23 August 2016
Britannia Industries
BSE Sensex
27,990
S&P CNX
8,633
Update | Sector: Consumer
CMP: INR3,353
TP: INR3,870 (+15%)
Buy
Widening the moat
Stock Info
Bloomberg
Equity Shares (m)
52-Week Range (INR)
1, 6, 12 Rel. Per (%)
M.Cap.(INR b)/(USD b)
Avg Val (INR m)
BRIT IN
119.9
3,388/2,507
17/1/2
402/6
636
Financial Snapshot (INR b)
Y/E Mar
2016 2017E 2018E
Net Sales
83.3 94.2 110.7
EBITDA
Adj PAT
EPS (INR)
Growth (%)
BV/Sh. (INR)
RoE (%)
RoCE (%)
P/E (x)
P/BV (x)
11.5
8.4
70.1
46.3
55.9
46.0
47.8
22.8
12.9
9.5
78.8
12.5
46.5
38.5
42.5
17.5
16.2
11.8
98.5
25.0
44.5
37.8
34.0
13.4
147.2 192.0 250.4
Shareholding pattern (%)
As On
Promoter
DII
FII
Others
Jun-16 Mar-16 Jun-15
50.7
9.5
18.1
21.7
50.7
20.8
6.5
22.0
50.7
9.0
20.0
20.3
We organized a visit to the new Britannia (BRIT) plant and the new R&D
center located in Bidadi near Bangalore. Following are the key takeaways
from the visit:
Visit to both the facilities helped us understand better what Mr. Varun
Berry is trying to do in terms of in-house manufacturing, innovation and
cost efficiency. It also enabled us to appreciate the sheer scale of
opportunity available in the Indian food space for efficient and innovative
companies.
The comprehensive R&D center at Bidadi enables the company to improve
in areas ranging from new product innovation to faster commercialization
in all existing and new categories, improving manufacturing efficiencies in
line with best global practices, reducing lead time for change in processes,
improving on packing/packaging and thus ensuring both shelf life and
safety, ensuring greater compliance with FSSAI and other regulatory
requirements, and enabling reverse engineering of any product worldwide.
The Bidadi manufacturing facility is currently operational with one biscuit
line; when operational with four biscuit lines in November 2016, it will be
the only such facility of Britannia in India. The emphasis – not just at the
Bidadi plant but also across many of the other new plants – is on scale
benefits, ensuring better quality, safeguarding on hygiene standards and
raising the ability to scale up on innovative products. While in-house
manufacturing will be ~66% of sales by end-FY18 v/s ~54% currently, the
contract manufacturing component will be retained at 2/3rd over the long
term as it enables flexibility and reduces route to market, which is critical
for mass market products that these facilities will be focusing on.
We retain our
Buy
rating on the stock.
FII Includes depository receipts
Stock Performance (1-year)
Britannia Inds.
Sensex - Rebased
3,500
3,200
2,900
2,600
2,300
Important highlights from R&D facility, as guided by Mr. Sudhir Nema
(Vice President, R&D)
Mr. Nema is a veteran of foods business R&D. He has been with Britannia
for around two years. Prior to that, he worked for 18 years with Pepsico for
its foods business in India and other countries. He also worked with
Unilever in the foods business.
The R&D facility is just four months old and employs 40 people as of now,
which by the end of the year will be around 62. The facility can house up to
120 R&D employees.
Machine modification for grammage changes can now be done in 2-3 days
through R&D, compared to 35-40 days earlier through external agencies.
Investors are advised to refer through important disclosures made at the last page of the Research Report.
Motilal Oswal research is available on www.motilaloswal.com/Institutional-Equities, Bloomberg, Thomson Reuters, Factset and S&P Capital.
Krishnan Sambamoorthy
(Krishnan.Sambamoorthy@MotilalOswal.com); +91 22 3982 5428
Vishal Punmiya (Vishal.Punmiya@MotilalOswal.com);
+91 22 3980 4261

Britannia Industries
The company is working/planning to work at the new R&D center on each of the
current categories or upcoming adjacent categories. In dairy, it has hired an R&D
in-charge from Al Marai, Saudi Arabia, one the largest integrated dairy players in
the world.
The company also showed part of the R&D center working on snacking as a
category; one of the products being test marketed in Delhi is a Kulcha snack
which has a long shelf life.
Focus is on new products and extending shelf life of existing products in biscuits.
The R&D facility has its own small manufacturing unit, which can make small
batches for sampling by internal and external consumer panels. Results from
these samples hasten actual launch process as a result of unbiased feedback
from these panels.
The company has access in the R&D center to GNPD (Global new Product
Database), which gives it information on all products launched worldwide on a
real time basis.
The company has also hired chefs in the R&D center who work with product
development teams to create new products (not just restricted to biscuits).
Important highlights from manufacturing facility and Britannia’s
manufacturing strategy, as guided by Vinay Singh Kushwaha (Vice
President, Supply Chain)
BRIT's largest plant is currently in Uttarakhand with four lines of manufacturing.
The Bidadi plant is spread around an area of 11.43 acres (15.5 acres incl. R&D
facility) with total investment of around INR1.4b. Currently, the plant runs one
line (Good Day), while the second line will be operational by tomorrow, 24th
Aug (for Marie). The third and fourth line for NutriChoice and creams,
respectively, will be commissioned later, with all lines expected to start by
November. Bidadi will be the first plant with four lines dedicated to biscuit
manufacturing. On an average, each line costs around INR150-200m and
requires around 70 employees working in three shifts.
Nationally, across brands, BRIT produces around 30m packs a day (~900k tonnes
per annum). The Bidadi plant will contribute 58,800 tons per annum after the
four lines are commissioned in November, 6% of national capacity.
Cost saving in the plant will come from cheaper piped gas, higher automation
than other plants (only product testing and a bit of packaging into cartons
involve manual intervention) and shorter product development process due to
proximity to R&D center. The facility also has high-speed packaging machines.
At cost level (labour+fuel+power), the plant runs at 20% lower cost compared to
the national average. It has fiscal benefits of around INR1.5b.
Fuel consumption in new plants can be benchmarked to any plant across the
globe.
Efficiencies have increased tremendously in new plants. Good day baking time
was six minutes around a year and half ago, which has come down to five and
half minutes now at the same cost. Similar improvements have been made in
other biscuits over the past two years. Newer facilities enable wider and longer
ovens, which hasten baking process without compromising on quality. In older
plants, space was a constraint.
2
23 August 2016

Britannia Industries
BRIT classifies its biscuit manufacturing into short dough (Good Day Butter),
short dough tray (Good Day Choco Chip), hard dough (Marie Gold) and creams
(Bourbon).
Net defective products for BRIT are now around 0.7%, much lower than earlier
levels.
Valuation and view
We are enthused with the company’s consistent healthy volume growth (far ahead
of industry growth) in a difficult operating environment. We also appreciate
immense opportunities for profitable growth in Britannia’s business segments, with
Mr. Berry’s intention to move from the side to the center of the plate. EBITDA
margin growth will be led by premiumization and costs savings. With this visit, we
are also heartened by the progress and potential on the automation and R&D front,
which in our view was a relatively weak area earlier. Retain
Buy
with a revised target
price of INR3,870 (37x June 2018 EPS).
23 August 2016
3

Britannia Industries
Financials and valuations
Income Statement
Y/E March
Net Revenues
Change (%)
Raw Material Cost
Gross Profit
Margin (%)
Advertising
% of Sales
Other Expenditure
EBITDA
Change (%)
Margin (%)
Depreciation
Int. and Fin. Charges
Financial Other Income
Operating 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
Networth
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. & Prov.
Account Payables
Other Liabilities
Provisions
Net Current Assets
Net Assets
E: MOSL Estimates
2011
45,897
21.6
30,276
15,621
34.0
3,328
7.3
10,123
2,170
33.3
4.7
649
436
472
314
1,871
409
120
28.3
1,342
0.3
2.9
0
1,343
2012
54,608
19.0
35,328
19,280
35.3
4,196
7.7
12,221
2,863
31.9
5.2
618
416
584
253
2,666
650
19
25.1
1,997
48.8
3.7
0
1,996
2013
61,359
12.4
38,614
22,746
37.1
5,343
8.7
13,691
3,711
29.7
6.0
732
413
514
504
3,584
934
52
27.5
2,599
30.1
4.2
0
2,595
2014
68,293
11.3
41,710
26,583
38.9
6,037
8.8
15,108
5,438
46.5
8.0
832
83
336
834
5,693
1,775
-39
30.5
3,957
52.3
5.8
0
3,953
2015
77,751
13.8
46,918
30,833
39.7
6,517
8.4
16,510
7,806
43.5
10.0
1,445
39
880
833
8,035
2,553
-260
28.5
5,743
45.1
7.4
1,142
6,886
2016
83,254
7.1
49,989
33,265
40.0
7,378
8.9
14,340
11,547
47.9
13.9
1,134
49
1,244
718
12,326
3,963
-44
31.8
8,407
46.4
10.1
-103
8,305
2017E
94,192
13.1
56,829
37,362
39.7
8,180
8.7
16,283
12,899
11.7
13.7
1,340
49
1,677
820
14,007
4,552
0
32.5
9,455
12.5
10.0
0
9,455
(INR Million)
2018E
110,736
17.6
66,266
44,469
40.2
9,387
8.5
18,894
16,188
25.5
14.6
1,480
49
1,981
865
17,505
5,689
0
32.5
11,816
25.0
10.7
0
11,816
(INR Million)
2018E
240
29,806
30,046
1,228
31,273
22,142
-12,618
9,523
1,159
901
13,529
12,315
1,214
-277
26,623
5,610
2,207
7,675
11,131
20,739
9,272
5,523
5,943
5,884
31,273
0
0
2011
239
3,021
3,260
6,188
9,469
9,691
-5,498
4,193
856
128
3,885
2,461
1,424
58
7,126
3,470
810
769
2,078
6,661
2,680
2,700
1,280
465
9,470
2012
239
3,853
4,092
6,042
10,155
11,211
-5,912
5,300
944
1,113
2,485
1,064
1,421
76
8,579
4,318
1,130
613
2,518
8,189
3,870
2,748
1,570
390
10,156
2013
239
5,269
5,508
3,800
9,401
12,893
-6,517
6,376
992
1,473
1,082
729
353
128
8,912
3,747
1,228
1,029
2,908
9,306
3,935
3,722
1,649
-394
9,401
2014
240
7,698
7,938
1,498
9,503
14,930
-7,524
7,406
1,070
1,071
1,979
1,629
350
89
9,543
4,203
1,087
1,091
3,163
11,477
5,567
3,799
2,111
-1,934
9,503
2015
240
12,176
12,415
1,451
13,926
16,065
-8,731
7,334
1,107
484
5,179
4,859
321
-234
13,596
4,040
1,358
2,263
5,934
14,007
7,034
4,273
2,700
-411
13,926
0
2016
240
17,425
17,665
1,345
19,063
18,142
-9,799
8,343
1,159
901
7,529
6,315
1,214
-277
16,362
4,407
1,706
877
9,373
15,509
7,420
4,815
3,274
854
19,063
0
2017E
240
22,795
23,035
1,305
24,340
20,142
-11,139
9,003
1,159
901
10,529
9,315
1,214
-277
20,363
4,869
1,879
3,558
10,057
17,892
7,980
5,156
4,756
2,472
24,341
23 August 2016
4

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
Dep
Financial Other Income
Interest Paid
Direct Taxes Paid
Inc in WC
CF from Operations
(Inc)/Dec in FA
(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 of Cash
Add: Beginning Balance
Closing Balance
E: MOSL Estimates
2011
11.2
27.3
6.5
57.9
298.4
8.8
185.2
122.8
0.2
44.1
13.9
22.0
6
4.8
1.9
2012
16.7
34.3
8.5
50.8
200.5
7.4
140.9
97.9
0.3
54.3
19.1
31.6
8
5.4
1.5
2013
21.7
46.1
8.5
39.1
154.2
6.6
108.4
72.8
0.3
54.1
25.8
36.7
7
6.5
0.7
58.9
40.0
57.3
6
7.2
0.2
2014
33.0
66.2
12.0
36.4
1.45111
2015
47.9
103.5
16.0
33.4
70.0
5.1
50.7
32.4
0.5
56.4
43.9
80.0
6
5.6
0.1
1.46329
2016
70.1
147.2
20.0
28.5
47.8
4.7
34.2
22.8
0.6
55.9
46.0
90.1
7
4.4
0.1
1.12472
2017E
78.8
192.0
27.6
35.0
42.5
4.1
30.2
17.5
0.8
46.5
38.5
81.7
7
3.9
0.1
1.2497
2018E
98.5
250.4
34.5
35.0
34.0
3.5
23.6
13.4
1.0
44.5
37.8
107.2
7
3.5
0.0
(INR Million)
2018E
17,505
1,480
-1,981
-49
5,689
-705
12,069
-2,000
-3,000
0
-5,000
0
-78
3,845
-971
-2,952
4,117
3,558
7,675
2011
1,871
649
-472
-436
409
-475
2,550
-470
-221
0
-690
0
-381
696
441
-1,519
341
427
769
2012
2,666
618
-584
-416
650
81
2,385
-2,505
1,400
0
-1,105
0
-146
902
387
-1,436
-155
769
613
2013
3,584
732
-514
-413
934
-1,200
4,481
-2,042
1,403
0
-639
0
-2,242
1,180
4
-3,426
416
613
1,029
2014
5,693
832
-336
-83
1,775
-1,602
6,099
-1,634
-897
0
-2,531
1
-2,302
1,189
15
-3,506
62
1,029
1,091
2015
8,035
1,445
-880
-39
2,553
350
5,736
-548
-3,201
-1,142
-4,891
0
-47
1,684
-2,058
327
1,172
1,091
2,263
2016
12,326
1,134
-1,244
-49
3,963
2,652
5,650
-2,494
-2,349
103
-4,740
0
-106
2,309
-119
-2,297
-1,386
2,263
877
2017E
14,007
1,340
-1,677
-49
4,552
-1,063
10,230
-2,000
-3,000
0
-5,000
0
-39
2,888
-379
-2,548
2,682
877
3,558
23 August 2016
5

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Britannia Industries
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BRITANNIA INDUSTRIES
No
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23 August 2016
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