Aniket Kangane BSE: 500825| NSE: BRITANNIA

FINANCIAL
MODELING
REPORT
(A Comprehensive DCF and Comparable Comps Valuation)
 BRITANNIA INDUSTRIES LTD - One Page Profile
Founded in 1892, Britannia Industries Limited is a major Indian food products company headquartered in Kolkata.
Britannia offers a diverse range of baked goods, including biscuits, cakes, and bread. Its well-known brands include
Britannia Good Day, Marie Gold, and Bourbon. With a commitment to quality and innovation, Britannia serves
millions of consumers across India and beyond, continually striving to meet evolving tastes and preferences while
focusing on sustainable practices.

INR (Crores)
Key Financial Metrics Mar-21 Mar-22 Mar-23 Mar-24 Share Price - 5Y
Total Sales 13,449 14,358 16,897 16,981 7000
Sales Growth (y-o-y) 13.38% 6.76% 17.69% 0.49% 6000
Gross Profit 4,441 4,086 5,482 6,780 5000
GP Margins (%) 33.02% 28.45% 32.44% 39.93% 4000
EBITDA Margin (%) 20.99% 16.88% 20.29% 19.89% 3000
EBIT Margin (%) 20.08% 15.79% 19.68% 18.39% 2000
Net Profit Margins(%) 13.76% 10.56% 13.71% 12.57% 1000
Earnings Per Share (In Rs.) 76.82 62.93 96.15 88.59 0
EPS Growth (y-o-y) 32.57% -18.08% 52.79% -7.86%

2020
2020
2021
2021
2022
2022
2023
2023
2023
2024
Key Financial Ratios Mar-21 Mar-22 Mar-23 Mar-24 Volume - 5Y
Price to Earnings 46.85x 50.66x 44.85x 55.29x 150
EV/EBITDA 31.62x 32.82x 31.19x 35.50x
100
EV/Sales 6.79x 5.63x 6.56x 7.15x
Price to Book value 24.62x 30.20x 29.46x 30.02x 50
Return on Equity (%) 52.16% 59.26% 65.54% 54.15% 0
Return on Capital Employed (%) 46.29% 44.11% 49.02% 51.24%

2020
2020
2021
2021
2021
2022
2022
2022
2023
2023
2023
2024
2024
(In Millions)
Top Shareholders Shares Holding (%) Market value Shareholding Pattern
Associated Biscuits International Limited 107.81 44.8 6,31,728
Lici Asm Non Par 8.27 3.4 48,449 Public 15.57%
Sbi Arbitrage Opportunities Fund 5.28 2.2 30,912
DIIs 15.63%
Lici Index Plus Flexi Smart Growth Fund 4.76 2.0 27,883
Quant Mutual Fund - Quant Small Cap Fund 3.17 1.3 18,583 FIIs 18.23%
Icici Prudential S&P Bse 500 Etf 2.91 1.2 17,040
Promoters 50.55%
Valletort Enterprises Pte Ltd 2.79 1.2 16,319
Nacupa Enterprises Pte Ltd 2.79 1.2 16,319 0% 20% 40% 60%

Managerial Remuneration Designation % Change X of Median Salary Capital Structure

Mr. Varun Berry Vice-Chairman & MD 11.94 289: 1 Share Price 5859.7
Mr. Rajneet Singh Kohli CEO - 58: 1 Number Of Shares O/s 24.09
Mr. N. Venkataraman CFO 18.63 86: 1 Market Capitalization 141160.173
Mr. T.V. Thulsidass Company Secretary 15.38 16: 1 Less: Cash 446.35
Add: Debt 2064.96
The median remuneration of the employees of the Company for the financial year 2022-23 is ` 4.43 lakhs, which is 7% higher compared to the previous
Add: Minority Interest 24
year. There were 4,570 permanent employees on the rolls of Company as on 31 March 2023. Average percentage increase made in the salaries of
Employees and the Managerial Personnel in the financial year 2022-23 on comparable basis is 11.8% over the previous year. Enterprise Value 1,42,803

Future Vision

• Beyond Biscuits: A Total Food Powerhouse: Building on their success in biscuits, Britannia might aim to become a total food company. This could
involve expanding their product portfolio significantly, venturing into new categories like dairy products, snacks, or packaged meals to cater to a
wider range of consumer needs.
• Digital Dough: Look for Britannia to embrace digital technologies. This could involve strengthening their online presence for direct-to-consumer sales,
leveraging e-commerce platforms, and potentially utilizing social media marketing to engage customers effectively.
• Health and Wellness Focus: Consumers are increasingly health-conscious. Britannia might focus on developing healthier product options that are
lower in sugar, fat, and salt, or fortified with essential nutrients.
• Sustainable Practices: Sustainability is likely to remain a priority. Britannia might invest in eco-friendly packaging solutions, reduce their carbon
footprint, and potentially work with sustainable agriculture practices throughout their supply chain.
 BRITANNIA INDUSTRIES LTD
NSE: BRITANNIA| BSE: 500825

HISTORICAL FINANCIAL STATEMENT

Income Statement
Years Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24
Sales ₹ 8,086.0 ₹ 8,512.4 ₹ 9,204.6 ₹ 10,080.4 ₹ 11,261.1 ₹ 11,862.4 ₹ 13,449.2 ₹ 14,358.1 ₹ 16,897.4 ₹ 16,980.6
Sales Growth - 5.27% 8.13% 9.51% 11.71% 5.34% 13.38% 6.76% 17.69% 0.49%

COGS ₹ 5,652.9 ₹ 5,959.4 ₹ 6,555.5 ₹ 7,125.1 ₹ 7,799.8 ₹ 8,202.5 ₹ 9,008.0 ₹ 10,272.5 ₹ 11,415.6 ₹ 10,200.7
COGS % Sales 69.91% 70.01% 71.22% 70.68% 69.26% 69.15% 66.98% 71.55% 67.56% 60.07%

Gross Profit ₹ 2,433.1 ₹ 2,553.0 ₹ 2,649.1 ₹ 2,955.2 ₹ 3,461.4 ₹ 3,659.8 ₹ 4,441.2 ₹ 4,085.6 ₹ 5,481.8 ₹ 6,779.8
Gross Profit % Sales 30.09% 29.99% 28.78% 29.32% 30.74% 30.85% 33.02% 28.45% 32.44% 39.93%

Selling & General Expenses 1,335.2 1,214.3 1,220.4 1,287.4 1,522.5 1,553.8 1,618.9 1,662.4 2,054.0 3,401.9
S&G Exp % Sales 16.51% 14.26% 13.26% 12.77% 13.52% 13.10% 12.04% 11.58% 12.16% 20.03%

EBITDA ₹ 1,097.9 ₹ 1,338.7 ₹ 1,428.7 ₹ 1,667.8 ₹ 1,938.9 ₹ 2,106.0 ₹ 2,822.4 ₹ 2,423.2 ₹ 3,427.8 ₹ 3,377.9
EBITDA Margins 13.58% 15.73% 15.52% 16.55% 17.22% 17.75% 20.99% 16.88% 20.29% 19.89%

Interest ₹ 3.9 4.9 5.5 7.6 9.1 ₹ 76.9 ₹ 110.9 ₹ 144.3 ₹ 169.1 ₹ 164.0
Interest % Sales 0.05% 0.06% 0.06% 0.08% 0.08% 0.65% 0.82% 1.00% 1.00% 0.97%

Depreciation ₹ 144.5 ₹ 113.4 ₹ 119.3 ₹ 142.1 ₹ 161.9 ₹ 184.8 ₹ 197.9 ₹ 200.5 ₹ 225.9 ₹ 300.5
Depreciation % Sales 1.79% 1.33% 1.30% 1.41% 1.44% 1.56% 1.47% 1.40% 1.34% 1.77%

EBT ₹ 949.6 ₹ 1,220.5 ₹ 1,304.0 ₹ 1,518.2 ₹ 1,767.9 ₹ 1,844.3 ₹ 2,513.6 ₹ 2,078.3 ₹ 3,032.8 ₹ 2,913.5
EBT % Sales 11.74% 14.34% 14.17% 15.06% 15.70% 15.55% 18.69% 14.47% 17.95% 17.16%

Tax ₹ 261.1 ₹ 396.1 ₹ 419.7 ₹ 514.2 ₹ 612.5 ₹ 450.7 ₹ 663.0 ₹ 562.4 ₹ 716.5 ₹ 779.3
Effective Tax Rate 27.50% 32.45% 32.18% 33.87% 34.64% 24.44% 26.38% 27.06% 23.62% 26.75%

Net Profit ₹ 688.5 ₹ 824.4 ₹ 884.3 ₹ 1,004.0 ₹ 1,155.5 ₹ 1,393.6 ₹ 1,850.6 ₹ 1,516.0 ₹ 2,316.3 ₹ 2,134.2
Net Profit Margins 8.51% 9.68% 9.61% 9.96% 10.26% 11.75% 13.76% 10.56% 13.71% 12.57%

No. Of Equity Shares ₹ 24.0 ₹ 24.0 ₹ 24.0 ₹ 24.0 ₹ 24.0 ₹ 24.1 ₹ 24.1 ₹ 24.1 ₹ 24.1 ₹ 24.1

Earnings Per Share ₹ 28.7 ₹ 34.3 ₹ 36.8 ₹ 41.8 ₹ 48.1 ₹ 57.9 ₹ 76.8 ₹ 62.9 ₹ 96.2 ₹ 88.6
EPS Growth % 19.69% 7.27% 13.48% 14.99% 20.51% 32.57% -18.08% 52.79% -7.86%

Dividend Per Share ₹ 8.0 ₹ 10.0 ₹ 11.0 ₹ 12.5 ₹ 15.0 ₹ 35.0 ₹ 157.5 ₹ 56.5 ₹ 72.0 ₹ 73.5
Dividend Payout Ratio 27.88% 29.11% 29.85% 29.89% 31.20% 60.40% 205.03% 89.78% 74.88% 82.96%

Retained Earning 72.12% 70.89% 70.15% 70.11% 68.80% 39.60% - 10.22% 25.12% 17.04%

Balance Sheet
Years Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24
Equity Share ₹ 24.0 ₹ 24.0 ₹ 24.0 ₹ 24.0 ₹ 24.0 ₹ 24.1 ₹ 24.1 ₹ 24.1 ₹ 24.1 ₹ 24.1
Reserves ₹ 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 ₹ 3,917.4
Borrowings ₹ 145.1 ₹ 131.1 ₹ 124.6 ₹ 200.7 ₹ 156.0 ₹ 1,537.6 ₹ 2,121.5 ₹ 2,481.2 ₹ 2,997.4 ₹ 2,065.0
Other Liabilities ₹ 1,403.2 ₹ 1,271.2 ₹ 1,287.8 ₹ 1,581.0 ₹ 1,828.7 ₹ 1,889.1 ₹ 2,330.9 ₹ 2,487.3 ₹ 2,819.2 ₹ 3,067.1
Total Liabilities ₹ 2,793.4 ₹ 3,493.9 ₹ 4,108.8 ₹ 5,187.9 ₹ 6,238.0 ₹ 7,829.5 ₹ 8,000.1 ₹ 7,526.6 ₹ 9,350.9 ₹ 9,073.6

Fixed Asset Net Block ₹ 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 ₹ 2,771.1
Capital Work in Progress ₹ 48.4 ₹ 90.1 ₹ 30.1 ₹ 202.8 ₹ 101.2 ₹ 39.6 ₹ 116.5 ₹ 535.7 ₹ 105.0 ₹ 187.5
Investments ₹ 517.9 ₹ 788.4 ₹ 486.9 ₹ 1,079.3 ₹ 1,476.3 ₹ 2,893.2 ₹ 2,780.9 ₹ 1,762.4 ₹ 3,324.2 ₹ 2,766.7
Other Assets ₹ 616.8 ₹ 966.3 ₹ 1,470.5 ₹ 1,416.4 ₹ 1,686.7 ₹ 1,834.4 ₹ 1,749.6 ₹ 1,591.0 ₹ 1,546.2 ₹ 1,327.3
Total Non Current ₹ 2,027.2 ₹ 2,795.0 ₹ 3,147.4 ₹ 4,044.1 ₹ 4,952.5 ₹ 6,645.4 ₹ 6,440.0 ₹ 5,642.3 ₹ 7,630.7 ₹ 7,052.7

Inventory 404.04 440.65 661.45 652.79 781.38 740.96 1091.49 1367.49 1193.26 1181.22
Receivables ₹ 135.8 ₹ 170.6 ₹ 179.2 ₹ 304.6 ₹ 394.2 ₹ 320.4 ₹ 257.3 ₹ 331.9 ₹ 328.9 ₹ 393.3
Cash & Bank ₹ 226.3 ₹ 87.7 ₹ 120.8 ₹ 186.4 ₹ 109.8 ₹ 122.9 ₹ 211.3 ₹ 184.9 ₹ 198.0 ₹ 446.4
Total Current Asset ₹ 766.2 ₹ 698.9 ₹ 961.4 ₹ 1,143.8 ₹ 1,285.4 ₹ 1,184.2 ₹ 1,560.1 ₹ 1,884.3 ₹ 1,720.2 ₹ 2,020.9

Total Assets ₹ 2,793.4 ₹ 3,493.9 ₹ 4,108.8 ₹ 5,187.9 ₹ 6,238.0 ₹ 7,829.5 ₹ 8,000.1 ₹ 7,526.6 ₹ 9,350.9 ₹ 9,073.6

Check TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE
 BRITANNIA INDUSTRIES LTD
NSE: BRITANNIA| BSE: 500825

Cash Flow Statement

Years Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24
Profit from operations ₹ 861.0 ₹ 1,230.0 ₹ 1,289.0 ₹ 1,517.0 ₹ 1,754.0 ₹ 1,860.0 ₹ 2,540.0 ₹ 2,214.0 ₹ 2,846.0 ₹ 3,177.0
Receivables (₹ 25.0) (₹ 32.0) (₹ 9.0) (₹ 125.0) (₹ 87.0) ₹ 79.0 ₹ 61.0 (₹ 72.0) ₹ 1.0 (₹ 64.0)
Inventory ₹ 17.0 (₹ 35.0) (₹ 221.0) ₹ 9.0 (₹ 127.0) ₹ 43.0 (₹ 351.0) (₹ 275.0) ₹ 177.0 ₹ 13.0
Payables - - - - - - ₹ 402.0 ₹ 64.0 ₹ 292.0 ₹ 237.0
Loans Advances ₹ 14.0 - - - - - (₹ 144.0) - - -
Other WC items ₹ 18.0 ₹ 200.0 (₹ 221.0) ₹ 345.0 ₹ 211.0 ₹ 6.0 - (₹ 44.0) (₹ 65.0) (₹ 25.0)
Working capital changes ₹ 25.0 ₹ 133.0 (₹ 451.0) ₹ 228.0 (₹ 2.0) ₹ 127.0 (₹ 32.0) (₹ 327.0) ₹ 406.0 ₹ 161.0
Direct taxes (₹ 301.0) (₹ 403.0) (₹ 397.0) (₹ 496.0) (₹ 596.0) (₹ 503.0) (₹ 633.0) (₹ 587.0) (₹ 726.0) (₹ 765.0)
Cash from Operating Activity ₹ 584.0 ₹ 960.0 ₹ 441.0 ₹ 1,250.0 ₹ 1,155.0 ₹ 1,485.0 ₹ 1,875.0 ₹ 1,300.0 ₹ 2,525.0 ₹ 2,573.0
Fixed assets purchased (₹ 118.0) (₹ 251.0) (₹ 360.0) (₹ 423.0) (₹ 401.0) (₹ 244.0) (₹ 241.0) (₹ 550.0) (₹ 711.0) (₹ 562.0)
Fixed assets sold ₹ 164.0 ₹ 1.0 ₹ 8.0 ₹ 2.0 ₹ 2.0 ₹ 1.0 ₹ 2.0 ₹ 3.0 ₹ 78.0 ₹ 65.0
Investments purchased (₹ 277.0) (₹ 211.0) - (₹ 537.0) (₹ 334.0) (₹ 1,327.0) - (₹ 21.0) (₹ 1,468.0) (₹ 191.0)
Investments sold - - ₹ 359.0 - - - ₹ 179.0 ₹ 1,069.0 ₹ 443.0 ₹ 771.0
Interest received ₹ 30.0 ₹ 66.0 ₹ 75.0 ₹ 109.0 ₹ 117.0 ₹ 128.0 ₹ 233.0 ₹ 207.0 ₹ 175.0 ₹ 170.0
Dividends received - - - - - - - - - -
Investment in group cos - - (₹ 14.0) - - - - - (₹ 215.0) -
Redemp n Canc of Shares - - - - - - - - ₹ 262.0 -
Inter corporate deposits (₹ 250.0) (₹ 311.0) (₹ 218.0) (₹ 107.0) (₹ 239.0) (₹ 89.0) ₹ 289.0 ₹ 202.0 ₹ 88.0 ₹ 250.0
Other investing items - - - - ₹ 3.0 ₹ 6.0 (₹ 29.0) ₹ 5.0 (₹ 159.0) (₹ 28.0)
Cash from Investing Activity - (₹ 451.0) (₹ 706.0) (₹ 150.0) (₹ 956.0) (₹ 852.0) (₹ 1,525.0) ₹ 433.0 ₹ 915.0 (₹ 1,507.0) ₹ 475.0
Proceeds from shares - ₹ 4.0 ₹ 6.0 ₹ 15.0 ₹ 30.0 ₹ 24.0 ₹ 103.0 - - -
Proceeds from debentures - - - - - ₹ 721.0 - ₹ 699.0 - -
Redemption of debentures - - - - - (₹ 869.0) - - (₹ 721.0) -
Proceeds from borrowings ₹ 17.0 - - - - ₹ 641.0 ₹ 1,533.0 ₹ 645.0 ₹ 1,312.0 ₹ 209.0
Repayment of borrowings (₹ 27.0) - - - (₹ 42.0) - (₹ 964.0) (₹ 984.0) (₹ 70.0) (₹ 1,141.0)
Investment subsidy - - - - - - - - - -
Interest paid fin (₹ 3.0) (₹ 5.0) (₹ 6.0) (₹ 7.0) (₹ 9.0) (₹ 36.0) (₹ 102.0) (₹ 119.0) (₹ 196.0) (₹ 165.0)
Dividends paid (₹ 168.0) (₹ 231.0) (₹ 288.0) (₹ 317.0) (₹ 354.0) (₹ 433.0) (₹ 2,824.0) (₹ 2,485.0) (₹ 1,359.0) (₹ 1,732.0)
Financial liabilities - - - - - (₹ 2.0) (₹ 3.0) (₹ 2.0) (₹ 3.0) (₹ 4.0)
Share application money - - - - - - - - - -
Other financing items - (₹ 15.0) (₹ 7.0) ₹ 78.0 ₹ 23.0 ₹ 12.0 ₹ 14.0 - ₹ 9.0 ₹ 2.0
Cash from Financing Activity - (₹ 181.0) (₹ 247.0) (₹ 295.0) (₹ 231.0) (₹ 352.0) ₹ 58.0 (₹ 2,243.0) (₹ 2,246.0) (₹ 1,028.0) (₹ 2,831.0)

Net Cash Flow (₹ 48.0) ₹ 7.0 (₹ 4.0) ₹ 63.0 (₹ 49.0) ₹ 18.0 ₹ 65.0 (₹ 31.0) (₹ 10.0) ₹ 217.0
 BRITANNIA INDUSTRIES LTD
NSE: BRITANNIA| BSE: 500825

COMMON SIZE STATEMENT

Income Statement
Particulars Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24
Sales 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Power and Fuel 1.41% 1.13% 1.15% 1.30% 1.58% 1.53% 1.39% 1.54% 1.67% 0.00%
Other Mfr. Exp 7.07% 6.08% 5.63% 4.92% 5.62% 5.26% 5.12% 5.32% 5.48% 0.00%
Employee Cost 3.75% 4.07% 3.89% 4.05% 4.00% 4.20% 4.01% 3.84% 4.04% 4.23%
Selling and admin 14.37% 11.39% 10.11% 9.62% 10.02% 9.70% 8.86% 8.40% 9.04% 0.00%
Other Expenses 2.62% 3.07% 3.37% 3.37% 3.75% 3.69% 3.46% 3.36% 3.56% 20.29%
Other Income 2.90% 1.37% 1.66% 1.68% 1.87% 2.27% 2.38% 1.57% 3.66% 1.26%
Depreciation 1.84% 1.35% 1.32% 1.43% 1.46% 1.59% 1.51% 1.42% 1.39% 1.79%
Interest 0.05% 0.06% 0.06% 0.08% 0.08% 0.66% 0.84% 1.02% 1.04% 0.98%
Profit before tax 12.08% 14.53% 14.40% 15.31% 15.99% 15.90% 19.14% 14.70% 18.61% 17.37%
Tax 3.32% 4.72% 4.64% 5.19% 5.54% 3.89% 5.05% 3.98% 4.40% 4.65%
Net profit 8.76% 9.82% 9.77% 10.13% 10.49% 12.09% 14.19% 10.79% 14.24% 12.76%
Dividend Amount 2.44% 2.86% 2.92% 3.03% 3.26% 7.26% 28.88% 9.63% 10.64% 10.56%
EBITDA 13.97% 15.95% 15.78% 16.83% 17.57% 18.23% 21.59% 17.20% 21.06% 20.18%
-
Balance Sheet
Particulars Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24
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 0.86% 0.69% 0.58% 0.46% 0.39% 0.31% 0.30% 0.32% 0.26% 0.27%
Reserves 43.72% 59.18% 65.04% 65.19% 67.80% 55.93% 44.04% 33.67% 37.54% 43.17%
Borrowings 5.19% 3.75% 3.03% 3.87% 2.50% 19.64% 26.52% 32.97% 32.05% 22.76%
Other Liabilities 50.23% 36.38% 31.34% 30.47% 29.32% 24.13% 29.14% 33.05% 30.15% 33.80%

Total Assets 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Net Block 30.22% 27.20% 28.23% 25.94% 27.06% 23.99% 22.41% 23.29% 28.40% 30.54%
Capital Work in Progress 1.73% 2.58% 0.73% 3.91% 1.62% 0.51% 1.46% 7.12% 1.12% 2.07%
Investments 18.54% 22.56% 11.85% 20.80% 23.67% 36.95% 34.76% 23.42% 35.55% 30.49%
Other Assets 22.08% 27.66% 35.79% 27.30% 27.04% 23.43% 21.87% 21.14% 16.54% 14.63%
Receivables 4.86% 4.88% 4.36% 5.87% 6.32% 4.09% 3.22% 4.41% 3.52% 4.33%
Cash & Bank 8.10% 2.51% 2.94% 3.59% 1.76% 1.57% 2.64% 2.46% 2.12% 4.92%
 BRITANNIA INDUSTRIES LTD
NSE: BRITANNIA| BSE: 500825

RATIO ANALYSIS
Years Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 Trend Mean Median
Sales Growth - 5.27% 8.13% 9.51% 11.71% 5.34% 13.38% 6.76% 17.69% 0.49% 9.72% 8.82%
EBITDA Growth - 21.93% 6.72% 16.74% 16.25% 8.62% 34.01% -14.14% 41.46% -1.45% 16.45% 16.49%
EBT Growth - 28.52% 6.84% 16.42% 16.45% 4.32% 36.29% -17.32% 45.92% -3.93% 17.18% 16.44%
Net Profit Growth - 19.74% 7.27% 13.53% 15.09% 20.61% 32.79% -18.08% 52.79% -7.86% 17.97% 17.41%
Dividend Growth - 125.00% 110.00% 113.63% 120.00% 233.33% 450.00% 35.87% 127.43% 102.08% 164.41% 122.50%
Gross Margin 30.09% 29.99% 28.78% 29.32% 30.74% 30.85% 33.02% 28.45% 32.44% 39.93% 30.41% 30.09%
EBITDA Margin 13.58% 15.73% 15.52% 16.55% 17.22% 17.75% 20.99% 16.88% 20.29% 19.89% 17.17% 16.88%
EBIT Margin 11.79% 14.39% 14.23% 15.14% 15.78% 16.20% 19.51% 15.48% 18.95% 18.12% 15.72% 15.48%
EBT Margin 11.74% 14.34% 14.17% 15.06% 15.70% 15.55% 18.69% 14.47% 17.95% 17.16% 15.30% 15.06%
Net Profit Margin 8.51% 9.68% 9.61% 9.96% 10.26% 11.75% 13.76% 10.56% 13.71% 12.57% 10.87% 10.26%
S&G Exp % Sales 16.51% 14.26% 13.26% 12.77% 13.52% 13.10% 12.04% 11.58% 12.16% 20.03% 13.24% 13.10%
Depreciation & Sales 1.79% 1.33% 1.30% 1.41% 1.44% 1.56% 1.47% 1.40% 1.34% 1.77% 1.45% 1.41%
Operating Income % Sales 11.79% 14.39% 14.23% 15.14% 15.78% 16.20% 19.51% 15.48% 18.95% 18.12% 15.72% 15.48%
Return on Capital Employed 68.58% 55.13% 46.42% 42.30% 40.30% 32.34% 46.29% 44.11% 49.02% 51.24% 47.17% 46.29%
Retained Earning 72.12% 70.89% 70.15% 70.11% 68.80% 39.60% 0.00% 10.22% 25.12% 17.04% 47.44% 68.80%
Return on Equity % 55.29% 39.41% 32.80% 29.47% 27.17% 31.65% 52.16% 59.26% 65.54% 54.15% 43.64% 39.41%
Self Sustained Growth Rate 39.88% 27.94% 23.01% 20.66% 18.69% 12.53% 0.00% 6.06% 16.46% 9.22% 18.36% 18.69%
Interest Coverage Ratio 247.01x 251.61x 240.27x 201.02x 195.49x 24.98x 23.67x 15.40x 18.93x 18.77x 135.38x 195.49x
Debtor Turnover Ratio 59.54x 49.89x 51.38x 33.09x 28.56x 37.03x 52.28x 43.26x 51.37x 43.17x 45.16x 49.89x
Creditor Turnover Ratio 5.76x 6.70x 7.15x 6.38x 6.16x 6.28x 5.77x 5.77x 5.99x 5.54x 6.22x 6.16x
Inventory Turnover Ratio 13.99x 13.52x 9.91x 10.91x 9.98x 11.07x 8.25x 7.51x 9.57x 8.64x 10.52x 9.98x
Fixed Asset Turnover Ratio 9.58x 8.96x 7.94x 7.49x 6.67x 6.32x 7.50x 8.19x 6.36x 6.13x 7.67x 7.50x
Capital Turnover Ratio 6.49x 4.07x 3.41x 2.96x 2.65x 2.69x 3.79x 5.61x 4.78x 4.31x 4.05x 3.79x
(In days)
Debtor Days 6 7 7 11 13 10 7 8 7 8 9 7
Creditor Days 63 55 51 57 59 58 63 63 61 66 59 59
Cash Conversion Cycle -57 -47 -44 -46 -46 -48 -56 -55 -54 -57 -50 -48
CFO/Sales 7.22% 11.28% 4.79% 12.40% 10.26% 12.52% 13.94% 9.05% 14.94% 15.15% 10.71% 11.28%
CFO/Total Assets 20.91% 27.48% 10.73% 24.09% 18.52% 18.97% 23.44% 17.27% 27.00% 28.36% 20.93% 20.91%
CFO/Total Debt 402.56% 732.54% 354.05% 622.82% 740.29% 96.58% 88.38% 52.39% 84.24% 124.60% 352.65% 354.05%
 BRITANNIA INDUSTRIES LTD
NSE: BRITANNIA| BSE: 500825

FORCASTING
Year Weight Year Sales Sales Growth Year Weight Year EBITDA EBITDA Growth
1 2015A 8,086.0 1 2015A 2,433.1
2 2016A 8,512.4 5.27% 2 2016A 2,553.0 4.93%
3 2017A 9,204.6 8.13% 3 2017A 2,649.1 3.76%
4 2018A 10,080.4 9.51% 4 2018A 2,955.2 11.56%
5 2019A 11,261.1 11.71% 5 2019A 3,461.4 17.13%
6 2020A 11,862.4 5.34% 6 2020A 3,659.8 5.73%
7 2021A 13,449.2 13.38% 7 2021A 4,441.2 21.35%
8 2022A 14,358.1 6.76% 8 2022A 4,085.6 -8.01%
9 2023A 16,897.4 17.69% 9 2023A 5,481.8 34.17%
10 2024A 16,980.6 0.49% 10 2024A 6,779.8 23.68%
11 2025F 17,828.9 5.00% 11 2025F 5,632.6 -16.92%
12 2026F 18,879.8 5.89% 12 2026F 5,983.9 6.24%
13 2027F 19,930.7 5.57% 13 2027F 6,335.3 5.87%
14 2028F 20,981.6 5.27% 14 2028F 6,686.6 5.55%
15 2029F 22,032.5 5.01% 15 2029F 7,038.0 5.25%

Sales Growth EBITDA Growth

25,000
8,000
20,000
6,000
15,000
10,000 4,000
5,000 2,000
0
0
2015A
2016A
2017A
2018A
2019A
2020A
2021A
2022A
2023A
2024A
2025F
2026F
2027F
2028F
2029F

2025F
2026F
2027F
2028F
2029F
2015A
2016A
2017A
2018A
2019A
2020A
2021A
2022A
2023A
2024A
Year Weight Year EBT EBT Growth Year Weight Year EPS EPS Growth
1 2015A 1,097.9 1 2015A 28.7
2 2016A 1,338.7 21.93% 2 2016A 34.3 19.69%
3 2017A 1,428.7 6.72% 3 2017A 36.8 7.27%
4 2018A 1,667.8 16.74% 4 2018A 41.8 13.48%
5 2019A 1,938.9 16.25% 5 2019A 48.1 14.99%
6 2020A 2,106.0 8.62% 6 2020A 57.9 20.51%
7 2021A 2,822.4 34.01% 7 2021A 76.8 32.57%
8 2022A 2,423.2 -14.14% 8 2022A 62.9 -18.08%
9 2023A 3,427.8 41.46% 9 2023A 96.2 52.79%
10 2024A 3,377.9 -1.45% 10 2024A 88.6 -7.86%
11 2025F 3,607.7 6.80% 11 2025F 98.9 11.64%
12 2026F 3,871.1 7.30% 12 2026F 106.4 7.61%
13 2027F 4,134.4 6.80% 13 2027F 114.0 7.07%
14 2028F 4,397.7 6.37% 14 2028F 121.5 6.61%
15 2029F 4,661.0 5.99% 15 2029F 129.0 6.20%

EBT Growth EPS Growth

5,000 150
4,000
3,000 100
2,000
50
1,000
0 0
2025F
2026F
2027F
2028F
2029F
2015A
2016A
2017A
2018A
2019A
2020A
2021A
2022A
2023A
2024A

2015A
2016A
2017A
2018A
2019A
2020A
2021A
2022A
2023A
2024A
2025F
2026F
2027F
2028F
2029F
 BRITANNIA INDUSTRIES LTD
NSE: BRITANNIA| BSE: 500825

BETA REGRESSION
Regression Beta - 2 Years Weekly

BRITANNIA INDUSTRIES LTD Weekly Returns Nifty Returns Beta Drifiting

Date Closing Price Returns Closing Price Returns Levered Raw Beta 0.41
18-07-2022 3806.2 16719.4 Raw Beta Weight 75.00%
25-07-2022 3834.7 0.75% 17158.3 2.62% Market Beta 1
01-08-2022 3625.9 -5.44% 17397.5 1.39% Market Beta Weight 25.00%
08-08-2022 3598.1 -0.77% 17698.2 1.73%
15-08-2022 3600.8 0.08% 17758.4 0.34% Adjusted Beta 0.56
22-08-2022 3588.6 -0.34% 17558.9 -1.12%
29-08-2022 3641.8 1.48% 17539.4 -0.11%
05-09-2022 3588.0 -1.48% 17833.3 1.68%
12-09-2022 3578.2 -0.27% 17530.8 -1.70%
19-09-2022 3732.7 4.32% 17327.3 -1.16%
26-09-2022 3778.3 1.22% 17094.3 -1.34%
03-10-2022 3721.8 -1.49% 17314.7 1.29%
10-10-2022 3732.3 0.28% 17185.7 -0.74%
17-10-2022 3728.8 -0.09% 17576.3 2.27%
24-10-2022 3714.0 -0.40% 17786.8 1.20%
31-10-2022 3740.1 0.70% 18117.2 1.86%
07-11-2022 4029.6 7.74% 18349.7 1.28%
14-11-2022 4036.8 0.18% 18307.7 -0.23%
21-11-2022 4113.2 1.89% 18512.8 1.12%
28-11-2022 4358.2 5.96% 18696.1 0.99%
05-12-2022 4336.0 -0.51% 18496.6 -1.07%
12-12-2022 4369.8 0.78% 18269.0 -1.23%
19-12-2022 4258.9 -2.54% 17806.8 -2.53%
26-12-2022 4234.8 -0.56% 18105.3 1.68%
02-01-2023 4285.6 1.20% 17859.4 -1.36%
09-01-2023 4263.0 -0.53% 17956.6 0.54%
16-01-2023 4246.1 -0.40% 18027.7 0.40%
23-01-2023 4306.6 1.42% 17604.3 -2.35%
30-01-2023 4550.8 5.67% 17854.1 1.42%
06-02-2023 4544.8 -0.13% 17856.5 0.01%
13-02-2023 4456.8 -1.94% 17944.2 0.49%
20-02-2023 4367.7 -2.00% 17465.8 -2.67%
27-02-2023 4337.6 -0.69% 17594.3 0.74%
06-03-2023 4238.3 -2.29% 17412.9 -1.03%
13-03-2023 4289.0 1.20% 17100.1 -1.80%
20-03-2023 4129.2 -3.73% 16945.1 -0.91%
27-03-2023 4249.3 2.91% 17359.8 2.45%
03-04-2023 4227.3 -0.52% 17599.2 1.38%
10-04-2023 4192.3 -0.83% 17828.0 1.30%
17-04-2023 4327.8 3.23% 17624.1 -1.14%
24-04-2023 4553.5 5.22% 18065.0 2.50%
 BRITANNIA INDUSTRIES LTD
NSE: BRITANNIA| BSE: 500825

WACC
All figures are in INR unless stated otherwise.
Peer Comps
Debt/ Debt/ Levered Unlevered
Name Country Total Debt Total Equity Tax Rate 1 Equity Capital 2 3
Beta Beta
Britannia Inds. India 2,065.0 1,39,391.7 30.00% 1.48% 1.46% 0.56 0.55
Hind. Unilever India 1,484.0 6,16,121.6 30.00% 0.24% 0.24% 0.51 0.51
Nestle India India 344.5 2,51,548.6 30.00% 0.14% 0.14% 0.86 0.86
Varun Beverages India 5,431.3 2,05,896.3 30.00% 2.64% 2.57% 0.36 0.35
Godrej Consumer India 3,222.2 1,47,685.0 30.00% 2.18% 2.14% 0.44 0.43
Average 1.34% 1.31% 0.55 0.54
Median 1.48% 1.46% 0.51 0.51

Cost of Debt Cost of Equity

Pre-tax Cost of Debt 7.50% Risk Free Rate 7.16%

Tax Rate 30.00% Equity Risk Premium 9.65%
4
After Tax Cost of Debt 5.25% Levered Beta 0.51
Cost of Equity 12.12%

Capital Structure Levered Beta

Current Target Comps Median Unlevered Beta 0.51
Total Debt 2,065.0 1.46% 1.31% Target Debt/ Equity 1.33%
Market Capitalization 1,39,391.7 98.54% 98.69% Tax Rate 30.00%
Total Capitalization 1,41,456.7 100.00% 100.00% Levered Beta 0.51

Debt / Equity 1.48% 1.33% Weighted Average Cost of Capital

1. Tax Rate considered as Marginal Tax Rate for the country Cost of Equity 12.12%
2. Levered Beta is based on 2 year weekly data Equity Weight 98.69%
3. Unlevered Beta = Levered Beta/(1+(1-Tax Rate) x Debt/Equity)
3. Levered Beta = Unlevered Beta/(1+(1-Tax Rate) x Debt/Equity) Cost of Debt 5.25%
Debt Weight 1.31%

WACC 12.03%
 BRITANNIA INDUSTRIES LTD
NSE: BRITANNIA| BSE: 500825

DCF VALUATION
Calculation of PV of FCFF Mar-24A Apr-25F Apr-26F Apr-27F Apr-28F Apr-29F
EBIT 3,083.1 3,226.7 3,377.1 3,534.5 3,699.2 3,871.6
Tax Rate 30.00% 30.00% 30.00% 30.00% 30.00% 30.00%
EBIT (1-T) 2,158.1 2,258.7 2,364.0 2,474.1 2,589.4 2,710.1
1
Less: Reinvestment Rate 26.39% 26.39% 26.39% 26.39% 26.39% 26.39%
Free Cash Flow to Firm 1,588.6 1,662.6 1,740.1 1,821.2 1,906.1 1,994.9
Mid Year Convention 0.5 1.5 2.5 3.5 4.5
Discounting Factor 0.945 0.843 0.753 0.672 0.600
PV of FCFF 1570.8 1467.5 1371.0 1280.8 1196.6

1
Expected Growth 4.66%
2
Terminal Growth 6.80%
WACC 12.03% Sensitivity Analysis - Enterprise Value
WACC
Calculation of Terminal Value 30,838.90 10.59% 11.00% 12.03% 14.00%
5.00% 29309.4 27759.1 24704.8 20801.7
FCFF (N+1) 2087.9 6.80% 39972.4 36704.4 30838.9 24280.4
WACC 12.03% 7.00% 41818.1 38195.3 31791.6 24777.4
Terminal Growth 6.80% 8.00% 55330.3 48631.5 37973.7 27759.1
Terminal Value 39,932.2 GROWTH

Calculation of Equity Value

PV of FCC 6886.8 Sensitivity Analysis - Equity Value Per Share

PV of Terminal Value 23952.1 WACC
Enterprise Value 30838.9 1,163.95 10.59% 11.00% 12.03% 14.00%
Add: Cash 198.0 5.00% 1100.5 1036.1 909.3 747.3
Less: Debt 2997.4 6.80% 1543.1 1407.4 1163.9 891.7
Equity Value 28039.5 7.00% 1619.7 1469.3 1203.5 912.3
No of Shares 24.1 8.00% 2180.6 1902.5 1460.1 1036.1
Equity Value per Share 1163.9 GROWTH
Share Price 5859.7
Premium/Discount 5.03x

Assumptions
1. The reinvestment rate and growth rate are taken from the NYU Stern report on the Indian sector, updated in January 2024.
2. The terminal growth rate is based on India's long term GDP growth rate.
 BRITANNIA INDUSTRIES LTD
NSE: BRITANNIA| BSE: 500825
Amount in Crores

COMPARABLE COMPANY VALUATION

Market Data Financials Valuation

Share Share Enterprise

Company Ticker Price Outstanding Equity Value Net Debt Value Revenue EBITDA Net Income EV/Sales EV/EBITDA P/E
Britannia Inds. BRITANNIA 5,787.1 24.1 1,39,410.0 1,618.6 1,41,028.6 16,769.3 3,380.8 2,134.2 8.41x 41.71x 65.32x
Hind. Unilever HINDUNILVR 2,622.3 235.0 6,16,123.9 (6,075.0) 6,10,048.9 61,896.0 15,470.0 10,282.0 9.86x 39.43x 59.92x
Nestle India NESTLEIND 2,609.0 96.4 2,51,559.8 (434.3) 2,51,125.5 24,393.9 5,961.1 3,932.8 10.29x 42.13x 63.96x
Godrej Consumer VBL 1,443.9 102.3 1,47,682.1 4,971.5 1,52,653.5 14,096.1 3,877.2 (560.6) 10.83x 39.37x -263.46x
Varun Beverages GODREJCP 1,584.5 129.9 2,05,889.9 2,675.3 2,08,565.2 16,466.9 3,212.4 2,211.2 12.67x 64.92x 93.11x
High 12.67x 64.92x 93.11x
75th Percentile 10.83x 42.13x 65.32x
Average 10.41x 45.51x 3.77x
Median 10.29x 41.71x 63.96x
25th Percentile 9.86x 39.43x 59.92x
Low 8.41x 39.37x -263.46x

BRITANNIA INDUSTRIES LTD Comparable Valuation EV/Sales EV/EBITDA P/E

Implied Enterprise Value 1,72,633.0 1,41,028.6 1,38,131.6
Net Debt 1,618.6 1,618.6 1,618.6
Implied Equity Value 1,71,014.4 1,39,410.0 1,36,513.0
Share Outstanding 24.1 24.1 24.1
Implied Value Per Share 7099.0 5787.1 5666.8
 BRITANNIA INDUSTRIES LTD
NSE: BRITANNIA| BSE: 500825

Value at Risk (VAR) & Monte Carlo Simulation

Date Adj Close Return Sorted Return Replication Simulated Returns Calucation of Value at Risk (VAR)
21-09-1999 73.61 -3.43 0.33 1 1.35%
20-03-2020 2262.70 0.54 0.14 2 2.89% Historical Approach
20-05-2016 1313.86 3.45 0.09 3 0.54% Mean -0.09%
14-04-2000 41.64 -0.58 0.08 4 0.69% Std Deviation 1.86%
23-04-1999 74.10 0.60 0.08 5 2.08% Min -37.17%
01-03-2000 40.67 -0.08 0.08 6 -4.18% Max 32.84%
29-02-2000 44.21 0.19 0.08 7 0.80% Stock Price Currnet 5859.7
11-08-1998 36.52 0.26 0.08 8 -2.42%
09-06-1998 28.25 -0.87 0.08 9 -1.29% Percentile Confidence Var % Stock Price Var(INR)
08-06-1999 67.38 -3.73 0.08 10 1.32% 5% 95.00% -2.80% 6024.0 -164.3
11-03-2020 2794.95 3.72 0.08 11 -0.71% 1% 99.00% -4.65% 6132.2 -272.5
07-04-1999 67.95 -3.52 0.08 12 -2.32% 0.50% 99.50% -5.47% 6179.9 -320.2
18-03-2020 2294.01 2.74 0.08 13 2.16% 10% 90.00% -1.90% 5971.2 -111.5
05-03-2010 147.43 1.68 0.07 14 0.72%
05-06-1998 27.58 -0.92 0.07 15 1.68% Calucation of Monte Carlo Simulation
13-10-1999 69.03 -3.57 0.07 16 0.49%
17-03-2020 2462.76 5.44 0.07 17 2.98% Monte Carlo Simulation Approach
17-06-1996 10.72 -1.85 0.07 18 1.16% Mean -0.12%
26-07-1999 67.91 -3.87 0.07 19 -4.25% Std Deviation 1.85%
04-03-2022 3258.32 3.46 0.07 20 -0.81% Min -6.78%
04-12-2008 102.07 0.44 0.07 21 0.12% Max 6.66%
10-01-2000 65.95 -3.08 0.07 22 -2.41% Stock Price Currnet 5859.7
21-08-2015 1434.30 3.97 0.06 23 -0.08%
12-05-1998 27.04 -1.00 0.06 24 -2.05% Percentile Confidence Var % Stock Price Var(INR)
05-05-1999 73.43 0.26 0.06 25 1.97% 5% 95.00% -3.18% 6045.8 -186.1
27-02-2001 56.74 -4.14 0.06 26 -0.48% 1% 99.00% -4.47% 6121.8 -262.1
19-10-2020 3573.35 4.58 0.06 27 -1.49% 0.50% 99.50% -4.91% 6147.4 -287.7
03-03-2000 36.48 -1.67 0.06 28 -3.60% 10% 90.00% -2.52% 6007.5 -147.8
06-08-2010 192.93 1.11 0.06 29 1.14%
26-01-2000 63.71 0.11 0.06 30 1.51%
28-01-2000 57.29 -0.65 0.06 31 -0.66%
14-03-2008 109.85 -2.23 0.06 32 0.77%
 BRITANNIA INDUSTRIES LTD
NSE: BRITANNIA| BSE: 500825

5859.7 INR
52 Week (High - INR 5,924 & Low - INR 4,348)

About the Company

Founded in 1892, Britannia Industries Limited is a major Indian food products company headquartered in Kolkata. Britannia offers a diverse range of
baked goods, including biscuits, cakes, and bread. Its well-known brands include Britannia Good Day, Marie Gold, and Bourbon. With a commitment
to quality and innovation, Britannia serves millions of consumers across India and beyond, continually striving to meet evolving tastes and
preferences while focusing on sustainable practices.

Financial Summary

Revenue (INR Cr.) Net Profit (INR Cr.) Avg. Total Assets (INR Cr.)
2,316 2,204
16,897
14,358 1,851 1,783 1,836 1,773
13,449
11,862 1,516
1,394

2020 2021 2022 2023 2020 2021 2022 2023 2020 2021 2022 2023

Return on Equity Return on Assets Financial Leverage

0.46x
105%
101% 0.41x
48%
85%
78% 0.32x
35% 0.27x
32%

21%

2020 2021 2022 2023 2020 2021 2022 2023 2020 2021 2022 2023

Result Summary

• Britannia Industries, a household name in India for decades, is a leading manufacturer of biscuits, breads, and dairy products.
• Their stock price, BRITANNIA on the NSE, has been steadily climbing in 2024, reflecting strong investor confidence.
• The company recently launched a new mobile app, NutriPlus, to help consumers monitor their health and make informed dietary
choices. This focus on wellness could be a positive growth factor.
• Britannia is known for its vast product portfolio, including popular brands like Good Day, Marie Gold, and Tiger biscuits. This
brand loyalty positions them well in the competitive Indian market.
 Dupont Analysis - Return on Equity & Return on Asset
Return on Equity (ROE)
Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24
Net Profit 1155.5 1393.6 1850.6 1516.0 2316.3 2134.2
Average Shareholder Equity 5956.4 6529.5 5749.1 4331.9 4813.3 5708.7
Return on Equity 19.40% 21.34% 32.19% 35.00% 48.12% 37.39%

ROE - Dupont Equation

Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24
Net Profit 1155.5 1393.6 1850.6 1516.0 2316.3 2134.2
Revenue 11261.1 11862.4 13449.2 14358.1 16897.4 16980.6
Net Profit Margin (A) 10.26% 11.75% 13.76% 10.56% 13.71% 12.57%

Revenue 11261.1 11862.4 13449.2 14358.1 16897.4 16980.6

Average Total Asset 1517.0 1783.2 1835.6 1773.1 2204.2 2713.2
Asset Turnover Ratio (B) 7.4X 6.7X 7.3X 8.1X 7.7X 6.3X

Average Total Asset 1517.0 1783.2 1835.6 1773.1 2204.2 2713.2

Average Shareholder Equity 5956.4 6529.5 5749.1 4331.9 4813.3 5708.7
Equity Multiplier (C) 0.3X 0.3X 0.3X 0.4X 0.5X 0.5X

Return on Equity (A*B*C) 19.40% 21.34% 32.19% 35.00% 48.12% 37.39%

Return on Assets
Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24
Net Profit 1155.5 1393.6 1850.6 1516.0 2316.3 2134.2
Average Total Asset 1517.0 1783.2 1835.6 1773.1 2204.2 2713.2
Return on Assets 76.17% 78.15% 100.82% 85.50% 105.09% 78.66%

ROA - Dupont Equation

Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24
Net Profit 1155.5 1393.6 1850.6 1516.0 2316.3 2134.2
Revenue 11261.1 11862.4 13449.2 14358.1 16897.4 16980.6
Net Profit Margin (A) 10.26% 11.75% 13.76% 10.56% 13.71% 12.57%

Revenue 11261.1 11862.4 13449.2 14358.1 16897.4 16980.6

Average Total Asset 1517.0 1783.2 1835.6 1773.1 2204.2 2713.2
Asset Turnover Ratio (B) 7.4X 6.7X 7.3X 8.1X 7.7X 6.3X

Return on Assets (A*B) 76.17% 78.15% 100.82% 85.50% 105.09% 78.66%

Dupont Summary

Return on Equity: ROE fluctuated over the period, starting at 19.40% in 2019, increasing to 35.00% in 2022, and then declining to
37.39% in 2024. This indicates variability in profitability from shareholders' equity, with a peak in 2022.
Net Profit Margin: The net profit margin started at 10.26% in 2019, peaked at 13.76% in 2021, and then slightly decreased to 12.57%
in 2024. This reflects relatively stable profitability relative to sales, with a peak in 2021.
Asset Turnover Ratio: The asset turnover ratio showed some fluctuations, starting at 7.4X in 2019, reaching a peak of 8.1X in 2022,
and then declining to 6.3X in 2024. This indicates changes in the efficiency of using assets to generate revenue, with a peak in 2022.
Equity Multiplier: The equity multiplier increased from 0.3X in 2019 to 0.5X by 2024, reflecting an increase in financial leverage over
the period.
Return on Assets: ROA fluctuated, starting at 76.17% in 2019, peaking at 105.09% in 2023, and then slightly decreasing to 78.66% in
2024. This indicates variability in the efficiency of generating profits from assets, with a peak in 2023.

Disclaimer: This report is made as a part of educational assignment and is meant for educational purpose only. The author of this report is not liable
for any losses due to action taken basis this report. It is advisable to consult SEBI registered research analyst before making any investments