscuit player in UAE with a strong contention to leadership and
have a similarly strong market position in the other GCC countries. We are also the
market leaders in Nepal and are in the process of investing a manufacturing facility in the
country.

Britannia’s foot print spreads across North America, Europe, Africa and South East Asia
through exports and we are investing in a state- of- the- art facility in Mundra
SEZ,Gujarat, to service the exports markets.

Britannia’s strategic expansion plan is based on the principle of ‘One new market a year’.
We plan to expand through local operations in Africa and South East Asia in the coming
years.

Britannia takes pride in having stayed true to its credo, ‘Eat Healthy, Think Better’.
Having removed over 8500 tons of Trans Fats from products, Britannia became India’s
first Zero Trans Fat Company. Over 50% of the Company’s portfolio is enriched with
essential micro- nutrients which nourish the body.

The company set up the Britannia Nutrition Foundation in 2009, and began working on
public private partnership to address malnutrition amongst under-privileged children and
women.

Britannia’s Core Emphasis Across Portfolios Is On Healthy, Fresh And Delicious Food.

Brand Britannia is listed amongst the most trusted, valuable and popular brands in
various surveys conducted by prestigious organizations like Millward Brown, IMRB,
WPP Group and Havas Media Group to name a few.

Britannia’s relentless focus on quality and freshness have won us prestigious accolades
including the Golden Peacock National Quality Award and the Ramakrishna Bajaj
National Quality Award.

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However, the award that they cherish the most is the one given by our consumers.
Britannia is recognized as one of the most trusted, valuable and popular brands among
Indian consumers in various reputed surveys.

Britannia believes that ‘Taste & Trust’ are its sobriquet and will constantly endeavor to
make a Billion Indians reach out for a delightful and healthy Britannia product several
times a day!

1.2 VARIOUS PRODUCTS OFFERED

1. GOOD DAY

A. THE ALLNEW GOOD DAY

It’s a Smile that makes it a Good Day! The smaller joys of life that can brighten up one’s
life everyday often get ignored in the pursuit of larger joys. With its tagline of “Har
cookie mein kayi Smiles.” Good Day will act as an enabler in enjoying all those small
moments in everyday life!

In its brand-new tastier avatar, Britannia Good Day brings alive its philosophy of Smiles
through its new Logo, packaging and cookie, the New Good Day cookie comes with a
smiley design on it as well!

B. NEW GOOD DAY CASHEW

With the abundance of nuts on the surface and a great new taste, the new Good day
Cashew will give its consumers more reasons to love their favourite cookie!

2. CRACKERS - SNACK ON IT

At Britannia, they believe that there is a whacky side to everyone - sometimes hidden, at
other times overt. And this is what we celebrate with our brands 5050, Maska Chaska,
Time Pass & Top. With products which can well be called differentiated, in the world of
sweet biscuits, these brands have carved out a special place in the minds of consumers
across the country.

A. 5050 SWEET & SALTY

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What happens when you mix two completely opposite flavors together? You get the
lipsmacking and iconic Britannia 5050 Sweet & Salty biscuit – a biscuit that is
deliciously sweet and scrumptiously salty. Launched in 1993, 5050's dual flavored appeal
soon made it a household name, while its whacky and unforgettable ads, including the
iconic and much loved "Na re nana 5050" ad campaign only added to its growing
popularity amongst the youth.

3. NUTRICHOICE

Britannia NutriChoice is one of India’s leading health brands today, changing the way
Indians think, feel and behave about health and healthy living. NutriChoice provides a
range of ‘power packed’ snacks specially created for people who seek a healthy way of
life.

A. OAT COOKIES

You know that Oats are healthy, however they are not very easy to consume - they taste
bland and need to be cooked. Presenting Nutrichoice Oat cookies made with crunchy
Almonds and zesty Oranges, a delicious new way to have Oats. Now have Oats whenever
you like

4. MARIE GOLD-CHEERS TO HEALTH AT TEA TIME!

Tea times are incomplete without a packet of Britannia Marie biscuits. As today’s woman
packs in more each day while caring for her family, these low fats and zero cholesterol
biscuits are her tea time mates. By dipping a Marie Gold into a piping hot cup of tea, a
special moment of vitality is savored.

Each Marie Gold biscuit is crisp and light, and is packed with the goodness of Vitamins
and Minerals that make for healthier teatimes.

5. TIGER-ROZ BADHO.

That’s something every mother would wish for her child! Britannia Tiger has recognized
this and has created biscuits which are high in nutrition, and great in taste.

A. TIGER GLUCOSE

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Crispy, crunchy Tiger Glucose Biscuits are filled with taste and have added vitamin and
mineral.

6. MILK BIKIS- ARTNER IN NOURISHMENT, PARTNER IN FUN!

Every mother today plays the dual role of being a nourisher and a fun friend. Britannia
Milk Bikis dons the same dual role, like the mother.

Enriched with the goodness of milk, Calcium, Iodine and 4 vital vitamins – Milk Bikis is
the perfect nurturing partner, and with the exciting waffle design that lets you scoop, bite
and dunk, it’s also the perfect partner in taste and fun!

7. JIM JAM + TREAT TOH LE HI LENGE!

In 2002, Britannia lovingly baked a Treat for little pranksters. An irresistible range of
yummy, creamy biscuits to fuel their tricks. For over a decade, kids have hatched many a
clever conspiracy to bite into a Treat. Its lip-smacking flavours, cool shapes and soft
cream famous with the kids and in the market.

8. JIM JAM VANILLA

Jimmy and Jammy come together to give you a twin Treat of Masti Cream and Naughty
Jam in a pack of Treat Jim Jam. The combo of thick vanilla or cunning chocolate cream
sandwiched between crisp biscuits, topped with a dollop of Jam and sugar crystals, makes
Jim Jam the king of the Treat range.

9. BOURBON-HODA AUR CHOCALETEY, THODA AUR CRUNCHY!

Britannia Bourbon is all about showing off your wickedly smooth side. It has always
been the chocolate lover’s favourite guilt trip. One bite of this smooth, luscious chocolate
cream enveloped in crunchy, sugary chocolate biscuit and the smooth operator in you
will be unleashed!

Smooth chocolate cream spread in between crunchy chocolate biscuits topped with sugar
crystals, best relished in the company of your craziest, naughtiest friends, as you spend
hours gossiping and planning your next trick. We have a Pocket Pack, a Hangout Pack
and a Party Pack!

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10. LITTLE HEARTS-BREAK SOME HEARTS

Hearts are so typically associated with love and romance, but is it really? Britannia Little
Hearts encourages you to break a ‘Little Heart’ and break away from all the clichés. This
is the time to try something new and unexpected. After all what is life without a little
mischief? Go ahead #BreakSomeHearts and have some fun.

There is hardly anyone who doesn’t recognize and adore the iconic heart-shaped
poppable biscuits and its trademark gold and red packs. So, if you’re looking for some
fun and memorable times, just grab a pack of the delicious Britannia Little Hearts, and let
its sugar sprinkled goodness leave you with an oh-so-pleasing aftertaste. Gather your
favourite bunch of friends and #BreakSomeHearts with Little Hearts!

11. PURE MAGIC-PURE BLISS. PURE MAGIC.

Pure Magic is more than a biscuit - it is fine chocolate artistry.

12. VANILLA CRÈME

Smooth Gooey Vanilla Whip nestled between Crisp Chocolaty biscuits. Wisps of Vanilla
Crème, set in bittersweet chocolate. A classic among our indulgences.

13. NICE TIME

Yet another iconic offering from Britannia, the Nice Time biscuit has inspired a long line
of imitations since it was first introduced by us. Crunchy, sugary, sweet and oh-
sodelectable – India instantly fell in love with this crisp biscuit sprinkled with delightful
sugar crystals.

14. WHOLE WHEAT BREADS-BAHAR SE NEW AUR ANDAR SE IMPROVED!

Whether you live to eat or eat to live, it’s best when it’s done right. Britannia’s range of
wholesome and delicious breads is filled with the goodness you need to keep your body
healthy and happy.

Being the largest selling brand of breads in India, we rise every day to bake fresh,
highquality products so that you can start your day on a nourishing and delightful note.

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15. ATTA KULCHA

Ready-to-eat 100% Atta Kulcha - Toast it with Butter, wrap it with an Indian curry or
spread it with Jam. And get ‘Healthy Khana without Pakana’. Available in two variants –
Atta and Maida

16. WHITE SANDWICH BREADS-BAHAR SE NEW AUR ANDAR SE IMPROVED!

Whether you live to eat or eat to live, it’s best when it’s done right. Britannia’s range of
wholesome and delicious breads is filled with the goodness you need to keep your body
healthy and happy.

Being the largest selling brand of breads in India, we rise every day to bake fresh,
highquality products so that you can start your day on a nourishing and delightful note.

17. VITAMIN ENRICHED BREAD

Soft white sandwich bread that'll treat your palate to delicious taste and B Vitamin to
your tummy.

18.DAILY BREADS-IF BREAD ISN'T EXCITING ENOUGH...EAT BREAD

INSTEAD!

Experience the future of Bread with this all new range of 'Daily Breads' from Britannia!
Every variant comes with a delightfully indulgent twist. Made from hand picked
ingredients to create flavours which are innovative, delectable and elevating... this new
range is bread but not quite!

19. MISSI BREAD

This vitamin enriched, wholewheat Bread is made with wheat flour, gram flour and
turmeric flavoured just right with a blend of choicest Indian spices - ajwain, methi,
coriander, jeera, chilli, this is bread, but not quite! Enjoy it simply toasted with butter or
have it with chole or any subzi of your choice. This is Missi in a pack!

20. CHEESE

Burgers or cakes, pastas or pizzas- if you’ve got the recipe, we’ve got the cheese.

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Britannia Cheese proudly offers the widest range of cheese in India- Slices, Cubes,
Blocks, Spreads, Pizza Cheese, Low-fat cheese and Cream Cheese.

A. CHEESE SLICES

Super nutritious slices, each with the goodness of a glass of cow’s milk. Wrapped
individually to preserve its taste, nutrition and freshness

21. MILK BASED BEVERAGES

Must have for all homes in convenient and attractive TetraPak packaging – for the entire
family

It’s Thick shake that enables ultimate indulgence with refreshing flavours

WINKIN’ COW CHOCO THICK SHAKE - TETRAPAK

It comes in 4 exciting flavours: Vanilla, Choco, Strawberry and Mango. It comes in

convenient TetraPak packaging of 180 ml

A. FRESH DAIRY

Every scoop is thicker, tastier and healthier/p>

The result of a meticulously monitored and controlled process

Britannia Dairy Fresh Dahi comes with no added preservatives, colours and flavours and
so truly up to its name

Britannia dahi contains power of milk protein and is a rich source of calcium

B. DAHI

Available in various sizes of 80g, 150g and 400g.

Also available in low fat version

C. EVERYDAY GOODNESS

he deliciously sweetened milk mix made from Britannia Dairy Whitener is the perfect
partner for daily cup of tea and coffee

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Tea is best when made with the goodness of cow’s milk. New & Improved Britannia
Dairy Whitener is made from cow’s milk

It is made with improved spray drying technology which gives Britannia Dairy Whitener
complete miscibility. It dissolves instantly and evenly in luke warm water

It is a handy partner in your pantry at all time. Just add to hot water and you can whip up
a tasty bowl of porridge or surprise your family with a delicious kheer.

D. DAIRY WHITENER

Available in pouch refills of various sizes 200g, 400g & 1 Kg and sachets of single serve
and double serve.

It is also available in airtight, convenient and reusable jar 400g

22. GOBBLES

Soft and delicious cake slices with the goodness of milk fruit and eggs. Available in six
exciting flavours - Fruit, Chocolate , Orange, Milk, Butter and Pineapple.

FRUIT GOBBLES

Studded with little fruit bits, they’re the yummy treat for your taste buds.

23. TIFFIN FUN

Yummy chunks of cake infused with the goodness of milk and egg and filled with
surprising fruit bits.

A. NUT & RAISIN-NUT AND RAISIN ROMANCE

Crunchy almonds and soft raisins come together with a hint of orange peel to tease your
senses, in this delicious cake.

24. MUFFILLS

Little muffins with gooey centres in your favourite flavours.

A. CHOCO MUFFILLS

With thick Choco filling that will take you by surprise.

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LAYERZ

A rich chocolate sandwich cake with vanilla crème in between each bite offers a fulfilling
portion Combination of rich vanilla creme & indulgent chocolate cake.

Delicious all-time snack can be consumed on the go.

Refrigerate to keep the cake moist and yummy.

25g of gooey, indulgent goodness.

B. LAYERZ CHOCOLATE

A indulgent chocolate sandwich cake with heavenly vanilla crème. Here’s a sweet delight
you won’t be able to resist! Surprise your kids with this delicious Layerz or treat yourself
when hunger pangs hit between meals. Keep them in a cool, dry place, away from
sunlight to enjoy the best of yumminess

25. ROLLYO

Soft, fluffy and refreshing choco Swiss roll.

Whipped to perfection, each bite offers a fulfilling portion.

Perfect combination of delicious creme & indulgent cake.

Light and delicious all-time snack, a big hit among kids.

Refrigerate to keep the cake moist and yummy.

30 g of gooey, indulgent goodness.

ROLL YO CHOCOLATE

The gooey goodness of cakes pair with the delicious crème inside in a swirl format.
Here’s a sweet delight you won’t be able to resist! Baked to perfection, it offers a
fulfilling portion in each bite. Surprise your kids with this heavenly swiss roll or gobble
up yourself when hunger pangs hit between meals. Keep them in a cool, dry place, away
from sunlight to enjoy the best of yumminess

26. FUDGE IT

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Indulge in moist & fudgy chocolate brownie experience infused with bits of chocolate
chips. Small joys in life call for yummy treats and is perfect for anytime and can be
carried on the go

27. TOASTEA-HAVE A BITE OF THE CRUNCHY BRITANNIA TOASTEA!

Crunchy and loaded with the goodness of wheat, the Britannia Toastea offers a
wholesome teatime experience. So, just grab a slice, dip it in your hot cup of tea, watch it
soak just the right amount of the beverage, and have a crispy, crunchy tea moment!

A. PREMIUM BAKE RUSK

Experience the taste, texture, and crunch of the classic Britannia Premium Bake Rusk.
With the right amount of sweetness, substance of wheat and hint of elaichi, it perfectly
complements your steaming cup of tea!

Happy munching

28. TREAT CREME WAFER-EXPLORE THE FUN IN THE LAYERS

Presenting the latest Treat from Britannia! The all-new Britannia Treat Creme Wafers.

Discover the layers of fun and mischief between the crunchy wafers and lip-smacking
creme.

Enjoy the Treat Creme Wafers in 4 different flavours: chocolate, strawberry, orange and
vanilla

29. TREAT CROISSANT-RULY ANYTIME, ANYWHERE, ANYHOW

For the past paced, busy, young, modern day Indians, Britannia presents all-new Treat
Croissant. A new snack in town that you can enjoy as an On-The-Go Snack, Work Snack,
Classroom Snack, Night Snack or just as Breakfast making the perfect Anytime,
Anywhere, Anyhow Snack.

1.3 MILESTONES

1892-Established in Kolkata with an investment of just Rs. 295.

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1918-The Company was incorporated on 21st March, as a Public Limited Company
under the Indian Companies Act, VII of 1913. The company manufactured bakery and
soyabean products and exported cashew kernels and sea food products.

1921-The Company obtained a priority of Certificate and imported new machinery

thereby becoming the first biscuit company in India to install and run a gas oven plant.

1924-A new factory was established at Kasara Pier Road in Mumbai. In the same year,
the Company became a subsidiary of Peek, Frean&Co.Ltd., U.K.,a leading biscuit
manufacturing company, and further strengthened its position by expanding the factories
at Calcutta

1939-45-A large part of the Company's production was diverted to war effort on account
of World War II and at times as much as 95% of the total capacity was booked for the
production of Service Biscuit.

1952-The Calcutta Factory was shifted from Dum Dum to spacious grounds at Taratola
Road in the suburbs of Calcutta. During the same year automatic plants were installed
there and later in Mumbai in 1954.

1954-The development of high quality sliced and wrapped bread in India was pioneered
by the Company and was first manufactured at Delhi.

1955-Britannia launches the delicious Bourbon biscuit in India.

1963-Britannia Cakes hit the markets.

1975-Britannia takes over biscuit distribution from Parry's

1976-Britannia Bread is introduced in Calcutta and Chennai

1978-The Indian share holding in the company crosses 60%

1979-With effect from 3rd October, the name of the Company was changed from the
Britannia Biscuit Co., Ltd., to Britannia Industries Ltd.

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1980-The Company signed a 10 year technical collaboration agreement with Nebico Pvt.
Ltd., Nepal, for the supply of know-how relating to manufacturing, packaging and
marketing of biscuits and selection of plant and machinery.

1983-Sales cross Rs. 100 crores.

1986-The turnover increased by 19.4% over the the previous year to Rs 192.15 crores.
Good Day, a new biscuit launched during the year met with good response.

1987-In (16 months), the total sales turnover increased on an annualised basis by 38.7%
over the previous year. Increase in sales of bakery and soya products divisions and higher
cashew exports helped to realise higher sales. With the introduction of some more brands
during the year, the total biscuit brands of the bakery division reached 27. The soya
products division introduced a range of extruded products under the brand name VITAL
FEAST.

1989-The Company launched new brand of biscuit,namely, CIRCUT'. Another brand

PURE MAGIC was extended nationally and pista badam was added to GOOD DAY
range of biscuits. The Executive Office of the company moves to Bangalore.

1990-Two new brands of biscuits, Elaichi Cream and Petit Beurre are launched. A new
Cashew Badam variant of the brand Milk Bikis and Pure Magic biscuit vanilla flavour is
launched.

1992-Britannia celebrates it Platinum Jubilee!

1993-The Wadia Group acquires a claim in the company and becomes an equal partner
with Group Danone. Britannia also launches Little Hearts and 50-50 biscuits.

1994-Annual volume produced crosses 1 lakh tonne of biscuits. This year Britannia
launches Baker's Choice and Thinlite - aimed at the health conscious consumer.

1995-Britannia identifies a new mission - to make every 3rd Indian a Britannia consumer.
It also changes its Corporate identity to "Eat Healthy, Think Better"

1996-Britannia Marie Gold and Milk Bikis Milk Cream perform exceptionally well in the
market and the company's profits improve despite the slow down in the economy. 1997-

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Britannia launches its Dairy products. Britannia also launches Tiger biscuits, Chekkers
and Jim Jams.

1998-The company launches Half/Half, a soft cake filled with cream in two variants,
chocolate-vanilla and vanilla-orange.

1999-Britannia launches its brand of flavoured milk and the famous Britannia
Encyclopaedias.

2000-Britannia Industries launches the hugely successful campaign `Britannia Khao,

Cricketer Ban Jao'. It also launches the product Vita Mariegold in this year. Britannia
also launches Milkman Lassi and Mlikman Cold Coffee.Britannia was voted in Top 300
small companies by Forbes Global.

2001-Britannia Industries launches Britannia Milkman Milk in Delhi. Britannia is

acknowledged as No.1 food brand of India by Economic Times Brand Equity survey.

2002-Britannia Industries Ltd announced on March 26, 2002 that it has entered into a
joint venture with the Fonterra Cooperative Group, New Zealand's biggest company and
one of the leading diary co-operative groups in the world. Britannia's new COO is Nikhil
Sen.

2004-Britannia was accorded the status of being a 'Superbrand'. Volumes crosses 3,

00,000 tonnes of biscuits. Good Day adds Choconut to its range.

2005-Relaunches the brand Tiger, with the highly successful slogan - 'Swasth Khao,
Tiger Ban Jao' and also launches 50-50 Pepper Chakkar.

2007-Britannia industries formed a joint venture with the Khimji Ramdas Group and
acquired a 70 percent beneficial state in the Dubai-based Strategic Foods International
Co. LLC and 65.4% in the Oman-based Al Sallan Food Industries Co. SAOG. Britannia
launches NutriChoice - the first of its kind of biscuits in India - with no added sugar.

2009-Britannia takes full control of Daily Bread. Britannia New Zealand Food (BNZF)
became a BIL subsidiary after BIL bought out New Zealand's Fonterra from the existing
joint venture. BNZF was renamed Britannia Dairy Pvt. Ltd. (BDPL). Britannia became
the first Bakery brand in India to remove trans-fats from 99.9% of its products. Wadia
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Group became the largest shareholder in BIL after acquiring stake holdings from Group
Danone.

2010-Britannia Industries Ltd has appointed Dr. Vijay L. Kelkar as an additional Director
on the Board of the Company with effect from May 28, 2010.

2011-Britannia received the Most Respected Company Award 2011 from

Businessworld.Bourbon received the Most Popular Confectionery Product Preferred By
Youth (Biscuit) Award.

Britannia Bread launched its new range of Health Breads in Delhi in November. The
range consists of Honey & Oats Bread, Multi-Grain Bread, 100% Whole Wheat Bread
and Multi-Fiber Bread.

Britannia was honoured with `Creative HR Practices Award' by Employer Branding

Institute, India.

IMC Ramakrishna Bajaj National Quality Award 2011 was awarded to Britannia
Industries Limited.

The Modern Trade team of Britannia was honoured with Winner-BEST BAKERY
SUPPLIER award for the year 2011-12, at the 1st SPENCER'S Best Supplier Awards
2012 on 22nd June.

2012-Britannia was awarded the Global Performance Excellence Award (GPEA) by Asia
Pacifc Quality Organization (APQO).

2013-'Experience of Health' with Nutrichoice | Britannia brings home the goodness of

golden, sun-kissed wheat with its all new NutriChoice Crackers Range.

2014-Chunkies Tie-up with Amazon | An exclusive tie-up with Amazon for the launch of
its latest product Good Day Chunkies, a super-premium chocolate chip cookie.

2015-Britannia Bourbon turns 60 | Britannia Bourbon, India's first premium chocolate

biscuit completes 60 glorious years.

2016-Cake Biscotti | Britannia launches Cake Biscotti, India’s first ever classic 'Bridge'
product combining the best of the world of a cake and that of a cookie.

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Cutting - edge technology | Britannia launched its state-of-the-art R&D Centre facility in
Bidadi, Karnataka.

2017-Enriching our portfolio - Britannia-Chipita JV | Entered into a joint venture

agreement with Chipita S.A., a Greek company, for the manufacture and sale of ready
toeat delicious croissants

1.4 History

The organization was set up in 1892 by a gathering of British financial specialists with a
speculation of ₹295. At first, rolls were fabricated in a little house in focal Kolkata.
Afterward, the undertaking was obtained by the Gupta siblings, mostly Nalin Chandra
Gupta, a lawyer, and worked under the name "V.S. Siblings." In 1918, C.H. Holmes, an
English money manager situated in Kolkata, was taken on as an accomplice and The
Britannia Biscuit Company Limited (BBCo) was dispatched. The Mumbai processing
plant was set up in 1924 and Peek Freans UK, procured a controlling interest in BBCo.
Rolls were popular during World War II, which gave a lift to the organization's deals.
The organization name was changed to the current "Britannia Industries Limited" in
1979. In 1982, the American organization Nabisco Brands, Inc. gained the parent of Peek
Freans and turned into a significant unfamiliar investor.

1.4.1 Businesses

The organization's vital movement is the assembling and offer of rolls, bread, rusk, cakes
and dairy items

Biscuits

Rolls represent 90% of Britannia's yearly income. The organization's manufacturing

plants have a yearly limit of 433,000 tons. The brand names of Britannia's bread rolls
incorporate VitaMarieGold, Tiger, Nutrichoice, Good day, 50, Treat, Pure Magic, Milk
Bikis, Bourbon, Nice Time and Little Hearts among others.

In 2006, Tiger, the mass market brand, acknowledged $150.75 million in deals, including
fares to the U.S. what's more, Australia. This adds up to 20% of Britannia incomes for
that year.

21
Likewise Britannia Industries has roped in Bollywood entertainer Salman Khan to
embrace its scope of 'Tiger' brand of bread rolls. As indicated by Britannia, Khan will
assume a part in further improving Tiger's fundamental beliefs through his relationship in
introducing the brand, its items and limited time exercises.Dairy products

Dairy items contribute near 10% to Britannia's income. The organization markets dairy
items to the general population as well as exchanges dairy wares business-to-business. Its
dairy portfolio developed to 47% in 2000-01 and by 30% in 2001-02. Its fundamental
rivals are Nestlé India, the National Dairy Development Board (NDDB), and Amul
(GCMMF).

Britannia holds a value stake in Dynamix Dairy and re-appropriates the greater part of its
dairy items from its partner.

On 27 October 2001, Britannia reported a joint endeavor with Fonterra Co-employable

Group of New Zealand, a coordinated dairy organization which handles all parts of the
worth chain from obtainment of milk to making esteem added items like cheddar and
buttermilk. Britannia expects to source the vast majority of the items from New Zealand,
which they would showcase in India. The joint endeavor will permit innovation move to
Britannia. Britannia and New Zealand Dairy each hold 49% of the JV, and the leftover
2% will be held by an essential financial backer. Britannia has additionally likely
declared that its dairy business (presumably including Dynamix) would be moved to the
joint endeavor. Nonetheless, the specialists' endorsement to the joint endeavor obliged the
organization to begin fabricating offices of its own. It would not be permitted to
exchange, besides at the discount level, in this manner contributing it rivalry with
Danone, which had as of late settled its own dairy business.

1.4.2 Performance and Profitability

Somewhere in the range of 1998 and 2001, the organization's deals developed at a build
yearly pace of 16% against the market, and working benefits came to 18%. All the more
as of late, the organization has been developing at 27% every year, contrasted with the
business' development pace of 20%. As of now, 90% of Britannia's yearly income of Rs
22 billion comes from bread rolls.

22
Britannia is one of India's 100 Most Trusted brands recorded in The Brand Trust Report.
Britannia has an expected piece of the pie of 38%.

1.4.3 Disputes and Contraversies

1. Wadia and Rajan Pillai

Kerala businessman Rajan Pillai secured control of the group in the late 1980s, becoming
known in India as the 'Biscuit Raja'. In 1993, the Wadia Group acquired a stake in
Associated Biscuits International (ABIL), and became an equal partner with Groupe
Danone in Britannia Industries Limited.

In what The Economic Times referred to as one of [India's] most dramatic corporate
sagas, Pillai ceded control to Wadia and Danone after a bitter boardroom struggle, then
fled his Singapore base to India in 1995 after accusations of defrauding Britannia, and
died the same year in Tihar Jail.

2. Wadia and Danone

The Wadias' Kalabakan Investments and Group Danone had two equivalent joint
endeavor organizations, Wadia BSN and United Kingdom enlisted Associated Biscuits
International Holdings Ltd., which together held a 51 percent stake in Britannia. The
ABIH tranche was obtained in 1992, while the controlling stake held by Wadia BSN was
procured in 1995. It was concurred that, if there should be an occurrence of a halt
between the accomplices, Danone was obliged to purchase the Wadia BSN stake at a
"honest evaluation". ABIH had a different understanding endorsed in 1992 and was
dependent upon British law.

Wadia was to be Danone's accomplice in the food and dairy business, and item dispatches
from Groupe Danone's were normal yet never emerged regardless of the JV being in
presence for more than 11 years in India. Under the 1995 joint endeavor understanding,
Danone is restricted from dispatching food brands inside India without the assent of the
Wadias. Furthermore, the accomplices concurred there would be the privilege of first
refusal to purchase out the excess accomplice in case of the other wishing to sell its
holding.

23
In June 2006, Wadia asserted Danone had utilized the Tiger brand to dispatch bread rolls
in Bangalore. In May 2007, Nusli Wadia told the Ministry of Commerce and Industry
that Danone put resources into a Bangalore-based bio nourishment organization,
Avesthagen, in October 2006 infringing upon the public authority's Press Note 1, 2005,
which requires an unfamiliar organization to get the assent of its Indian joint endeavor
accomplice prior to seeking after a free business in a comparable region, including joint
endeavors dependent on specialized coordinated effort. Danone contended that Press
Note 1 didn't matter to it as it didn't have a proper innovation move or brand name
concurrence with Avesthagen, and that its 25% holding in Britannia was roundabout.
Wadia additionally documented a case in the Bombay High Court for a penetrate of a
non-rivalry condition around there. The court requested Danone not to distance, hinder or
sell portions of Avesthagen.

In September 2007, the Foreign Investment Promotion Board of India dismissed

Danone's cases that it didn't require a non-contend waiver from the Wadias to go into
business in India alone.

After a drawn out fight in court, Danone consented to offer its 25.48% stake in Britannia
to Leila Lands, which is a Wadia bunch element situated in Mauritius, and quit this line
of business. The arrangement was esteemed at $175–200 million. With this purchase out,
Wadia holds a dominant part stake of 50.96%.

3. Intellectual property dispute

In a separate dispute from the shareholder matters, the company alleged in 2006 that
Danone had violated its intellectual property rights in the Tiger brand by registering and
using Tiger in several countries without its consent. Britannia claimed the company
found out that Danone had launched the Tiger brand in Indonesia in 1998, and later in
Malaysia, Singapore, Pakistan and Egypt, when it attempted to register the Tiger
trademark in some of these countries in 2004. Whilst it was initially reported in
December 2006 that agreement had been reached, it was reported in September 2007 that
a solution remained elusive. In the meantime since Danone's biscuit business has been
taken over by Kraft, the Tiger brand of biscuits in Malaysia was renamed Kraft Tiger
Biscuits in September 2008.
24
Britannia initiated legal action against Danone in Singapore in September 2007. The
dispute was resolved in 2009 with Britannia securing rights to the Tiger brand
worldwide, and Danone paying ₹220 million to utilise the brand.

1.4.4 Sponsorship

Indian Super League 2018–present

1.5 FINANCIAL STATEMENTS

Financial statements are the formal record of the financial activity of a business and
provide an overview of its financial condition. These are prepared on the basis of
business transactions recorded in the books of original entry or subsidiary books, ledger
and trial balance.

According to International Accounting Standards Board, ‘the objective of financial

statement is to provide information about the financial position, performance and changes
in financial position of an enterprise that is useful to a wide range of users in making
economic decisions.’

1.5.1 NATURE OF FINANCIAL STATEMENTS

1. Recorded facts: - The financial statements show the factual data drawn from
financial accounts. For example, items like cash in hand and at bank, cost of fixed
assets, salaries paid, etc., are the facts recorded in the books.
2. Accounting conventions: - The financial statements are affected to a large extent
by the various accounting concepts and conventions. For example, because of
going concern concepts, fixed assets are recorded at cost and not at their market
value.
3. Personal judgement: - An accountant has to exercise personal judgement in many
cases, which affects the financial statements. For example, an accountant has to
decide whether to use straight line method or written down value method for
depreciation of fixed assets.

25
1.5.2 OBJECTIVES OF FINANCIAL STATEMENTS

The following are the important objective of financial statement

1. To provide necessary information about the financial and obligation of the

finance firm.
2. To provide reliable information about the financial performance and financial
soundness of the concern.
3. To provide sufficient information about results of operations of business over a
period of time.
4. To provide useful information about the financial conditions of the business and
movement of resources in and out of business.
5. To provide necessary information to enable the users to evaluate the earning
performance of resources or managerial in forecasting the earning potentials of
business.

1.5.3 LIMITATIONS OF FINANCIAL STATEMENTS

1. Financial statements are normally prepared of the basis of accounting principle,

conventions and past experiences. Therefore, they do not communicate much
about the profitability, solvency, liquidity etc of the undertakers to the users of the
statements.
2. Financial statements disclose only the historical information. It does not consider
changes in money value, fluctuations of price level etc. Thus, correct forecasting
for future is not possible.
3. Influences of personal judgement leads to opportunities for manipulation while
preparing financial statements.
4. Information disclosed by financial statements based on accounting concepts and
conventions. It is unrealistic due to difference in terms and conditions and
changes of economic situations.
5. Financial statements emphasize to disclose only monetary facts, i.e., quantitative
information and ignore qualitative information.

26
The Financial Statements are: Income statement, balance sheet, statement of earnings,
statement of changes in financial position and the cash flow statement.

The Income Statement, having been termed as profit and loss account is the most useful
financial statement to enlighten what has happened to the business between the specified
time intervals while showing, revenues, expenses gains and losses.

Balance sheet is a statement which shows the financial position of a business at certain
point of time. The distinction between income statement and the balance sheet is that the
former is for a period and the latter indicates the financial position on a particular date.

However, on the basis of financial statements, the objective of financial analysis is to

draw information to facilitate decision making, to evaluate the strength and the weakness
of a business, to determine the earning capacity, to provide insights on liquidity, solvency
and profitability and to decide the future prospects of a business entity.

1.5.4 MEANING OF ANALYSIS AND INTERPRETATIONS-

The term ‘Analysis’ refers to rearrangement of the data given in the financial statements.
In other words, simplification of data by methodical classification of the data given in the
financial statements.

The term ‘Interpretation’ refers to ‘explaining the meaning and significance of the data so
simplified.’

Both analysis and interpretations are closely connected and inter related. They are
complementary to each other. Therefore, presentation of information becomes more
purposeful and meaningful.

There are various methods and techniques used in analysing financial statements, such as
comparative statements, trend analysis, common-size statements, schedule of changes in
working capital, fund flow and cash flow analysis, cost-volume profit analysis and ratio
analysis. The Ratio Analysis is one of the most powerful tools of financial analysis. It is
the process of establishing and interpreting various ratios (quantitative relationship
between figures and groups of figures). It is with the help of ratios that the financial
statements can be analysed more clearly and decisions made from such analysis.

27
1.5.5 RATIO ANALYSIS:

Ratio analysis is an exceptionally amazing and most generally utilized instrument of

analysis and understanding of financial statements. It is deliberate utilization of ratios to
decipher/evaluate the presentation and status of the firm. It focuses on the between
relationship among the figures showing up in the financial statements. It is characterized
as the deliberate utilization of ratio to decipher the financial statements so the qualities
and shortcomings of a firm just as its chronicled execution and current financial condition
can be resolved

28
 Chapter Number 2: Research Methodology

2.1 Objectives of the research

1. To obtain a true insight into the financial health of the company.

2. To make comparative study of financial statements of different years.

3. To draw the correct picture of the financial operations of the company in terms of
liquidity, solvency, turnover and profitability

2.2 Hypothesis

H1: Britannia industries can earn higher profits than previous year

H0: Britannia Industries can not earn higher profits than previous year

2.3 Scope of the study

1. The study will help the firm as well as the stakeholders to make important decisions

2. To have an insight into the accounts of the company and to evaluate the performance
of company in various aspects over the period of five years

3. To find out the growth and future prospects of the firm with the help of ratio analysis

2.4 Limitations of the Study

1. This study is limited to 5 financial years

2. This study does not take pandemic situations like Covid -19 in consideration

3. This study lacks to measure the human element which is present in the organization as
it is based on analysing ratios

4. All data taken is historic and not current

2.5 Significance of the study

1. This study helps to judge the financial performance of the enterprise over a period of
time (5yrs)

29
2. Management can use this kind of analysis to pinpoint strengths and weaknesses from
which strategies and initiatives can be formed

3. Analyses helps in identifying new opportunities for the business

2.6 Selection of problem

The financial ratio examination is viewed as the crucial component in financial statement
investigation. A ratio examination is a quantitative examination of data contained in an
organization's financial statements. It includes leading a quantitative investigation of data
uncovered in financial statement by different ratios that shows connection among various
things of the accounting report, pay statement to assess the organization's presentation.

Singular financial backers or firms that are keen on putting resources into organization
need financial investigation data and ratio examination in assessing objective
organizations. Potential financial backers can frame conclusions about venture worth and
assumptions for future execution by analysing financial statements and their ratio. To
assist financial backers with choosing right organization which benefits them with
greatest returns financial statement examination is to be performed.

The current Ratio investigation of Britannia Industries is identified with the financial
performance. The aim means to contemplate the financial presentation of successive five
years with the assistance of ratio examination. The financial backers need the financial
presentation that the organization has conveyed over the five years to look for promising
circumstances accessible and different other financial segment that needs to consider for
contributing. In this way the specialist here is intrigued to realize which all are the
significant apparatuses or ideas of ratio investigation that are appropriate in FMCG area.

To contemplate the working, benefit and use and different financial exercises of Britannia
Industries Ltd, and dissect the connection of these exercises through different long term,
short term, liquidity and productivity ratios.

30
2.7 Data Collection 2.7.1
Primary Data

Primary data is a sort of data that is gathered by specialists straightforwardly from

fundamental sources through interviews, reviews, tests, and so forth Primary data are
generally gathered from the source where the data initially begins from and are viewed as
the most ideal sort of data in research.

The wellsprings of primary data are normally picked and custom-made explicitly to
satisfy the needs or necessities of a specific examination. Likewise, prior to picking a
data assortment source, things like the point of the exploration and target populace should
be distinguished. Various Ratios calculated in this research are the primary data which
have been used in this research.

31
2.7.2 Secondary Data

This is basically the second-hand data which is readily available through different
channels like the internet, research papers, magazines, books, newspapers or through
various other sources.

Secondary data alludes to data that is gathered by somebody other than the essential
client. Regular wellsprings of secondary data for sociology incorporate censuses, data
gathered by government offices, authoritative records and data that was initially gathered
for other exploration purposes.

All Financial records such as Balance sheet, Profit and loss Account etc. is the secondary
data used in this project which is been taken from Britannia Industries official website for
the sake of this research.

32
2.8 Technique of tools to be used

Case studies ordinarily include the definite investigation of a specific case (an individual
or little gathering). Different techniques for information assortment and examination are
utilized however this normally incorporates perception and meets and may include
counselling others and individual or freely available reports. The specialists might be
keen on a specific marvel (for example adapting to a determination or a move into private
consideration) and select at least one people in the individual circumstance on whom to
base their case study/studies. Case studies have an extremely limited center which brings
about point by point distinct information which is exceptional to the case(s)
contemplated. In any case, it tends to be helpful in clinical settings and may even test
existing hypotheses and practices in different spaces.

This research involves using a Case study (financial statement) on Britannia Industries as
a tool to analyse the of the company through ratio analyses

33
 Chapter No. 3: Literature Review

Mathur & Agarwal (2016) Ratios are a brilliant and logical approach to dissect the
financial presentation of any firm. The organization has gotten numerous honours and
accomplishments because of its new developments and innovative headway. These
markers assist the financial backers with contributing the correct organization for
anticipated benefits.

Kalsie and Arora (2015) in their examination researched the effect of different parts of
Working Capital Management on the stock costs of board of 6 FMCG organizations of
India from 2000-2014. The examination tracked down that current ratio, inventory
turnover ratio and EPS fundamentally sway the stock costs. Nonetheless, generally less
impact of receivable turnover ratio on stock costs was uncovered curiously, negative
relationship was found between current ratio and stock price though Inventory Turnover
Ratio, and EPS upheld a positive relationship with the stock price.

Takeh Ata & Navaprabha Jubiliy (2015) Creator has made reasonable model to layout the
effect of capital structure on the financial performance of capital structure for example
capital structure is free factor that worth is estimated by utilizing four ratios to be
specific, financial debt, total debt equity, total asset debt and interest coverage ratio
though financial execution is reliant variable that worth is estimated by utilizing four
ratios as return on assets, return on equity , working overall revenue and return on capital
utilized. Specialist has chosen 13 significant steel ventures and applied different
measurable apparatuses like standard deviation, correlation matrix, a nova and so on are
utilized for testing speculation with assistance of SPSS22.

Anu B. (2015) made an endeavour to analyze the connection between capital structure
indicators, market price per shares and likewise to test connection between obligation
equity and market price per share of chosen organizations in industry. The examination
presumes that every one of the three organizations support the theory that there is
connection between obligation equity and MPS.

34
M.Renu & Dr. S. Sekar (2014) the investigation was attempted in Standard Chartered
Finance Limited so as to have a knowledge in the financial execution of the firm. In the
examination study endeavours have been taken to decide the financial condition and
execution of the firm. The current examination has tossed significant fixation in ratio and
proportion analysis, comparative statements, common size statements and trend analysis
from the five years' financial statements of the firm. The examination presumed that the
momentary resources were all around oversaw, and the drawn out financial situation of
the firm was simply agreeable.

Sai Naga Radha V (2013) concluded that net profit margin, operating profit margin,
return on capital employed, return on equity and debt equity ratio there is no significant
difference in these ratios before after merger. Significant difference with respect to gross
profit margin.

Nagarajan. G and Khaja Sheriff. J (2013) - ‘Emerging challenges and prospects of FMCG
products development in India’, it gives contributions to get seeing free from customer
mentalities towards FMCGs. It centers on a portion of the fundamental issues relating to
the arising difficulties and possibilities of showcasing FMCGs (new item dispatch) in
India, arising patterns in sales and customer attraction which empower to enhancements
in new item improvement. At the point when the advertiser needs to satisfy the customer
necessities, they think of difficulties which are new and concealed in bygone eras.

Performance Evaluation of Prime Bank Limited in Terms of Capital Adequacy by

Md. Abdullah Al Mamun on Year 2013

The study aims at evaluating performance of prime bank. Data of the bank is analysed
using capital adequacy ratio, debt equity ratio and advance to asset ratio for the period
2008 to 2012. The study finds, though high debt equity ratio bank maintains capital
above regulatory requirement. This will help the researcher and bank to further
improvement in capital adequacy to meet regulatory requirement and enhance bank
performance.

Sabura F. Metal (2012) has made inference from the retailer's perspective is that, to build
the market share organization should advance certain actions in the underlying stage to

35
hold and build up the market share. According to Indian specialist's view, the demeanor
of shoppers is ‘ready to bare high speed capital and never have the attitude of spending
high working capital’.

Venukumar G., (2012) in his examination conclude that, it is certain that F.M.C.G.
companies should truly gain advances in the rustic markets to achieve double digit
growth targets in future. There is huge potential and definitely there is parcel of money in
country India. The companies entering rustic market must do as such, for strategic
reasons and not for tactical gains as country consumer is as yet a closed book and it is
just through unwavering commitment that the companies can make a gouge in the
market. Ultimately the champ would be the one with the necessary resources like time
and money and furthermore with the much-required creative plans to tap the country
market.

Sushash B - He has discussed about the share of rural areas in total FMCGs consumption
in India, factors influencing sale in rural markets, ways of market penetration, problems
and limitations. He has finally concluded that with the increasing competition and
saturation of urban markets the future prospects in rural markets are high.

Reddy Viswanatha C. (2012)-Attempts to study the association between liquidity,

profitability and risk factor. A study of liquidity, profitability and their association with
risk, assessing the financial position (financial distress / bankruptcy) is very much
necessary to evaluate the financial strength of a company. A firm in monetary misery
may confront insolvency or liquidation prompting delay in gathering its liabilities. The
outcomes show that the liquidity and dissolvability position of the organization have been
good. Further the examination uncovers that the organization was not experiencing
monetary misery and there indicate turnaround exercises previously attempted by the
organization.

Mistry Dharmendra S. (2012) perceived an examination to break down the impact of

different determinants on the profitability of the chose organizations. It presumed that
debt equity ratio, inventory ratio, total assets were significant determinants which impact
positive or adverse consequence on the profitability. It proposed to improve dissolvability

36
as to decrease fixed monetary weight on the organization benefit and give the advantage
of exchanging on equity to the investors.

Zafar S.M.Tariq & Khalid S.M (2012) the study explored that ratios are calculated from
financial statements which are prepared as desired policies adopted on depreciation and
stock valuation by the management. Ratio is simple comparison of numerator and a
denominator that cannot produce complete and authentic picture of business. Results are
manipulated and also may not highlight other factors which affect performance of firm by
promoters.

Ratio Analysis and Equity Valuation: From Research to Practice; Doron Nissim &
Stephen H. Penman

This paper has laid out a structured financial statement analysis that facilitates forecasting
and valuation. The analysis involves an analysis of profitability and an analysis of
growth. The analysis of profitability extends the traditional analysis, the analysis of
growth complements it profitability and growth drive equity values. The analysis is
guided by the residual earnings valuation model but is appropriate for forecasting free
cash flows and dividends if other valuation approaches are adopted.

Mysers says ratio analysis of financial statement is a study of relationship among various
financial factors in a business as disclosed by the various financial statement and study
the trends of those factors as shown in statement.

Attempt made by Nandi to examine the influence of working capital management on

corporate profitability carries a meaningful insight. For assessing impact of working
capital management on profitability of NTPC, Pearson‟ coefficient of correlation and
multiple regression analysis between some ratios relating to working capital management
and the impact measure relating to profitability (i.e., ROI ratio) had been computed and
applied. This attempt purposefully measured the sensitivity of return of investment (ROI)
to changes in the level of working capital leverage (WCL) of the studying company. This
spreads the message of positive relationship of capital structure with that financial
structure to logically justify the profitability.

37
 Chapter No. 4: Data Analysis, Interpretation and Presentation

4.1 Ratios, Formula and Key Points to Remember

TABLE No 1.
Sr. Ratio Formula Key Points
No
1. Liquidity Ratio Ability of the
company to pay
off its short-term
debt
A. Current Ratio Current Ideal
Assets/Current level
Liabilities 2:1
B. Quick Ratio Quick Ideal level
assets/Current 1:1
Liabilities
C. Net Working/Sales Capital Ratio Current Assets- The higher the
Current ratio means that
Liabilities the management is
/Sales highly efficient
and is easily able
to use companies
short term assets
and liabilities to
support sales
D. Interest Coverage Ratio EBITDA/Interest A higher interest
Expenses coverage ratio
indicates stronger
financial health
2. Capital Structure Ratio It helps to
measure the
longterm
Solvency of a
company

38
A. Debt to Equity Ratio Total Varies from
Liability/Total Industry to
Debt Industry but
+ Net worth ideally If less
than 1 company
is less risky if
more than one
company is
riskier
Ideal 1:2
3. Activity/Efficiency/Performance/Turnover It measures output
to expected output
for a specific
period of time
A. Total Asset Turnover Ratio Sales or The higher your
COGS/Average Company’s asset
Total Assets turnover ratio, the
more efficient it is
at generating
revenue from
assets.
B. Fixed Asset Turnover Ratio Sales or COGS/ There is no such
Fixed Assets ideal ratio peer
comparison can be

done to find out the optimal

ratio
C. Return on Asset Ratio Net Income/Total ROAs over 5% are generally
Assets considered good and over 20%
excellent.
D. Return on Equity Ratio Net There is no such ideal ratio
Income/Shareholder peer comparison can be
Rs Equity done to find out the optimal
ratio
E. Return on Capital EBIT/Capital As a general rule, to indicate a
Employed Ratio Employed company makes reasonably
efficient use of capital, the
ROCE should be equal to at
least twice current interest
rates
4. Growth Ratio Helps to identify the
companies expected growth

39
 A. Net Sales Growth Ratio Current Sales- 5% to 10% is usually
Previous considered as a good growth
Sales/Previous but per comparison can be
Sales*100 done to find more accurate
percentage
B. EBIT Growth Ratio Current EBIT- Generally, EBIT growth
Previous below 10 is considered as
EBIT/Previous healthy growth
EBIT*100
C. PAT Growth Ratio Current PAT- Usually for PAT 10% is
Previous considered as average, 5%
PAT/Previous is considered as poor and
PAT*100 20% is considered as high
D. EPS Growth Ratio Current EPS- 25% YoY growth in EPS
Previous can be considered as a good
EPS/Previous parameter
EPS*100
5. Valuation Ratio It means the current value a
person is willing to pay for
buying the stock
A. Price to Earnings Ratio Share Lower PE signifies that the
Price/Earnings Per Stock is undervalued and
Share Higher PE signifies that the
stock is Overvalues
4.2 Interpretation and Finds
1. Liquidity Ratio
1.A. Current Ratio
Mar 2020 Mar 2019 Mar 2018 Mar 2017 Mar 2016

1.43 1.90 1.91 1.74 1.30

1.A Current Ratio Table

40
 2.5

1.9

1.5 1.3

0.5

2016 2017 2018 2019 2020

Analysis

The above table and the graph contain information about the Current Ratios of Britannia
Industries for the past 5 years starting from 2016-2020.

X Axis shows the financial years whereas Y Axis shows the Current Ratios

Current ratio in the year 2016 was the lowest at 1.3 which kept on increasing for the next
2 years till 2018 where it was the highest that is 1.91.

It remained almost the same for the next year that is in 2019 after which it fell to 1.43 in
the year 2020.

Interpretation

Current ratio is used to study about the company’s ability to pay its short-term debt.

The ideal ratio for Current ratio is 2:1 which means that while investing into a share of
any company, investors usually look at this ratio to find how close is the current ratios of
the company to the ideal ratio

We can see an uptrend in case of current ratio maintained by the company

41
In case of Britannia Industries, we can see that the Current ratio from 2016-2019 was
improving at a steady pace which shows that the company is able to pay its short-term
debt and borrowings without any issue but for 2020 it decreased a little but it is still
above 1 which is still a good sign

In other words, for every Rs 1 Current Liability Britannia Industries has 1.3Rs, 1.74Rs,
1.91Rs ,1.90Rs and 1.43Rs worth of current assets in the FY2016 to FY2020
Respectively

1. B. Quick Ratio
Mar 2020 Mar 2019 Mar 2018 Mar 2017 Mar 2016

1.14 1.48 1.53 1.26 0.97

1. B Quick Ratio Table

42
Analysis

The above table and the graph contain information about the Quick Ratios of Britannia
Industries for the past 5 years starting from 2016-2020.

X Axis shows the financial years whereas Y Axis shows the Quick Ratios

Quick ratio in the year 2016 was the lowest at 0.97 which kept on increasing for the next
2 years till 2018 where it was the highest that is 1.53.

It slowly and gradually decreased in the next year that is in 2019 after which it fell to
1.14 in the year 2020.

Interpretation

Quick ratio is used to study and analyse the company’s ability to use its quick assets such
as cash and cash equivalents, marketable securities and accounts receivable to pay off its
current liabilities

Ideal Quick Ratio should be 1:1

43
In this case we can see an uptrend in the quick ratio maintained by Britannia Industries

In case of Britannia Industries, we can see that the Quick ratio for the year 2016 was not
optimal it was below 1 which says that the company had been relying on inventory or any
other kind of assets to pay its short-term liabilities.

From 2017 to 2020 the quick ratio has always been above 1 which means that the
company has enough quick assets to pay its current liabilities though improvement can be
made as there is a decrease in ratio in the last year i.e., 2020

1. C. Working Capital/Sales Ratio

Mar 2020 Mar 2019 Mar 2018 Mar 2017 Mar 2016

11.03 6.96 6.65 9.38 21.88

1.C Working Capital/Sales Ratio Table

44
 21.88

11.03

2016 2017 2018 2019 2020

Analysis

The above table and the graph contain information about the Working Capital/Sales
Ratios of Britannia Industries for the past 5 years starting from 2016-2020.

X Axis shows the financial years whereas Y Axis shows the Working Capital/Sales
Ratios

In 2016 the Working Capital/Sales Ratio was the highest at 21.88 which fell sharply to
9.38 in the next year and continued to fall further to its lowest that is 6.65 in the year
2018. In 2019 the Working Capital/Sales Ratio slowly increased to 6.95 and further
increased to 11.03 in 2020

Interpretation

Working Capital/Sales Ratio is calculated merely by dividing working capital (CA-CL)

by sales

45
There is a downtrend which can be seen which Britannia Industries is not able to maintain
the previous working capital to sales ratio wither their sales is falling or their working
capital is not ideal

The management needs to identify the problem so that it can change this downtrend

Effective use of resources and optimization in technology, increasing sales can be a few
steps in maintaining a good ratio as maintained by the company in earlier years

The company has handled the ratio quiet well since 2020 as an upward trend can be seen
which means that Britannia industries is taking right steps towards improving its working
capital to sales ratio.

1.D. Interest Coverage Ratio

Mar 2020 Mar 2019 Mar 2018 Mar 2017 Mar 2016

24.93 195.60 201.05 240.27 251.61

1.D Interest Coverage Ratio Table

46
Analysis

The above table and the graph contain information about the Interest Coverage Ratio of
Britannia Industries for the past 5 years starting from 2016-2020.

X Axis shows the financial years whereas Y Axis shows the Interest Coverage Ratios

In 2016 the Interest Coverage Ratio was the highest at around 251 which kept on falling
slowly and gradually to 195.6 till 2019

A steep fall can be seen in the Interest Coverage Ratio from the year 2019 to 2020 which
is from 195.6 to 24.93

Interpretation

Interest coverage ratio means that the business is able to pay its interest on the debt or
borrowings it has taken from banks, financial institutions etc.

Ideal ratio varies from industry to industry but higher the ratio better is the company’s
situation in repaying the interest

47
Earlier in 2016 the company had the highest interest coverage that is 251.6 which says
that the company was able to earn more than enough profits to pay off the interest which
kept on decreasing Year on Year.

Now according to 2020 the interest coverage is reduced a lot but it is still in good

financial health which can be improved with 1.Paying off some of the existing

debt

2. By increasing the net operating income

3. By reducing the amount of loan taking

4. By decreasing or keeping a control in the Operating expenses.

2. Capital Structure Ratio

2. A. Debt-to-Equity Ratio
Mar 2020 Mar 2019 Mar 2018 Mar 2017 Mar 2016

0.35 0.04 0.06 0.05 0.06

2.A Debt-to-Equity Ratio Table

48
 0.4

0.3

0.2

0.1

2016 2017 2018 2019 2020

Analysis
The above table and the graph contain information about the Debt-to-Equity Ratio of

Britannia Industries for the past 5 years starting from 2016-2020.

X Axis shows the financial years whereas Y Axis shows the Debt-to-Equity Ratio

The Debt-to-Equity Ratio has remained stable up to 4 year with a little change from
2016-2019 but a sharp uptrend can be seen in the ratio from 2019-2020 where it has
moved upwards from 0.04 to 0.35.

Interpretation

It basically means how much debt does a company owes with regards to the equity the
company has issued to the stakeholders

An investor usually would be interested in buying a stock if he sees more equity and less
debt

49
The trend line goes upwards from left to right showing that the debt to equity of Britannia
Industries is rising which is not a good sign but as long as it is low or below one there
shouldn’t be a problem for the company as low debt means they will have to pay less
interest hence more profit for shareholders

To maintain a low Debt to Equity ratio a company can restructure its finances if a
company is paying relatively large amount of interest on its existing loans what it can do
is refinance the loan on current interest rate which may be lower than the earlier rate.

3.Activity/Efficiency/Performance/Turnover Ratio
3A. Total Asset Turnover Ratio
Mar 2020 Mar 2019 Mar 2018 Mar 2017 Mar 2016

1.74 2.05 2.16 2.47 2.77

3A. Total Asset Turnover Ratio Table

50
 2.5

1.5

0.5

2016 2017 2018 2019 2020

Analysis
The above table and the graph contain information about the Total Asset Turnover of

Britannia Industries for the past 5 years starting from 2016-2020.

X Axis shows the financial years whereas Y Axis shows the Total Asset Turnover

In the year 2016 the ratio remains to be the highest at 2.77 which keeps on decreasing
every year till 2020

It is the lowest at around 1.74 in 2020 which is the lowest in these 5 years

Interpretation

This ratio simply means how efficiently a company is able to use its total assets to
generate sales

The trend line shows that the Total Asset turnover ratio is declining which means that
Britannia Industries efficiency of using its assets for creation of sales is decreasing form
2016-2020

51
In general, low asset turnover ratio suggests problem with excess capacity for production,
or there is poor management of inventory or lacks collection method

Gradual decline in the asset turnover ratio suggests that there is slower sales and that
company is not growing according to what it should have been.

This also creates a negative impact on the investors and stakeholders that the efficiency to
use its assets to create sales has been decreased.

3B. Fixed Capital/Sales Turnover Ratio

Mar 2020 Mar 2019 Mar 2018 Mar 2017 Mar 2016

0.20 0.16 0.15 0.13 0.16

3B. Fixed Capital/Sales Turnover Ratio

52
 0.2
0.2
.

0.1

2016 2017 2018 2019 2020

3B. Fixed Capital/Sales Turnover Ratio Graph

Analysis

The above table and the graph contain information about the Fixed Capital/Sales

Turnover of Britannia Industries for the past 5 years starting from 2016-2020.

X Axis shows the financial years whereas Y Axis shows the Fixed Capital/Sales
Turnover

In 2016 the ratio was 0.16 which decreased to the lowest point at 0.13 in the following
year that is 2017

In 2019 it was the same as what it was in 2016 that is 0.16 and it increased to 0.20 in the
year 2020

Interpretation

This basically means how efficiently or how good the company in optimizing its fixed
assets to generate sales revenue for the company

53
The trend line shows a Uptrend which means that Britannia Industries is able to increase
the efficiency of its usage of fixed assets year on year and hence a positive ratio result
can be expected.

For the investors this kind of Fixed Capital/Sales Turnover give them the idea that how
good the company is making the use of the funds which are provided to them previously
for creating more sales

Increasing revenue, liquidating assets, leasing assets, improving efficiency and

accelerating accounts receivable are a few ways in improving Fixed Capital/Sales
Turnover ratio which Britannia Industries can use.

3C. Return on Asset (%) Ratio

Mar 2020 Mar 2019 Mar 2018 Mar 2017 Mar 2016

19.83 20.30 21.71 23.43 26.51

3C. Return on Asset (%) Ratio Table

54
 26.51
23.43
21.71
20.3 19.83

2016 2017 2018 2019 2020

Analysis
The above table and the graph contain information about the Return on Asset of

Britannia Industries for the past 5 years starting from 2016-2020.

X Axis shows the financial years whereas Y Axis shows the Return on Asset

In 2016 the ROA was the highest of all at around 26.51 which slowly and gradually kept
on decreasing every year until it finally reached the lowest in 2020 which is at 19.83

Interpretation

ROA calculation is simple as we just need to divide Net income of the business by Total
assets.

The trend line shows that ROA is decreasing Year on Year for all consecutive years

Decrease in ROA of Britannia Industries suggest that the company is not able to

1. Increase Net Income so that ROA can be improved

55
2. To improve the effectiveness and the efficiency of the Current assets used by the
company

3. To improve the effectiveness and the efficiency of the fixed assets used by the
company

4. Or Britannia Industries can also sell or decrease the assets which might help them
increase their ROA

3D. Return on Equity (%) Ratio

Mar 2020 Mar 2019 Mar 2018 Mar 2017 Mar 2016

32.39 30.32 33 37 49.44

3D. Return on Equity (%) Ratio Table

56
 49.44

32.39
30.32

2016 2017 2018 2019 2020

Analysis
The above table and the graph contain information about the Return on Equity of

Britannia Industries for the past 5 years starting from 2016-2020.

X Axis shows the financial years whereas Y Axis shows the Return on Equity

The ROE was the highest in 2016 that is at 49.44 which kept on decreasing for the next 4
years to reach its lowest at around 30.32.

In the year 2020 it managed to increase from 30.32 to 32.39 breaking the downtrend

Interpretation

It basically means how much return a stockholder can get on his equity

ROE of Britannia Industries since 2016 has been falling which means that the stake
holders would not like to invest in this share as their return is getting reduced

57
ROE of Britannia can be improved if they -

1. Raise the process of their Products which they sell in the market

2. Bargain the price with the supplier and change the packaging of te product as a cost
cutting measures

3. Reduce the cost of labor

4. Reduce the expenses such as operating expenses or optimize the use of their resources

5. Or use any other combination of these steps mentioned

3E. Return on Capital Employed (%) Ratio

Mar 2020 Mar 2019 Mar 2018 Mar 2017 Mar 2016

37.12 44.36 47.48 51.92 67.83

3E. Return on Capital Employed (%) Ratio Table

58
 67.83

.
47.48
44.36
37.12

2016 2017 2018 2019 2020

3E. Return on Capital Employed (%) Ratio Graph

Analysis

The above table and the graph contain information about the Return on Capital Employed
of Britannia Industries for the past 5 years starting from 2016-2020.

X Axis shows the financial years whereas Y Axis shows the Return on Capital Employed

The ROCE was the highest in 2016 at 67.83 which fell sharply to 51.92 in the year 2017

It continued to fall slowly and gradually for the next 4 years where it reached the lowest
in the year 2020 at around 37.12

Interpretation

ROCE basically means how efficient is Britannia Industries in generating profits from its
capital as it is put to use

59
A downtrend can be seen which signifies the stake holders are getting less returns on the
capital which they employed

In the Graph the ROCE keeps on decreasing which states that the company is not able to
increase operating profits without increasing capital employed

Britannia has lesser ROCE from earlier period as it is not able to maintain the operating
profit without reducing the value of capital employed

4. Growth Ratio A. Net sales Growth (%)

Mar 2020 Mar 2019 Mar 2018 Mar 2017 Mar 2016

4.93 11.51 9.50 7.82 6.68

4A. Net sales Growth (%) Table

60
Analysis

The above table and the graph contain information about the Net Sales Growth of

Britannia Industries for the past 5 years starting from 2016-2020.

X Axis shows the financial years whereas Y Axis shows the Net Sales Growth

In the year 2016 the Net Sales Growth was the lowest at 6.68 which kept on increasing
steadily for the next 4 year till 2019 where it was the highest at 11.51.

In the year 2020 the Net Sales Growth tanked at the lowest at about 4.93.

61
Net Sales Growth Year on Year is calculated to see how much sales growth has been
made by the company in a particular year

There is neither uptrend nor downtrend in the sales growth of Britannia Industries one
reason is because they have such diverse products that sales

Their marketing and product design helps them in achieving their targets their sales have
been constantly increasing for 2016-2019

In 2020 the Sales have been seen a decline since the hit of COVID -19 and various
Factors.

62
4B. EBIT Growth Ratio (%)
Mar 2020 Mar 2019 Mar 2018 Mar 2017 Mar 2016

8.03 16.52 16.53 6.87 28.52

4B. EBIT Growth Ratio (%) Table

28.52

16.53 16.52

2016 2017 2018 2019 2020

Analysis

The above table and the graph contain information about the EBIT Growth of Britannia
Industries for the past 5 years starting from 2016-2020.

X Axis shows the financial years whereas Y Axis shows the EBIT Growth

The EBIT Growth was the highest in 2016 at 28.52 which tanked to the lowest number
that is 6.87 in the next year 2017.

In 2017-2018 the EBIT Growth remained stable at around 16.5 with a further decline in
2020 at 8.03

Generally, EBIT Growth of higher percentage is considered to be healthy growth.

63
EBIT growth rate of Britannia Industries was 28.52% in 2016 which is very high and
favorable for the company which went below to 6.87% in 2017 due to lack of efficiency
and other factors.

EBIT growth should be high so that after deducting depreciation and amortization there
should me more funds for profit.

EBIT growth can be improved by following these steps-

1. Company can reduce operating expenses such as monthly rent or mortgage payment,
cost of insurance for the company, Payroll, Postage, Property Tax, reduce on supplies
and utilities which will increase EBIT.

2. Britannia can refinance their debt and use emails instead of post to reduce cost

4C. PAT Growth Ratio (%)

Mar 2020 Mar 2019 Mar 2018 Mar 2017 Mar 2016

64
 20.17 15.17 13.55 7.27 19.74
4C. PAT Growth Ratio (%) Table

19.74 20.17

15.17
13.55

2016 2017 2018 2019 2020

Analysis

The above table and the graph contain information about the PAT Growth of Britannia
Industries for the past 5 years starting from 2016-2020.

X Axis shows the financial years whereas Y Axis shows the PAT Growth

PAT Growth was second highest in the year 2016 at 19.74 which fell drastically to the
lowest number at 7.27 in the year 2017.

After 2017 the PAT Growth kept on rising for the next 4 years finally reaching its all-
time high at around 20.17 in the year 2020

PAT means Profit After Tax in simple terms it states that the profit which is left for the
equity shareholders

The trendline shows a uptrend in the PAT of Britannia Industries from 2017-2020

65
PAT is the highest in 2020 which helps stakeholders gain confidence on the
management and the way they use the companies’ resources.

Britannia Industries has able to increase their PAT as they focused more towards

1. Removing unprofitable products and services

2. Finding new customer segments and new customers as well

3. Reviewing and applying new pricing structure and loan restructuring

4. Reducing cost of different overheads basically optimizing their resources to get

maximum out of it

4.D. EPS Growth Ratio (%)

Mar 2020 Mar 2019 Mar 2018 Mar 2017 Mar 2016

20.91 15.33 13.49 7.27 19.68

4.D. EPS Growth Ratio (%) Table

66
 20.91
19.68

15.
.

2016 2017 2018 2019 2020

Analysis

The above table and the graph contain information about the EPS Growth of Britannia
Industries for the past 5 years starting from 2016-2020.

X Axis shows the financial years whereas Y Axis shows the EPS Growth

PAT Growth was second highest in the year 2016 at 19.68 which fell drastically to the
lowest number at 7.27 in the year 2017.

After 2017 the PAT Growth kept on rising for the next 4 years finally reaching its all-
time high at around 20.91 in the year 2020

The fundamental goal of the business is consistently to expand the benefit and produce
more incomes for its proprietors the profit per share is straightforwardly identified with
the abundance of the investors.

EPS growth of Britannia Industries shows a Upward trend since 2017-2020 which is a
positive sign to the stake holders as they are earning more than what they used to earn.

67
The Earnings per share additionally pulls in the financial backers to put resources into
the organization as the organization has given an awesome measure of income for its
proprietors.

Buyback and cutting down on expenses helps the EPS of the share to increase

5. Valuation Ratio
A. Price to Earnings Ratio
Mar 2020 Mar 2019 Mar 2018 Mar 2017 Mar 2016

46.12 63.89 29.72 22.95 19.47

5A. Price to Earnings Ratio Table

68
 63.89

46.12

9.72
22.9
19.47

2016 2017 2018 2019 2020

Analysis

The above table and the graph contain information about the Price to Earnings Ratio of
Britannia Industries for the past 5 years starting from 2016-2020.

X Axis shows the financial years whereas Y Axis shows the Price to Earnings ratio

P/E in the year 2016 was the lowest at 19.47 which slowly and gradually increased till
29.72 in the year 2018

After 2018 the P/E rocketed to reach the highest at 63.89 in the year 2019

After 2019 the P/E fell steeply to 46.12 in the year 2020
P/E ratio basically means what an investor is willing to pay for a stock today based on its
past and future price

Higher P/E means that Britannia industries stock is highly relative to earnings and vice
versa

The P/E ratio of Britannia Industries showed a uptrend from 2016-2020 with a high at
63.89 And then sloped to 46.12 in 2020

69
Delivering profits doesn't build income, yet numerous financial backers will address
greater expenses for stocks to get standard profit instalments.

1 ways of increasing P/E is by issuing dividends though they don’t increase P/E directly
people are still willing to pay and buy stock which pays dividend every quarterly of
yearly

70
 Chapter No. 5: Findings, Conclusions and Suggestions

5.1 Findings

1. In case of Britannia Industries, we saw that the Current ratio from 2016-2019 was
improving at a steady pace which shows that the company was able to pay its short-
term debt and borrowings without any issue but for 2020 it decreased a little but it is
still above 1 which is still manageable

2. In case of Britannia Industries, we can saw that the Quick ratio for the year 2016 was
not optimal it was below 1 which says that the company had been relying on
inventory or any other kind of assets to pay its short-term liabilities. From 2017 to
2020 the quick ratio has always been above 1 which means that the company has
enough quick assets to pay its current liabilities though improvement can be made as
there is a decrease in ratio in the last year i.e., 2020

3. The management needs to identify the problem so that it can change this downtrend
in working capital/Sales ratio

4. Earlier in 2016 the company had the highest interest coverage that is 251.6 which
says that the company was able to earn more than enough profits to pay off the
interest which kept on decreasing Year on Year.

5. The debt to equity of Britannia Industries is rising which is not a good sign.

6. Total Asset turnover ratio is declining which means that Britannia Industries
efficiency of using its assets for creation of sales is decreasing from 2016-2020
which is year on year basis

7. Britannia Industries is able to increase the efficiency of its usage of fixed assets year
on year

8. ROA is decreasing Year on Year for all consecutive years

9. The return on equity of the company is considered low and indicates that the
company has not effectively used the shareholders investments to generate the
income.

71
10. The ROCE is also falling YoY which states that Optimum utilization of Capital
Employed is missing

11. Their marketing and product design helps them in achieving their targets, their sales
have been constantly increasing for 2016-2019

12. EBIT growth rate of Britannia Industries was 28.52% in 2016 which is very high and
favourable for the company which went below to 6.87% in 2017 due to lack of
efficiency and other factors

13. After 2017 the PAT Growth kept on rising for the next 4 years finally reaching its all-
time high at around 20.17 in the year 2020

14. EPS growth of Britannia Industries shows a Upward trend since 2017-2020 which is
a positive sign to the stake holders as they are earning more than what they used to
earn.

15. The P/E ratio of Britannia Industries Showed a uptrend fr0m 2016-2020 with a high
at 63.89 and then sloped to 46.12 in 2020

5.2 Suggestions

1. Britannia Industries should maintain the Ideal ratios where required

2. Increasing Sales through diversification would help in achieving the overall objective
of the business

3. The company should focus on repaying debts to increase the interest coverage ratio
also that might help in increasing profits

4. Controlling Debt while reducing equity might also help in increasing EPS of the
company

5. Assets should be used more efficiently which will help increase asset turnover ratio
i.e., increase the efficiency of the use of asset

72
6. As the organization's ROE has diminished in every one of the monetary years so
the organization should take a few estimates like improve revenue performance, control
costs, buy back of shares, improve assets turnover to increase the ROE.

7. The company has to improve its performance by increasing its revenue. The
revenue of the company is majorly from the sale of its products. So, the company has to
maximize its sales to earn more revenue. Sales can be maximized by improving market
strategy, improving quality control, focusing on the customer needs etc.

5.3 Conclusion

As Britannia Industries LTD is a FMCG industry it is vital to consider the progressions in

the economy as this would prompt different components which impacts the business.
Thinking about the drawn-out parts of the business, the organization needs to advance its
monetary situation to support on the lookout. The organization needs to make successful
and ideal use of the assets. The administration should ensure that they keep a decent
measure of harmony among obligation and value thinking about the benefit of the
association.

The general examination uncovers the improving exhibition of Britannia Industries LTD.
year on year premise. The organization has productively figured out how to keep the
benefit pushing forward regardless of negative condition. It has an agreeable fixed
resource and working capital is viably used for expansion in deals. Likewise, it has great
pace of profits on ventures made by the investors of the organization, and is acceptable.

To conclude Britannia Industries LTD. Company has a very Bright future ahead as it is
amongst the leading industry in its segment which is food and baking

Investors are also likely to agree that this company has great future prospects. The overall
data from last 5 years of Britannia Industries LTD is excellent, also it helps us to shed
light on the fact that the companies PAT has grown consistently.

From the ratio analysis, we can conclude that the general profitability and financial
position of the organization is acceptable and it is endeavouring to support in the current
serious economic situation

73
Remembering the above suggestion Britannia Industries LTD can improve their
exhibition in the future and the boom of FMCG sector will surely help the development
of Britannia Industries LTD

74
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