Income Statement

Historical Financial Statement-BRITANNIA INDUSTRIES LTD

Years Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 TTM

# Income Statement
Sales 6,912.7 7,858.4 8,397.2 9,054.1 9,914.0 11,054.7 11,599.6 13,136.1 14,136.3 16,300.6 16,300.6
Sales Growth 13.68% 6.86% 7.82% 9.50% 11.51% 4.93% 13.25% 7.61% 15.31% 0.00%

COGS 5,054.4 5,652.9 5,959.4 6,555.5 7,125.1 7,799.8 8,202.5 9,008.0 10,272.5 10,249.7 13,469.8
COGS % Sales 73.12% 71.93% 70.97% 72.40% 71.87% 70.56% 70.71% 68.57% 72.67% 62.88% 82.63%

Gross Profit 1,858.4 2,205.5 2,437.8 2,498.6 2,788.9 3,254.9 3,397.0 4,128.2 3,863.7 6,050.9 2,830.8
Gross Margin 26.88% 28.07% 29.03% 27.60% 28.13% 29.44% 29.29% 31.43% 27.33% 37.12% 17.37%

Selling & General Expenses 1,231.2 1,335.2 1,214.3 1,220.4 1,287.4 1,522.5 1,553.8 1,618.9 1,662.4 3,220.0 -
S&G Exp % Sales 17.81% 16.99% 14.46% 13.48% 12.99% 13.77% 13.40% 12.32% 11.76% 19.75% 0.00%

EBITDA 627.2 870.3 1,223.6 1,278.2 1,501.5 1,732.5 1,843.2 2,509.3 2,201.3 2,830.9 3,433.2
EBITDA Margins 9.07% 11.07% 14.57% 14.12% 15.14% 15.67% 15.89% 19.10% 15.57% 17.37% 21.06%

Interest 8.3 3.9 4.9 5.5 7.6 9.1 76.9 110.9 144.3 169.1 169.1
Interest % Sales 0.12% 0.05% 0.06% 0.06% 0.08% 0.08% 0.66% 0.84% 1.02% 1.04% 1.04%

Depriciation 83.2 144.5 113.4 119.3 142.1 161.9 184.8 197.9 200.5 225.9 225.9
Depriciation % Sales 1.20% 1.84% 1.35% 1.32% 1.43% 1.46% 1.59% 1.51% 1.42% 1.39% 1.39%

Earnings Before Tax (EBT) 535.7 722.0 1,105.3 1,153.5 1,351.8 1,561.5 1,581.5 2,200.5 1,856.5 2,435.9 3,038.2
EBT % Sales 7.75% 9.19% 13.16% 12.74% 13.64% 14.13% 13.63% 16.75% 13.13% 14.94% 18.64%

Tax 173.6 261.1 396.1 419.7 514.2 612.5 450.7 663.0 562.4 716.5 716.5
Effective Tax Rate 2.51% 3.32% 4.72% 4.64% 5.19% 5.54% 3.89% 5.05% 3.98% 4.40% 4.40%

Net Profit 362.2 460.9 709.2 733.8 837.6 949.0 1,130.8 1,537.5 1,294.1 1,719.5 2,321.8
Net Margins 5.24% 5.86% 8.45% 8.10% 8.45% 8.58% 9.75% 11.70% 9.15% 10.55% 14.24%

Number of Equity Shares 24.0 24.0 24.0 24.0 24.0 24.0 24.1 24.1 24.1 24.1

Earning per Share 15.1 19.2 29.5 30.6 34.9 39.5 47.0 63.8 53.7 71.4
EPS Growth 27.26% 53.82% 3.47% 14.10% 13.21% 19.05% 35.75% -15.83% 32.87%

Dividend 143.9 191.9 240.0 264.0 300.1 360.5 841.8 3,794.2 1,361.1 1,734.5
Dividend Payout Ratio 953.51% 999.02% 812.19% 863.46% 860.31% 912.70% 1790.29% 5944.75% 2533.63% 2430.06%

Retained Earnings 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
 Balance Sheet & Cashflow Statement

Historical Financial Statement-BRITANNIA INDUSTRIES LTD

Years Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 TTM
# Balance Sheet
Equity Share Capital 24.0 24.0 24.0 24.0 24.0 24.0 24.1 24.1 24.1 24.1
Reserves 774.1 1,221.1 2,067.7 2,672.4 3,382.2 4,229.2 4,378.8 3,523.6 2,534.0 3,510.2
Borrowings 149.8 145.1 131.1 124.6 200.7 156.0 1,537.6 2,121.5 2,481.2 2,997.4
Other Liabilities 1,159.0 1,403.2 1,271.2 1,287.8 1,581.0 1,828.7 1,889.1 2,330.9 2,475.4 2,821.1
Total Liabilities 2,106.9 2,793.4 3,493.9 4,108.8 5,187.9 6,238.0 7,829.5 8,000.1 7,514.7 9,352.7

Fixed Asset Net Block 847.6 844.1 950.2 1,160.0 1,345.6 1,688.3 1,878.2 1,793.0 1,753.2 2,655.2
Capital Work in Progress 107.1 48.4 90.1 30.1 202.8 101.2 39.6 116.5 535.7 105.0
Investments 197.9 517.9 788.4 486.9 1,079.3 1,476.3 2,893.2 2,780.9 1,762.4 3,324.2
Other Assets 316.3 616.8 966.3 1,470.5 1,416.4 1,686.7 1,834.4 1,749.6 1,579.1 1,548.1
Total Non-Current Assets 1,468.8 2,027.2 2,795.0 3,147.4 4,044.1 4,952.5 6,645.4 6,440.0 5,630.4 7,632.5

Receivables 108.7 135.8 170.6 179.2 304.6 394.2 320.4 257.3 331.9 328.9
Inventory 420.3 404.0 440.7 661.5 652.8 781.4 741.0 1,091.5 1,367.5 1,193.3
Cash & Bank 109.1 226.3 87.7 120.8 186.4 109.8 122.9 211.3 184.9 198.0
Total Current Assets 638.04 766.18 698.91 961.37 1143.81 1285.44 1184.17 1560.1 1884.32 1720.18

Total Assets 2,106.9 2,793.4 3,493.9 4,108.8 5,187.9 6,238.0 7,829.5 8,000.1 7,514.7 9,352.7

CHECK TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE

# Cashflow Statement

Cash from Operating Activity 671.0 584.0 959.0 441.0 1,249.0 1,156.0 1,485.0 1,876.0 1,300.0 2,526.0

Cash from Investing Activity (246.0) (450.0) (705.0) (150.0) (957.0) (852.0) (1,526.0) 433.0 914.0 (1,517.0)

Cash from Financing Activity (357.0) (181.0) (246.0) (295.0) (232.0) (353.0) 58.0 (2,242.0) (2,246.0) (1,028.0)

Net Cashflow 68.0 (47.0) 8.0 (4.0) 60.0 (49.0) 17.0 67.0 (32.0) (19.0)
 Ratio Analysis

Ratio Analysis-BRITANNIA INDUSTRIES LTD

Year Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Trend Mean Median

Sales Growth 13.68% 6.86% 7.82% 9.50% 11.51% 4.93% 13.25% 7.61% 15.31% 10.05% 9.50%
EBITDA Growth 38.76% 40.59% 4.46% 17.47% 15.38% 6.39% 36.14% -12.27% 28.60% 19.50% 17.47%
EBT Growth 34.77% 53.09% 4.36% 17.20% 15.51% 1.28% 39.15% -15.64% 31.21% 20.10% 17.20%
Net Profit Growth 27.26% 53.88% 3.47% 14.15% 13.30% 19.15% 35.97% -15.83% 32.87% 20.47% 19.15%
Dividend Growth 33.33% 25.05% 10.00% 13.68% 20.10% 133.53% 350.75% -64.13% 27.43% 61.08% 25.05%

Gross Margin 26.88% 28.07% 29.03% 27.60% 28.13% 29.44% 29.29% 31.43% 27.33% 37.12% 29.43% 28.58%
EBITDA Margin 9.07% 11.07% 14.57% 14.12% 15.14% 15.67% 15.89% 19.10% 15.57% 17.37% 14.76% 15.36%
EBIT Margin 7.87% 9.24% 13.22% 12.80% 13.71% 14.21% 14.30% 17.60% 14.15% 15.98% 13.31% 13.93%
EBT Margin 7.75% 9.19% 13.16% 12.74% 13.64% 14.13% 13.63% 16.75% 13.13% 14.94% 12.91% 13.40%
Net Margin 5.24% 5.86% 8.45% 8.10% 8.45% 8.58% 9.75% 11.70% 9.15% 10.55% 8.58% 8.52%

SalesExpense%Sales 17.81% 16.99% 14.46% 13.48% 12.99% 13.77% 13.40% 12.32% 11.76% 19.75% 14.67% 13.63%
Depriciation%Sales 1.20% 1.84% 1.35% 1.32% 1.43% 1.46% 1.59% 1.51% 1.42% 1.39% 1.45% 1.43%
OperatingIncome%Sales 7.87% 9.24% 13.22% 12.80% 13.71% 14.21% 14.30% 17.60% 14.15% 15.98% 13.31% 13.93%

Return On Capital Employed (%) 57.39% 52.21% 49.95% 41.08% 37.69% 35.62% 27.92% 40.77% 39.70% 39.88% 42.22% 40.33%
Retained Earnings (%) 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Equity (%) 45.38% 37.01% 33.91% 27.21% 24.59% 22.31% 25.68% 43.34% 50.59% 48.65% 35.87% 35.46%
Self Sustained Growth Rate 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Interest Coverage Ratio 65.6x 188.0x 228.0x 212.6x 179.1x 172.8x 21.6x 20.8x 13.9x 15.4x 111.8x 119.2x

Debtor Turnover Ratio 63.6x 57.9x 49.2x 50.5x 32.5x 28.0x 36.2x 51.1x 42.6x 49.6x 46.1x 49.4x
Creditor turnover Ratio 6.0x 5.6x 6.6x 7.0x 6.3x 6.0x 6.1x 5.6x 5.7x 5.8x 6.1x 6.0x
Inventory Turnover Ratio 16.4x 19.4x 19.1x 13.7x 15.2x 14.1x 15.7x 12.0x 10.3x 13.7x 15.0x 14.7x
Fixed Asset Turnover Ratio 8.2x 9.3x 8.8x 7.8x 7.4x 6.5x 6.2x 7.3x 8.1x 6.1x 7.6x 7.6x
Capital Turnover Ratio 8.7x 6.3x 4.0x 3.4x 2.9x 2.6x 2.6x 3.7x 5.5x 4.6x 4.4x 3.9x

Debtor Days 5.7x 6.3x 7.4x 7.2x 11.2x 13.0x 10.1x 7.1x 8.6x 7.4x 8.4x 7.4x
Payable Days 61.2x 65.2x 55.3x 51.9x 58.2x 60.4x 59.4x 64.8x 63.9x 63.2x 60.3x 60.8x
Inventory Days 61.2x 65.2x 55.3x 51.9x 58.2x 60.4x 59.4x 64.8x 63.9x 63.2x 60.3x 60.8x
Cash Conversion Cycle 290.0x 345.9x 354.5x 323.1x 594.5x 725.6x 539.8x 398.2x 483.9x 402.1x 445.8x 400.2x

CFO/Sales 12.98% 7.75% 13.02% -0.11% 14.91% 10.43% 13.90% 14.03% 6.88% 17.98% 11.18% 13.00%
CFO/Total Assets 105.83% 72.15% 115.02% -0.86% 109.84% 68.29% 85.83% 102.79% 55.50% 110.39% 82.48% 94.31%
CFO/Total Debt 598.96% 419.80% 834.03% -8.03% 736.42% 739.01% 104.84% 86.87% 39.21% 97.79% 364.89% 262.32%
 Forecasting

Sales Forecasting-BRITANNIA INDUSTRIES LTD EBITDA Forecasting-BRITANNIA INDUSTRIES LTD Earnings Before tax Forecasting-BRITANNIA INDUSTRIES LTD Earning per Share Forecasting-BRITANNIA INDUSTRIES LTD
Year Weight Year Sales Sales Growth Year Weight Year Sales Sales Growth Year Weight Year Sales Sales Growth Year Weight Year Sales Sales Growth
1 2014A 6,912.7 1 2014A 627.2 1 2014A 535.7 1 2014A 15.1
2 2015A 7,858.4 13.68% 2 2015A 870.3 38.76% 2 2015A 722.0 34.77% 2 2015A 19.2 27.26%
3 2016A 8,397.2 6.86% 3 2016A 1,223.6 40.59% 3 2016A 1,105.3 53.09% 3 2016A 29.5 53.82%
4 2017A 9,054.1 7.82% 4 2017A 1,278.2 4.46% 4 2017A 1,153.5 4.36% 4 2017A 30.6 3.47%
5 2018A 9,914.0 9.50% 5 2018A 1,501.5 17.47% 5 2018A 1,351.8 17.20% 5 2018A 34.9 14.10%
6 2019A 11,054.7 11.51% 6 2019A 1,732.5 15.38% 6 2019A 1,561.5 15.51% 6 2019A 39.5 13.21%
7 2020A 11,599.6 4.93% 7 2020A 1,843.2 6.39% 7 2020A 1,581.5 1.28% 7 2020A 47.0 19.05%
8 2021A 13,136.1 13.25% 8 2021A 2,509.3 36.14% 8 2021A 2,200.5 39.15% 8 2021A 63.8 35.75%
9 2022A 14,136.3 7.61% 9 2022A 2,201.3 -12.27% 9 2022A 1,856.5 -15.64% 9 2022A 53.7 -15.83%
10 2023A 16,300.6 15.31% 10 2023A 2,830.9 28.60% 10 2023A 2,435.9 31.21% 10 2023A 71.4 32.87%
11 2024E 16,199.9 -0.62% 11 2024E 2,912.0 2.86% 11 2024E 2,517.5 3.35% 11 2024E 72.9 2.16%
12 2025E 17,175.1 6.02% 12 2025E 3,139.3 7.81% 12 2025E 2,711.5 7.71% 12 2025E 78.8 8.09%
13 2026E 18,150.3 5.68% 13 2026E 3,366.6 7.24% 13 2026E 2,905.5 7.16% 13 2026E 84.7 7.48%
14 2027E 19,125.5 5.37% 14 2027E 3,593.9 6.75% 14 2027E 3,099.6 6.68% 14 2027E 90.6 6.96%
15 2028E 20,100.7 5.10% 15 2028E 3,821.2 6.32% 15 2028E 3,293.6 6.26% 15 2028E 96.5 6.51%
 Common Size Statement

Common Size Income Statement-BRITANNIA INDUSTRIES LTD

Particulars Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23

Sales 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Raw Material Cost 60.50% 60.09% 59.75% 62.32% 61.54% 59.85% 59.27% 58.34% 62.50% 59.29%
Change in Inventory 0.17% 0.39% 0.05% 0.60% -0.06% 0.50% -0.45% 0.28% 0.53% 0.44%
Power and Fuel 1.60% 1.41% 1.13% 1.15% 1.30% 1.58% 1.53% 1.39% 1.54% 0.00%
Other Mfr. Exp 7.38% 7.07% 6.08% 5.63% 4.92% 5.62% 5.26% 5.12% 5.32% 0.00%
Employee Cost 3.80% 3.75% 4.07% 3.89% 4.05% 4.00% 4.20% 4.01% 3.84% 4.04%
Selling and admin 14.91% 14.37% 11.39% 10.11% 9.62% 10.02% 9.70% 8.86% 8.40% 0.00%
Other Expenses 2.90% 2.62% 3.07% 3.37% 3.37% 3.75% 3.69% 3.46% 3.36% 19.75%
Other Income 0.49% 2.90% 1.37% 1.66% 1.68% 1.87% 2.27% 2.38% 1.57% 3.66%
Depreciation 1.20% 1.84% 1.35% 1.32% 1.43% 1.46% 1.59% 1.51% 1.42% 1.39%
Interest 0.12% 0.05% 0.06% 0.06% 0.08% 0.08% 0.66% 0.84% 1.02% 1.04%
Profit before tax 8.24% 12.08% 14.53% 14.40% 15.31% 15.99% 15.90% 19.14% 14.70% 18.61%
Tax 2.51% 3.32% 4.72% 4.64% 5.19% 5.54% 3.89% 5.05% 3.98% 4.40%
Net profit 5.72% 8.76% 9.82% 9.77% 10.13% 10.49% 12.09% 14.19% 10.79% 14.24%
Dividend Amount 2.08% 2.44% 2.86% 2.92% 3.03% 3.26% 7.26% 28.88% 9.63% 10.64%
EBITDA 9.55% 13.97% 15.95% 15.78% 16.83% 17.57% 18.23% 21.59% 17.20% 21.06%

Common Size Balance Sheet-BRITANNIA INDUSTRIES LTD

Particulars Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23
Total Liabilities 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Equity Share Capital 1.14% 0.86% 0.69% 0.58% 0.46% 0.39% 0.31% 0.30% 0.32% 0.26%
Reserves 36.74% 43.72% 59.18% 65.04% 65.19% 67.80% 55.93% 44.04% 33.72% 37.53%
Borrowings 7.11% 5.19% 3.75% 3.03% 3.87% 2.50% 19.64% 26.52% 33.02% 32.05%
Other Liabilities 55.01% 50.23% 36.38% 31.34% 30.47% 29.32% 24.13% 29.14% 32.94% 30.16%

Total Assets 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Net Block 40.23% 30.22% 27.20% 28.23% 25.94% 27.06% 23.99% 22.41% 23.33% 28.39%
Capital Work in Progress 5.08% 1.73% 2.58% 0.73% 3.91% 1.62% 0.51% 1.46% 7.13% 1.12%
Investments 9.39% 18.54% 22.56% 11.85% 20.80% 23.67% 36.95% 34.76% 23.45% 35.54%
Other Assets 15.01% 22.08% 27.66% 35.79% 27.30% 27.04% 23.43% 21.87% 21.01% 16.55%
Receivables 5.16% 4.86% 4.88% 4.36% 5.87% 6.32% 4.09% 3.22% 4.42% 3.52%
Inventory 19.95% 14.46% 12.61% 16.10% 12.58% 12.53% 9.46% 13.64% 18.20% 12.76%
Cash & Bank 5.18% 8.10% 2.51% 2.94% 3.59% 1.76% 1.57% 2.64% 2.46% 2.12%
 WACC

Weighted Average Cost of Capital

All figures are in INR unless stated otherwise

Peer Comps
Debt / Debt / Levered Unlevered
Name of the Comp Country Total Debt Total Equity Tax Rate 1 Equity Capital Beta 2 Beta 3

Britannia Inds. India 2,997.4 1,20,650.9 30.00% 2.48% 2.42% 0.58 0.57
Hind. Unilever India 1,219.0 6,23,005.4 30.00% 0.20% 0.20% 0.71 0.71
Nestle India India 270.5 2,18,443.2 30.00% 0.12% 0.12% 0.48 0.48
Godrej Consumer India 1,129.6 1,05,594.0 30.00% 1.07% 1.06% 0.55 0.55
Varun Beverages India 3,883.8 1,03,811.8 30.00% 3.74% 3.61% 0.82 0.80
Dabur India India 1,173.8 1,00,971.0 30.00% 1.16% 1.15% 0.70 0.69

Average 30.00% 1.46% 1.43% 63.97% 63.27%

Median 30.00% 1.12% 1.10% 63.62% 62.85%

Cost of Debt Cost of Equity

Pre-Tax Cost of Debt 5.64% Risk Free Rate 7.07%
Tax Rate 30.00% Equity Risk Premium 8.34%
Post-Tax Cost of Debt 3.95% Levered Beta 4 0.63
Cost of Equity 12.37%

Captial Structure Levered Beta

Comps Median Unlevered Beta 62.85%
Current Target Target Debt/ Equity 1.45%
Total Debt 2,997.4 2.42% 1.43% Tax Rate 30.00%
Market Capitalization 1,20,650.9 97.58% 98.57% Levered Beta 0.63
Total Capital 1,23,648.3 100.00% 100.00%

Debt / Equity 2.48% 1.45% Weighted Average Cost of Capital

Cost of Equity 12.37%
Equity Weight 98.57%

Cost of Debt 3.95%

Debt Weight 1.43%
WACC 12.25%
Beta Regression - Britannia Inds.

Britannia Inds. Weekly Returns NIFTY 50 Weekly Returns BETA Drifting

Date Closing Price Return Closing Price Return
28-06-2021 3,373.6 15,722.2 Levered Raw Beta 0.58 Beta 1 0.58
05-07-2021 3,307.6 -1.96% 15,689.8 -0.21% Raw Beta Weight Beta 2 0.58
12-07-2021 3,274.3 -1.01% 15,923.4 1.49%
19-07-2021 3,273.2 -0.03% 15,856.0 -0.42% Market Beta 1.00 Beta 3 0.58
26-07-2021 3,257.6 -0.48% 15,763.0 -0.59% Market Beta Weight
02-08-2021 3,429.4 5.28% 16,238.2 3.01% SUMMARY OUTPUT
09-08-2021 3,406.2 -0.68% 16,529.1 1.79% Adjusted Beta
16-08-2021 3,707.2 8.84% 16,450.5 -0.48% Regression Statistics
23-08-2021 3,750.6 1.17% 16,705.2 1.55% Multiple R 0.395255486
30-08-2021 3,924.4 4.63% 17,323.6 3.70% R Square 0.1562269
06-09-2021 3,873.6 -1.29% 17,369.3 0.26% Adjusted R Square 0.14787271
13-09-2021 3,855.6 -0.47% 17,585.2 1.24% Standard Error 0.026796318
20-09-2021 3,847.1 -0.22% 17,853.2 1.52% Observations 103
27-09-2021 3,731.2 -3.01% 17,532.1 -1.80%
04-10-2021 3,695.2 -0.96% 17,895.2 2.07% ANOVA
11-10-2021 3,706.2 0.30% 18,338.6 2.48% df SS MS F Significance F
18-10-2021 3,511.3 -5.26% 18,114.9 -1.22% Regression 1 0.013427704 0.013427704 18.70042651 3.59603E-05
25-10-2021 3,497.7 -0.39% 17,671.7 -2.45% Residual 101 0.072522308 0.000718043
01-11-2021 3,475.7 -0.63% 17,916.8 1.39% Total 102 0.085950012
08-11-2021 3,509.3 0.97% 18,102.8 1.04%
15-11-2021 3,398.6 -3.15% 17,764.8 -1.87% Coefficients Standard Error t Stat P-value Lower 95% Upper 95% Lower 95.0% Upper 95.0%
22-11-2021 3,383.1 -0.46% 17,026.4 -4.16% Intercept 0.003108001 0.002652008 1.171942867 0.243977059 -0.002152868 0.008368871 -0.002152868 0.008368871
29-11-2021 3,381.6 -0.04% 17,196.7 1.00% X Variable 1 0.576987868 0.133426141 4.324398977 3.59603E-05 0.312306295 0.84166944 0.312306295 0.84166944
06-12-2021 3,456.5 2.21% 17,511.3 1.83%
13-12-2021 3,364.9 -2.65% 16,985.2 -3.00%
20-12-2021 3,369.8 0.15% 17,003.8 0.11%
27-12-2021 3,431.3 1.83% 17,354.1 2.06%
03-01-2022 3,556.3 3.64% 17,812.7 2.64%
10-01-2022 3,532.3 -0.68% 18,255.8 2.49%
17-01-2022 3,443.0 -2.53% 17,617.2 -3.50%
24-01-2022 3,339.7 -3.00% 17,101.9 -2.92%
31-01-2022 3,389.5 1.49% 17,516.3 2.42%
07-02-2022 3,312.0 -2.29% 17,374.8 -0.81%
14-02-2022 3,313.0 0.03% 17,276.3 -0.57%
21-02-2022 3,257.0 -1.69% 16,658.4 -3.58%
28-02-2022 3,208.1 -1.50% 16,245.3 -2.48%
07-03-2022 3,044.9 -5.09% 16,630.4 2.37%
14-03-2022 3,193.4 4.88% 17,287.1 3.95%
21-03-2022 2,944.6 -7.79% 17,153.0 -0.78%
28-03-2022 3,074.2 4.40% 17,670.4 3.02%
04-04-2022 3,185.7 3.63% 17,784.3 0.64%
11-04-2022 3,187.4 0.05% 17,475.7 -1.74%
18-04-2022 3,201.2 0.43% 17,171.9 -1.74%
25-04-2022 3,120.4 -2.52% 17,102.6 -0.40%
02-05-2022 3,147.6 0.87% 16,411.3 -4.04%
09-05-2022 3,119.7 -0.89% 15,782.2 -3.83%
16-05-2022 3,283.1 5.24% 16,266.2 3.07%
23-05-2022 3,385.3 3.11% 16,352.5 0.53%
30-05-2022 3,359.0 -0.78% 16,584.3 1.42%
06-06-2022 3,198.1 -4.79% 16,201.8 -2.31%
13-06-2022 3,170.7 -0.86% 15,293.5 -5.61%
20-06-2022 3,301.3 4.12% 15,699.3 2.65%
27-06-2022 3,469.6 5.10% 15,752.0 0.34%
04-07-2022 3,694.7 6.49% 16,220.6 2.97%
11-07-2022 3,725.6 0.84% 16,049.2 -1.06%
18-07-2022 3,747.5 0.59% 16,719.4 4.18%
25-07-2022 3,775.5 0.75% 17,158.3 2.62%
01-08-2022 3,570.0 -5.44% 17,397.5 1.39%
08-08-2022 3,542.6 -0.77% 17,698.2 1.73%
15-08-2022 3,545.3 0.08% 17,758.4 0.34%
22-08-2022 3,533.3 -0.34% 17,558.9 -1.12%
29-08-2022 3,641.8 3.07% 17,539.4 -0.11%
05-09-2022 3,588.0 -1.48% 17,833.3 1.68%
12-09-2022 3,578.2 -0.27% 17,530.8 -1.70%
19-09-2022 3,732.7 4.32% 17,327.3 -1.16%
26-09-2022 3,778.3 1.22% 17,094.3 -1.34%
03-10-2022 3,721.8 -1.49% 17,314.7 1.29%
10-10-2022 3,732.3 0.28% 17,185.7 -0.74%
17-10-2022 3,728.8 -0.09% 17,576.3 2.27%
24-10-2022 3,714.0 -0.40% 17,786.8 1.20%
31-10-2022 3,740.1 0.70% 18,117.2 1.86%
07-11-2022 4,029.6 7.74% 18,349.7 1.28%
14-11-2022 4,036.8 0.18% 18,307.7 -0.23%
21-11-2022 4,113.2 1.89% 18,512.8 1.12%
28-11-2022 4,358.2 5.96% 18,696.1 0.99%
05-12-2022 4,336.0 -0.51% 18,496.6 -1.07%
12-12-2022 4,369.8 0.78% 18,269.0 -1.23%
19-12-2022 4,258.9 -2.54% 17,806.8 -2.53%
26-12-2022 4,234.8 -0.56% 18,105.3 1.68%
02-01-2023 4,285.6 1.20% 17,859.4 -1.36%
09-01-2023 4,263.0 -0.53% 17,956.6 0.54%
16-01-2023 4,246.1 -0.40% 18,027.7 0.40%
23-01-2023 4,306.6 1.42% 17,604.3 -2.35%
30-01-2023 4,550.8 5.67% 17,854.1 1.42%
06-02-2023 4,544.8 -0.13% 17,856.5 0.01%
13-02-2023 4,456.8 -1.94% 17,944.2 0.49%
20-02-2023 4,367.7 -2.00% 17,465.8 -2.67%
27-02-2023 4,337.6 -0.69% 17,594.3 0.74%
06-03-2023 4,238.3 -2.29% 17,412.9 -1.03%
13-03-2023 4,289.0 1.20% 17,100.1 -1.80%
20-03-2023 4,129.2 -3.73% 16,945.1 -0.91%
27-03-2023 4,249.3 2.91% 17,359.8 2.45%
03-04-2023 4,227.3 -0.52% 17,599.2 1.38%
10-04-2023 4,192.3 -0.83% 17,828.0 1.30%
17-04-2023 4,327.8 3.23% 17,624.1 -1.14%
24-04-2023 4,553.5 5.22% 18,065.0 2.50%
01-05-2023 4,626.0 1.59% 18,069.0 0.02%
08-05-2023 4,616.5 -0.21% 18,314.8 1.36%
15-05-2023 4,499.9 -2.53% 18,203.4 -0.61%
22-05-2023 4,596.2 2.14% 18,499.3 1.63%
29-05-2023 4,654.1 1.26% 18,534.1 0.19%
05-06-2023 4,878.8 4.83% 18,563.4 0.16%
12-06-2023 5,044.7 3.40% 18,826.0 1.41%
19-06-2023 4,970.8 -1.46% 18,665.5 -0.85%
Return on Markets

Year Annual Average Market return 15.41%

1
2000 -14.65% Dividend Yeild 1.36%
2001 -16.18% Total Market Return 15.41%
2002 3.25%
2003 71.90%
2004 10.68%
2005 36.34%
2006 39.83%
2007 54.77%
2008 -51.79%
2009 75.76%
2010 17.95%
2011 -24.62%
2012 27.70%
2013 6.76%
2014 31.39%
2015 -4.06%
2016 3.01%
2017 28.65%
2018 3.15%
2019 12.02%
2020 14.17%
2021 24.12%
2022 4.32%
 Intrinsic Growth

Calculation of ROIC Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22

Current Assets-
Inventories 661.0 653.0 781.0 741.0 1,091.0 1,367.0
Trade receivables 179.0 305.0 394.0 320.0 257.0 332.0
Short term loans 1.0 1.0 1.0 - 5.0 3.0
Other asset items 1,469.0 1,416.0 1,686.0 1,834.0 1,745.0 1,576.0
Total Assets 2,310.0 2,375.0 2,862.0 2,895.0 3,098.0 3,278.0

Other Liabilities-
Trade Payables 757.0 994.0 1,141.0 1,047.0 1,313.0 1,285.0
Advance from Customers 17.0 31.0 41.0 78.0 55.0 41.0
Other liability items 511.0 543.0 615.0 729.0 927.0 1,121.0
Total Liabilities 1,285.0 1,568.0 1,797.0 1,854.0 2,295.0 2,447.0

# Net Working Capital 1,025.0 807.0 1,065.0 1,041.0 803.0 831.0

Non-Current Assets-
Land 128.0 246.0 247.0 319.0 326.0 334.0
Building 376.0 515.0 660.0 732.0 758.0 782.0
Plant Machinery 641.0 705.0 1,053.0 1,305.0 1,407.0 1,546.0
Equipments 22.0 25.0 31.0 40.0 46.0 52.0
Furniture n fittings 25.0 25.0 28.0 31.0 32.0 32.0
Vehicles 2.0 2.0 3.0 5.0 5.0 6.0
Intangible Assets 128.0 128.0 134.0 143.0 136.0 140.0
Other fixed assets 36.0 36.0 40.0 43.0 46.0 57.0
Gross Block 1,359.0 1,684.0 2,195.0 2,618.0 2,756.0 2,948.0
Accumulated Depreciation 199.0 338.0 507.0 739.0 963.0 1,195.0
Net Non-Current Assets 1,160.0 1,346.0 1,688.0 1,879.0 1,793.0 1,753.0

# Invested Capital 2,185.0 2,153.0 2,753.0 2,920.0 2,596.0 2,584.0

EBIT 1,158.9 1,359.4 1,570.6 1,658.4 2,311.4 2,000.8

# ROIC 53.04% 63.14% 57.05% 56.79% 89.04% 77.43%

Calculation of Reinvestment Rate Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22

Net Capex 352.0 421.0 399.0 243.0 239.0 547.0

Change in Working Capital (218.0) 258.0 (24.0) (238.0) 28.0

EBIT 1,158.9 1,359.4 1,570.6 1,658.4 2,311.4 2,000.8

Marginal Tax Rate 25.00% 25.00% 25.00% 25.00% 25.00% 25.00%
EBIT(1-T) 869.2 1,019.6 1,177.9 1,243.8 1,733.6 1,500.6

Reinvestment Value 203.0 657.0 219.0 1.0 575.0

Reinvestment Rate 19.91% 55.78% 17.61% 0.06% 38.32%

4 Year Average 26.33%

4 Year Median 19.91%

Calculation of Growth Rate Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22

Reinvestment Rate 19.91% 55.78% 17.61% 0.06% 38.32%

ROIC 63.14% 57.05% 56.79% 89.04% 77.43%

# Intrinsic Growth Rate 12.57% 31.82% 10.00% 0.05% 29.67%

4 Year Average 16.82%

4 Year Median 12.57%
 Discounted Cashflow

Calculation of PV of FCFF Mar-22A Mar-23F Mar-24F Mar-25F Mar-26F

EBIT 2,231.5 2,512.0 2,827.8 3,183.3 3,583.5

Tax Rate 25.00% 25.00% 25.00% 25.00% 25.00%
EBIT(1-T) 1,673.6 1,884.0 2,120.8 2,387.5 2,687.6
Less: Reinvestment Rate 19.91% 25.36% 30.80% 36.25% 41.69%
Free Cashflow to Firm (FCFF) 1,340.4 1,406.3 1,467.6 1,522.1 1,567.1
Mid Year Convention 0.5 1.5 2.5 3.5 4.5
Discounting Factor 0.944 0.841 0.749 0.667 0.595

PV of FCFF 1,265.1 1,182.6 1,099.5 1,015.9 931.9

Expected Growth 12.57%

Terminal Growth 6.50%
WACC 12.25%

Calculation of Terminal Value Sensitivity Analysis

870.7 11% 12.25% 13% 14% 15%
FCFF (n+1) 1,764.2 4.00% 734.8 640.5 596.5 548.1 508.5
WACC 12.25% 5.00% 838.5 713.3 657.0 596.5 548.1
Terminal Growth Rate 6.50% 6.50% 1,080.4 870.0 782.6 693.3 625.0
7.00% 1,201.4 942.2 838.5 734.8 657.0
Terminal Value 30,707.6 8.00% 1,564.3 1,137.3 983.6 838.5 734.8

Calculation of Equity Value

PV of FCFF 5,495.0
PV of Terminal Value 18,259.7
Value of Operating Assets 23,754.7

Add: Cash 198.0

Less: Debt 2,981.0

Value of Equity 20,971.7

No. of Shares 24.1

Equity Value per Share 870.67

Share Price 4,992.0

Discount/Premium 473.35%
 Relative Valuation
Amount in Crores
Comparable Company Valuation
Market Data Financials Valuation
Share Outstanding Enterprise
Company Ticker Price Share Equity Value Net Debt Value Revenue EBITDA Net Income EV/Revenue EV/EBITDA P/E
Hind. Unilever 2,593.0 235.0 6,09,251.3 (3,459.0) 6,05,792.3 61,452.0 14,748.5 10,308.0 9.9x 41.1x 59.1x
Nestle India 22,515.8 9.6 2,17,052.3 (657.1) 2,16,395.3 18,347.7 4,220.0 2,724.5 11.8x 51.3x 79.7x
Britannia Inds. 4,865.8 24.1 1,17,217.1 2,799.4 1,20,016.5 16,300.6 3,097.1 2,316.3 7.4x 38.8x 50.6x
Godrej Consumer 1,034.3 102.3 1,05,777.9 738.9 1,06,516.7 13,316.0 2,530.0 1,702.5 8.0x 42.1x 62.1x
Varun Beverages 801.0 129.9 1,04,051.4 3,598.5 1,07,650.0 14,238.7 3,132.5 1,717.6 7.6x 34.4x 60.6x
Dabur India 575.8 177.2 1,02,031.8 847.9 1,02,879.6 11,529.9 2,536.6 1,701.3 8.9x 40.6x 60.0x
Marico 558.5 129.3 72,218.8 (148.0) 72,070.8 9,764.0 1,952.8 1,322.0 7.4x 36.9x 54.6x
Colgate-Palmoliv 2,050.1 27.2 55,762.7 (854.0) 54,908.7 5,353.1 1,713.0 1,111.2 10.3x 32.1x 50.2x
P & G Hygiene 15,740.0 3.3 51,154.8 (634.8) 50,520.1 3,841.8 768.4 569.5 13.2x 65.8x 89.8x
Hatsun Agro 1,000.4 22.3 22,278.9 1,750.9 24,029.8 7,383.0 738.3 194.1 3.3x 32.5x 114.8x
High 13.2x 65.8x 114.8x
75% Percentile 10.2x 41.8x 75.3x
Average 8.8x 41.5x 68.2x
Median 8.5x 39.7x 60.3x
25% Percentile 7.4x 35.0x 55.7x
Low 3.3x 32.1x 50.2x

Britannia Comparable Valuation EV/Revenue EV/EBITDA P/E

Implied Enterprise Value 1,37,919.2 1,22,815.2 1,42,417.5
Net Debt 2,799.4 2,799.4 2,799.4
Implied Market Value 1,35,119.8 1,20,015.8 1,39,618.1
Shares Outstanding 24.1 24.1 24.1
Implied Value per Share 5,609.0 4,982.0 5,795.7
Source: Screener.in Undervalued Undervalued Undervalued
 Football Field Analysis

Football Field Analysis - Valuation Summary (Rs) Football Field Analysis

7,000.0 OpenLow Low OpenHigh High
₹ 5,795.69 Comps 5,609.0 5,609.0 5,795.7 5,795.7
6,000.0 ₹ 5,270.00 DCF Bear 508.5 508.5 734.8 734.8
5,000.0 ₹ 5,608.96 DCF Base 640.5 640.5 1,137.3 1,137.3
DCF Bull 734.8 734.8 1,564.3 1,564.3
4,000.0
52 Week H/L 3,555.0 3,555.0 5,270.0 5,270.0
3,000.0 ₹ 3,555.00

2,000.0 ₹ 1,564.32
₹ 1,137.34
₹ 734.76
1,000.0

0.0 ₹ 640.49 ₹ 734.76

₹ 508.52
Comps DCF Bear DCF Base DCF Bull 52 Week H/L