Britannia Industries
Estimate change
TP change
Rating change
Bloomberg
Equity Shares (m)
M.Cap.(INRb)/(USDb)
52-Week Range (INR)
1, 6, 12 Rel. Per (%)
12M Avg Val (INR M)
BRIT IN
240
852.7 / 11.4
1/-22/-45
2878
4015 / 2869
28 April 2021
4QFY21 Results Update | Sector: Consumer
CMP: INR3,540
TP: INR4,450 (+26% )
Sales outlook improving; margin disappoints
Buy
Financials & Valuations (INR b)
2021 2022E 2023E
Y/E March
131.4 141.9 161.8
Sales
13.2
8.0
14.0
Sales Gr. (%)
25.1
25.3
29.1
EBITDA
19.1
17.8
18.0
Margins (%)
18.5
18.6
21.4
Adj. PAT
76.8
77.2
88.9
Adj. EPS (INR)
31.0
0.5
15.1
EPS Gr. (%)
147.3 199.5 217.3
BV/Sh.(INR)
Ratios
46.5
44.5
42.7
RoE (%)
29.2
27.4
28.1
RoCE (%)
80.0
80.0
80.0
Payout (%)
Valuations
46.1
45.8
39.8
P/E (x)
24.0
17.7
16.3
P/BV (x)
33.6
32.8
28.4
EV/EBITDA (x)
1.7
1.7
2.0
Div. Yield (%)
BRIT’s 4QFY21 topline growth was in line with volume growth, slightly above
our expectation (7%) at 8%, even as there seems to be some mix
deterioration sequentially. The management said it is seeing healthy growth
momentum in Apr’21 as well.
While deterioration in mix and higher than usual ad spends in 4QFY21 led to
EBITDA miss, the overall commodity basket inflation, at 3%, is not
challenging, as the management reportedly took some price increases
towards the end of 4QFY21.
The structural story for BRIT remains strong, especially aided by: a) direct
reach expansion to ~2.4m outlets (second best after HUVR) and b) further
investment in IT infrastructure as highlighted in 4QFY21. The remarkable
market share improvement for eight consecutive years will continue as the
company widens its moats over peers. Maintain
BUY.
BRIT’s consolidated sales increased 9.2% YoY to INR31.3b
(v/s our estimate
of INR31.6b) in 4QFY21. Standalone sales grew 9.7% YoY to INR29.5b. Base
business volume growth was 8% in 4QFY21 (v/s our expectation of 7%).
Consolidated EBITDA grew 11.3% YoY to INR5.1b (v/s our estimate of
INR5.9b), consolidated PBT grew 7.6% to INR4.9b (v/s our expectation of
INR6b), while consolidated adjusted PAT fell 3.5% to INR3.6b (v/s our
estimate of INR4.7b).
Consolidated gross margin expanded 80bp YoY to 40.5%.
Sudden and steep
inflation in palm oil and milk costs were witnessed.
Lower staff cost (-20bp YoY), as a percentage of sales, and higher other
expenses (+70bp) meant that EBITDA margin expanded 30bp to 16.1%.
There was no disruption to manufacturing and supply chain in Apr’21 and
there has been a surge in demand compared to 4QFY21.
BRIT migrated to: a) the cutting edge S4 Hana ERP, b) Arteria data
management system, and c) a new vendor management system in 4QFY21,
which resulted in a one-off sales impact of ~3 days.
The three IT initiatives will give BRIT an edge over peers with benefits likely
to accrue in a couple of quarters.
Group ICDs remain in the same range as FY20 levels.
While sales were in line with our expectations, margin disappointed due to
mix deterioration and higher-than-expected ad spends. We have reduced
our FY22E/FY23E EPS by ~3% each.
As highlighted in our
upgrade note,
the challenge for BRIT from a base
perspective would only come largely in 1QFY22, with the base becoming far
less challenging in subsequent quarters.
Sales in line, profitability below our expectations
Shareholding pattern (%)
As On
Promoter
DII
FII
Others
Mar-21 Dec-20 Mar-20
50.6
50.6
50.6
11.2
10.7
13.4
18.0
17.7
14.7
20.3
21.1
21.3
Highlights from the management commentary
FII Includes depository receipts
Valuation and view
Krishnan Sambamoorthy – Research Analyst
(Krishnan.Sambamoorthy@MotilalOswal.com)
Research Analyst: Dhairya Dhruv
(Dhairya.Dhruv@MotilalOswal.com)/Kaiwan
Jal Olia
(kaiwan.o@motilaloswal.com)
Motilal Oswal research is available on www.motilaloswal.com/Institutional-Equities, Bloomberg, Thomson Reuters, Factset and S&P Capital.
Investors are advised to refer through important disclosures made at the last page of the Research Report.
 Motilal Oswal Financial Services
Britannia Industries
Despite: 1) ~31% EPS growth in FY21, 2) a strong track record of ~20%/27% EPS
growth in the preceding five/10 years ended FY20, 3) an improving outlook for
FY22, 4) among the best-of-breed structural growth opportunities in the sector,
and 5) RoE of over 40%, the stock trades at 39.8x FY23E, which is at a substantial
discount to its historical three/five year average of 46x/48x. Maintain BUY, with
a revised TP of INR4,450/share (from INR4,575 earlier), targeting 50x FY23E EPS.
FY20
2Q
3.0
30.5
6.2
12.2
40.2
4.9
16.1
8.3
0.4
0.2
0.7
5.0
1.0
19.1
4.0
33.2
FY21
2Q
9.0
34.2
12.1
14.5
42.5
6.8
19.8
37.2
0.5
0.3
0.7
6.7
1.7
26.1
5.0
22.7
FY20
2.3
116.0
4.9
46.7
40.3
18.4
15.9
6.3
1.8
0.8
2.8
18.6
4.5
24.2
14.1
21.9
FY21
10.0
131.4
13.2
55.1
41.9
25.1
19.1
36.1
2.0
1.1
3.1
25.1
6.6
26.4
18.5
31.2
(INR b)
4Q Variance
FY21E
(%)
7.0
31.6
10.1
13.4
42.5
5.9
18.6
29.3
0.5
0.3
1.0
6.0
1.3
21.6
4.7
27.3
Consolidated quarterly performance
Y/E March
1Q
Volume growth in the base
business (%)
3.0
Net Sales
27.0
YoY change (%)
6.2
Gross Profit
10.9
Margin (%)
40.4
EBITDA
3.9
Margin (%)
14.6
YoY growth (%)
1.4
Depreciation
0.4
Interest
0.1
Other Income
0.7
PBT
4.1
Tax
1.4
Rate (%)
35.1
Adjusted PAT
2.6
YoY change (%)
2.4
E: MOFSL estimates
3Q
3.0
29.8
4.9
12.2
40.9
5.0
16.8
11.1
0.5
0.2
0.7
5.0
1.3
25.6
3.7
22.9
4Q
-
28.7
2.5
11.4
39.7
4.5
15.8
4.1
0.5
0.3
0.8
4.6
0.8
18.6
3.7
26.5
1Q
21.0
34.2
26.7
14.2
41.7
7.2
21.0
81.7
0.5
0.3
0.9
7.4
1.9
26.4
5.4
105.4
3Q
3.0
31.7
6.1
13.6
43.1
6.1
19.3
21.8
0.5
0.3
0.8
6.1
1.6
26.2
4.5
22.5 -
4Q
8.0
31.3
9.2
12.7
40.5
5.1
16.1
11.3
0.5
0.2
0.6
4.9
1.3
26.9
3.6
3.5
(0.9)
(14.0)
(18.6)
(24.2)
Key performance indicators
Y/E March
1Q
7.0
9.3
9.9
10.9
59.6
4.5
21.3
1.7
5.4
11.0
10.9
60.6
-1.1
Average growth in the last two-years (%)
Volumes
Sales
EBITDA
PAT
Sales (%)
COGS
Staff cost
Others
Depreciation
YoY change (%)
COGS
Staff cost
Others
Other income
EBIT
E: MOSL estimates
FY20
2Q
7.0
9.5
14.3
24.7
59.8
4.1
20.0
1.5
6.0
14.4
3.8
55.0
7.2
3Q
5.0
7.8
12.3
18.5
59.1
4.1
19.9
1.6
5.7
3.9
-1.7
8.6
11.2
4Q
3.5
6.4
7.0
19.1
60.3
4.2
19.6
1.7
5.1
11.7
-7.5
27.2
4.1
1Q
12.0
16.4
41.5
53.9
58.3
4.0
16.7
1.4
24.0
13.6
-0.9
38.9
91.2
FY21
2Q
6.0
9.2
22.8
28.0
57.5
3.9
18.8
1.4
7.7
8.8
5.8
7.9
40.1
3Q
3.0
5.5
16.5
22.7
56.9
4.2
19.6
1.5
2.1
8.4
4.4
26.7
23.6
4Q
4.0
5.8
7.7
11.5
59.5
4.0
20.4
1.7
7.7
2.7
13.3
-19.6
11.5
28 April 2021
2
 Motilal Oswal Financial Services
Britannia Industries
Key exhibits
Exhibit 1: Volumes from BRIT’s base business grew 8% in 4QFY21
BRIT's base business volume growth (%)
21
5
11
11
11
11
7
7
3
3
3
9
0
3
8
2
2
Source: Company, MOFSL
Standalone performance
Standalone sales/EBITDA grew 9.7%/13.4% in 4QFY21, while adjusted PAT fell
7.3% YoY. EBITDA margin rose 50bp YoY to 16.5%.
Imputed subsidiary performance
Imputed subsidiary sales grew 1.3% in 4QFY21, while EBITDA declined 26.8%
YoY. Imputed subsidiaries registered a profit of INR66m in 4QFY21 as against a
loss of INR88m in 4QFY20.
Exhibit 2: Inflationary pressure in palm oil and milk prices were offset by benign wheat flour and sugar costs
Source: Company presentation
28 April 2021
3
 Motilal Oswal Financial Services
Britannia Industries
Exhibit 3: 4QFY21 saw advertising spends normalize with a series of campaigns and activations for Biscuits…
Source: Company presentation
Exhibit 4: …as well as adjacencies
Source: Company presentation
28 April 2021
4
 Motilal Oswal Financial Services
Britannia Industries
Exhibit 5: Milk Bikis
re-launched across the rest of India with a strong marketing campaign
Source: Company presentation
Exhibit 6: Management continues to focus on expanding its distribution network
Source: Company presentation
28 April 2021
5
 Motilal Oswal Financial Services
Britannia Industries
Exhibit 7: Continued to benefit from cost efficiencies in 4QFY21
Source: Company presentation
Exhibit 8: Implemented IT initiatives to give BRIT an edge over peers
Source: Company presentation
28 April 2021
6
 Motilal Oswal Financial Services
Britannia Industries
Key takeaways from the management interaction
Performance highlights
Volume growth was 8% YoY for 4QFY21.
BRIT has now gained market share for eight consecutive years.
Direct reach now stands at 2.4m outlets.
Sales in focus states are growing at 1.25x the rest of India.
No disruption was seen in manufacturing and supply chain in Apr’21. There is
some element of pantry loading in the ongoing month and there is a surge in
demand compared to 4QFY21.
Milk Bikis
campaign
Milk Bikis
was predominantly a brand based in Tamil Nadu and Kerala until two
years ago.
BRIT is now targeting other states, with a particular focus on the Hindi belt. This
enhanced product offering is produced using 100%
atta.
The company also
signed actor Pankaj Tripathi as its brand ambassador.
The company has a lower market share of 4% in the Glucose and Milk Biscuits
category and looks to better the same. Pricing remains at a significant premium
to Parle-G, with BRIT offering a similar price point v/s competition but with a
lower grammage per pack. Milk Bikis is one of its most profitable brands, and
with it, the company aims to upgrade a portion of Parle-G consumers.
Campaigns for adjacencies – Good response seen for
Winkin Cow
milk shake and
Treat
cream wafer campaigns, which is reflected in their sales.
Digital platform upgrade
The company moved to the cutting-edge
S4 Hana
ERP,
Arteria
data
management system, and a new vendor management system in 4QFY21.
There was some minor impact on billing during 4QFY21 as a result of migration,
with a sales impact of ~3 days.
All three initiatives will give BRIT an edge over peers, and benefits are expected
in a couple of quarters.
Off-take data for 2m outlets will be made available on a real-time basis.
Margin and cost
Steep increases in edible oil, dairy, and packaging materials led to a 3% RM
inflation in 4QFY21, even as wheat and sugar costs were benign.
While 3% RM inflation is manageable, the management took some pricing
action towards the end of 4QFY21.
Advertising spends were 1.5% lower in FY21 YoY, but were back to normal levels
in 3Q and higher than normal levels in 4Q.
The management aims at margin higher than FY20 and 4QFY21 levels going
forward.
Inter-corporate deposits
Group ICDs remain in a similar range as FY20 levels.
28 April 2021
7
 Motilal Oswal Financial Services
Britannia Industries
Capex
The company is currently running at 90% utilization levels.
Planned capex for FY21 was INR2b, though the company ended up doing a bit
lower than that.
It has acquired land for its greenfield projects in Uttar Pradesh and Tamil Nadu,
but will look at the demand scenario and decide the timeline for the same.
BRIT’s dairy factory will be ready in CY22.
Third-party manufacturing is ~35% currently.
Production Linked Incentives (PLI) scheme:
The government has only presented
a draft so far, with Biscuits being part of the scheme. It is difficult to quantify
any potential benefits until the bill is passed.
Valuation and view
What happened in the last decade?
The past decade that ended in FY20 was a phenomenal one for BRIT on account
of: (a) huge market share gains, (b) a strengthening distribution reach
(particularly direct reach), and (c) better product development v/s peers.
The distribution advantage is particularly important for Food players such as
BRIT as the velocity of Food consumption is much higher v/s Personal Care
products. With the stated goal of being a total Foods player, the company’s
utilization of this reach would play a crucial role in its expansion to other Food
sub-categories.
Its financial performance over the last decade has been splendid, with BRIT
reporting ~12% sales CAGR, and EBITDA and PAT CAGR of ~27% each. This is
easily among the best of breed for the decade v/s other Consumer peers. Its
financial performance over the past five years has also been healthy, with
~8%/~16%/~20% sales/EBITDA/PAT CAGR.
Our view on the stock
While sales were in line with our expectations, margin disappointed due to mix
deterioration and higher-than-expected ad spends. We have reduced our
FY22E/FY23E EPS by ~3% each.
As highlighted in
our upgrade note,
the challenge for BRIT from a base
perspective would only come largely in 1QFY22, with the base becoming far less
challenging in subsequent quarters.
Despite: 1) ~31% EPS growth in FY21, 2) a strong track record of ~20%/27% EPS
growth in the preceding five/10 years ended FY20, 3) an improving outlook for
FY22, 4) among the best-of-breed structural growth opportunities in the sector,
and 5) RoE of over 40%, the stock trades at 39.8x FY23E, which is at a substantial
discount to its historical three/five year average of 46x/48x. Maintain BUY, with
a revised TP of INR4,450/share (from INR4,575 earlier), targeting 50x FY23E EPS.
28 April 2021
8
 Motilal Oswal Financial Services
Britannia Industries
Exhibit 9: Reduce our FY22E/FY23E EPS forecasts by 2.6%/2.7%
Change in estimates
(INR b)
Net Sales
EBITDA
Adjusted PAT
New
FY22E
141.9
25.3
18.6
FY23E
161.8
29.1
21.4
Old
FY22E
142.1
25.6
19.1
FY23E
163.1
29.3
22.0
Change (%)
FY22E
FY23E
-0.2
-0.8
-1.1
-0.9
-2.6
-2.7
Source: Company, MOFSL
Exhibit 10: BRIT’s P/E (x)
P/E (x)
Min (x)
70.0
50.0
30.0
10.0
Avg (x)
+1SD
Max (x)
-1SD
Exhibit 11: Consumer sector P/E (x)
P/E (x)
Min (x)
51.0
Avg (x)
+1SD
Max (x)
-1SD
64.1
48.6
35.6
22.7
15.0
46.8
41.5
36.3
31.0
24.7
45.4
41.0
31.0
21.0
39.9
Source: Company, MOFSL
Source: Company, MOFSL
28 April 2021
9
 Motilal Oswal Financial Services
Britannia Industries
Financials and valuations
Income Statement
Y/E March
Net Revenue
Change (%)
Gross Profit
Margin (%)
Other Expenditure
EBITDA
Change (%)
Margin (%)
Depreciation
Int. and Fin. Charges
Financial Other Income
PBT
Tax
Deferred Tax
Tax Rate (%)
PAT
Change (%)
Margin (%)
Non-rec. (Exp.)/Income
Reported PAT
Balance Sheet
Y/E March
Share Capital
Reserves
Net worth
Minority Interest
Loans
Capital Employed
Gross Block
Less: Accum. Depn.
Net Fixed Assets
Goodwill on consolidation
Capital WIP
Investments
Current
Non-current
Deferred Liability
Currents Assets
Inventory
Account Receivables
Cash and Bank Balance
Others
Curr. Liab. and Prov.
Account Payables
Other Liabilities
Net Current Assets
Net Assets
E: MOSL estimates
FY17
90.5
7.8
34.7
38.3
18.0
12.8
5.2
14.1
1.2
0.1
1.5
13.0
4.0
0.2
32.2
8.8
7.3
9.8
0.0
8.8
FY17
0.2
26.7
27.0
0.0
1.2
28.2
12.3
-2.0
10.3
1.3
0.3
4.9
3.6
1.3
-0.2
24.1
6.6
1.8
1.2
14.5
12.9
7.6
5.3
11.2
28.2
FY18
99.1
9.5
38.1
38.4
18.9
15.0
17.5
15.1
1.4
0.1
1.7
15.2
5.1
0.0
33.9
10.0
13.6
10.1
0.0
10.0
FY18
0.2
33.8
34.1
0.1
2.0
36.2
15.6
-3.4
12.2
1.3
2.0
10.8
8.9
1.9
-0.2
25.4
6.5
3.0
1.9
13.9
15.7
9.9
5.7
9.7
36.2
FY19
110.5
11.5
44.9
40.6
22.6
17.3
15.4
15.7
1.6
0.1
2.1
17.7
6.0
0.1
34.6
11.6
15.2
10.5
0.0
11.6
FY19
0.2
42.3
42.5
0.3
1.6
44.4
20.6
-5.0
15.6
1.3
1.0
14.8
9.2
5.6
-0.1
29.6
7.8
3.9
1.1
16.8
18.0
11.4
6.6
11.7
44.4
FY20
116.0
4.9
46.7
40.3
23.5
18.4
6.3
15.9
1.8
0.8
2.8
18.6
4.5
0.0
24.2
14.1
21.9
12.2
-0.2
13.9
FY20
0.2
43.8
44.0
0.4
15.4
59.8
24.8
-7.4
17.4
1.4
0.4
28.9
14.1
14.8
-0.1
30.1
7.4
3.2
1.2
18.3
18.5
11.2
7.4
11.6
59.8
FY21
131.4
13.2
55.1
41.9
30.0
25.1
36.1
19.1
2.0
1.1
3.1
25.1
6.6
0.1
26.4
18.5
31.2
14.1
0.0
18.5
FY21
0.2
35.2
35.5
0.4
20.9
56.7
25.8
-9.3
16.4
1.4
1.2
27.9
13.9
14.0
0.0
33.1
10.9
2.6
2.1
17.5
23.3
13.1
10.1
9.8
56.7
FY22E
141.9
8.0
58.7
41.4
27.5
25.3
0.8
17.8
2.3
1.7
3.5
24.9
6.3
0.0
25.2
18.6
0.5
13.1
0.0
18.6
FY22E
0.2
47.8
48.1
0.0
20.9
68.9
29.8
-11.6
18.1
1.4
1.2
37.9
21.1
16.8
0.0
35.8
9.7
4.3
5.3
16.4
25.4
14.3
11.2
10.4
68.9
(INR b)
FY23E
161.8
14.0
66.9
41.3
30.8
29.1
14.9
18.0
2.7
1.7
3.9
28.6
7.2
0.0
25.2
21.4
15.1
13.2
0.0
21.4
(INR b)
FY23E
0.2
52.1
52.3
0.0
19.5
71.9
32.8
-14.3
18.5
1.4
1.2
42.6
24.2
18.4
0.0
36.7
11.1
4.9
3.9
16.7
28.4
16.2
12.2
8.2
71.9
28 April 2021
10
 Motilal Oswal Financial Services
Britannia Industries
Financials and valuations
Ratios
Y/E March
Basic (INR)
EPS
BV/Share
DPS
Payout (%)
Valuation (x)
P/E
EV/Sales
EV/EBITDA
P/BV
Dividend Yield
Return Ratios (%)
RoE
RoCE
RoIC
Working Capital Ratios
Debtor (Days)
Asset Turnover (x)
Leverage Ratio
Debt/Equity (x)
Cash Flow Statement
Y/E March
OP Profit
Depreciation
Financial Other Income
Net Interest Paid
Direct Taxes Paid
Inc. in WC
CF from Operations
(Inc.)/Dec. in FA
Free Cash Flow
(Pur.)/Sale of Investments
Other Non-Rec. Exp.
CF from Investments
Issue of Shares
Inc. in Debt
Dividend Paid
Other Item
CF from Fin. Activity
Inc./Dec. in Cash
Add: Beginning Balance
Closing Balance
E: MOSL estimates
FY17
36.8
112.4
11.0
29.9
96.1
9.3
66.1
31.5
0.3
36.9
31.1
45.6
7
3.2
0.0
FY18
41.8
141.9
12.5
29.9
84.6
8.5
55.9
25.0
0.4
32.9
27.9
41.5
11
2.7
0.1
FY19
48.1
177.0
15.0
31.2
73.6
7.6
48.2
20.0
0.4
30.2
25.5
41.9
13
2.5
0.0
FY20
58.6
183.1
35.0
59.7
60.4
7.2
45.4
19.3
1.0
32.6
24.1
44.3
10
1.9
0.3
FY21
76.8
147.3
61.4
80.0
46.1
6.4
33.6
24.0
1.7
46.5
29.2
62.2
7
2.3
0.6
FY22E
77.2
199.5
61.8
80.0
45.8
5.9
32.8
17.7
1.7
44.5
27.4
68.8
11
2.1
0.4
FY23E
88.9
217.3
71.1
80.0
39.8
5.1
28.4
16.3
2.0
42.7
28.1
81.1
11
2.3
0.4
(INR b)
FY23E
28.6
2.7
-3.9
1.7
7.2
-0.7
19.1
-3.0
16.1
-4.8
7.4
-0.3
0.0
-1.3
17.1
1.7
-20.2
-1.4
5.3
3.9
FY17
13.0
1.2
-0.5
0.8
4.0
4.5
4.4
-3.5
0.9
3.6
-1.2
-1.1
0.1
0.0
2.9
0.1
-3.0
0.3
0.9
1.2
FY18
15.2
1.4
-0.5
1.0
5.0
-2.3
12.5
-4.2
8.3
-5.4
0.1
-9.5
0.2
0.0
3.2
-0.7
-2.3
0.7
1.2
1.9
FY19
17.7
1.6
-0.5
1.3
6.0
0.0
11.6
-4.0
7.6
-3.3
-1.5
-8.8
0.3
-0.4
3.5
-0.1
-3.5
-0.8
1.9
1.1
FY20
18.4
1.8
-0.7
1.0
5.0
-1.3
14.8
-2.4
12.4
-13.3
0.4
-15.3
7.4
-2.3
4.3
0.2
0.6
0.1
1.1
1.2
FY21
25.1
2.0
-0.5
1.2
6.3
0.6
18.5
-2.4
16.1
1.8
5.4
4.8
1.0
5.7
28.2
0.9
-22.4
0.9
1.2
2.1
FY22E
24.9
2.3
-3.5
1.7
6.3
-2.6
18.3
-4.0
14.3
-9.9
15.4
1.4
0.0
0.0
14.9
1.7
-16.6
3.2
2.1
5.3
28 April 2021
11
 Motilal Oswal Financial Services
Britannia Industries
NOTES
28 April 2021
12
 Motilal Oswal Financial Services
Britannia Industries
Explanation of Investment Rating
Investment Rating
BUY
SELL
NEUTRAL
UNDER REVIEW
NOT RATED
Expected return (over 12-month)
>=15%
< - 10%
< - 10 % to 15%
Rating may undergo a change
We have forward looking estimates for the stock but we refrain from assigning recommendation
*In case the recommendation given by the Research Analyst is inconsistent with the investment rating legend for a continuous period of 30 days, the Research Analyst shall within following 30
days take appropriate measures to make the recommendation consistent with the investment rating legend.
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Motilal Oswal Financial Services Ltd. (MOFSL) is a SEBI Registered Research Analyst having registration no. INH000000412. MOFSL, the Research Entity (RE) as defined in the Regulations,
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products.
Details
of
associate
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of
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Limited
are
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on
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The Research Analysts contributing to the report may not be registered /qualified as research analyst with FINRA. Such research analyst may not be associated persons of the U.S. registered
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1 MOFSL, Research Analyst and/or his relatives does not have financial interest in the subject company, as they do not have equity holdings in the subject company.
2 MOFSL, Research Analyst and/or his relatives do not have actual/beneficial ownership of 1% or more securities in the subject company
3 MOFSL, Research Analyst and/or his relatives have not received compensation/other benefits from the subject company in the past 12 months
4 MOFSL, Research Analyst and/or his relatives do not have material conflict of interest in the subject company at the time of publication of research report
5 Research Analyst has not served as director/officer/employee in the subject company
6 MOFSL has not acted as a manager or co-manager of public offering of securities of the subject company in past 12 months
7 MOFSL has not received compensation for investment banking/ merchant banking/brokerage services from the subject company in the past 12 months
8 MOFSL has not received compensation for other than investment banking/merchant banking/brokerage services from the subject company in the past 12 months
9 MOFSL has not received any compensation or other benefits from third party in connection with the research report
10 MOFSL has not engaged in market making activity for the subject company
********************************************************************************************************************************
The associates of MOFSL may have:
-
financial interest in the subject company
-
actual/beneficial ownership of 1% or more securities in the subject company
-
received compensation/other benefits from the subject company in the past 12 months
28 April 2021
13
 Motilal Oswal Financial Services
Britannia Industries
-
-
-
-
other potential conflict of interests with respect to any recommendation and other related information and opinions.; however the same shall have no bearing whatsoever on the specific
recommendations made by the analyst(s), as the recommendations made by the analyst(s) are completely independent of the views of the associates of MOFSL even though there
might exist an inherent conflict of interest in some of the stocks mentioned in the research report.
acted as a manager or co-manager of public offering of securities of the subject company in past 12 months
be engaged in any other transaction involving such securities and earn brokerage or other compensation or act as a market maker in the financial instruments of the company(ies)
discussed herein or act as an advisor or lender/borrower to such company(ies)
received compensation from the subject company in the past 12 months for investment banking / merchant banking / brokerage services or from other than said services.
The associates of MOFSL has not received any compensation or other benefits from third party in connection with the research report
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considered in above disclosures.
Analyst Certification
The views expressed in this research report accurately reflect the personal views of the analyst(s) about the subject securities or issues, and no part of the compensation of the research
analyst(s) was, is, or will be directly or indirectly related to the specific recommendations and views expressed by research analyst(s) in this report.
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costs, damages,
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Registered Office Address: Motilal Oswal Tower, Rahimtullah Sayani Road, Opposite Parel ST Depot, Prabhadevi, Mumbai-400025; Tel No.: 022 71934200/ 022-71934263; Website
www.motilaloswal.com.CIN no.: L67190MH2005PLC153397.Correspondence Office Address: Palm Spring Centre, 2nd Floor, Palm Court Complex, New Link Road, Malad(West), Mumbai-
400 064. Tel No: 022 7188 1000.
Registration Nos.: Motilal Oswal Financial Services Limited (MOFSL)*: INZ000158836(BSE/NSE/MCX/NCDEX); CDSL and NSDL: IN-DP-16-2015; Research Analyst: INH000000412. AMFI:
ARN - 146822; Investment Adviser: INA000007100; Insurance Corporate Agent: CA0579;PMS:INP000006712. Motilal Oswal Asset Management Company Ltd. (MOAMC): PMS (Registration
No.: INP000000670); PMS and Mutual Funds are offered through MOAMC which is group company of MOFSL. Motilal Oswal Wealth Management Ltd. (MOWML): PMS (Registration No.:
INP000004409) is offered through MOWML, which is a group company of MOFSL. Motilal Oswal Financial Services Limited is a distributor of Mutual Funds, PMS, Fixed Deposit, Bond,
NCDs,Insurance Products and IPOs.Real Estate is offered through Motilal Oswal Real Estate Investment Advisors II Pvt. Ltd. which is a group company of MOFSL. Private Equity is offered
through Motilal Oswal Private Equity Investment Advisors Pvt. Ltd which is a group company of MOFSL. Research & Advisory services is backed by proper research. Please read the Risk
Disclosure Document prescribed by the Stock Exchanges carefully before investing. There is no assurance or guarantee of the returns. Investment in securities market is subject to market risk,
read all the related documents carefully before investing. Details of Compliance Officer: Name: Neeraj Agarwal, Email ID: na@motilaloswal.com, Contact No.:022-71881085.
* MOSL has been amalgamated with Motilal Oswal Financial Services Limited (MOFSL) w.e.f August 21, 2018 pursuant to order dated July 30, 2018 issued by Hon'ble National Company Law
Tribunal, Mumbai Bench.
28 April 2021
14