Volumes above our estimate; margin levers limited

11 Mar 2024
5 Min read 
  • Britannia Industries reported muted revenue growth in 3QFY24 due to price cuts and slow rural market recovery.
  •  Volume growth was better than expected at 5.5% due to additional consumer offers.
  •  Gross margin continued to expand despite passing on benefits to consumers.
  •  EBITDA growth was flat YoY, impacted by local competition.
  •  The company expects gradual volume recovery and high single-digit volume growth in FY25.
  •  Neutral rating maintained with a target price of INR5,500.
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