Britannia Industries
Britannia Industries Limited manufactures and sells various food products primarily in India. The last earnings update was 19 days ago. More info.
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BRITANNIA Share Price and Events
7 Day Returns
1 Year Returns
BRITANNIA Shareholder Return
| 7 Day | 30 Day | 90 Day | 1 Year | 3 Year | 5 Year | |
|---|---|---|---|---|---|---|
| Britannia Industries (BRITANNIA) | 4.7% | -6.6% | -2.5% | 1.5% | 108.9% | 544.1% |
| IN Food | 1.5% | -5.3% | 0.9% | -8% | 54.7% | 130% |
| IN Market | -0.1% | -5% | 5.7% | -3.7% | 34.5% | 38.6% |
1 Year Return vs Industry and Market
- BRITANNIA outperformed the Food industry which returned -8% over the past year.
- BRITANNIA outperformed the Market in India which returned -3.7% over the past year.
Price Volatility
Related Companies
BRITANNIA Value
Value is all about what a company is worth versus what price it is
available for. If you went into a grocery store and all the bananas were on sale
at half price, they could be considered
undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current
share
price of
Britannia Industries
to its discounted cash flow analysis.value.The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Below are the data sources, inputs and calculation used to determine the intrinsic value for Britannia Industries.
| Data Point | Source | Value |
|---|---|---|
| Valuation Model | 2 Stage Free Cash Flow to Equity | |
| Levered Free Cash Flow | Average of 25 Analyst Estimates (S&P Global) | See below |
| Discount Rate (Cost of Equity) | See below | 14.4% |
| Perpetual Growth Rate | 10-Year IN Government Bond Rate | 7.6% |
An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.
| Data Point | Calculation/ Source | Result |
|---|---|---|
| Risk-Free Rate | 10-Year IN Govt Bond Rate | 7.6% |
| Equity Risk Premium | S&P Global | 8.6% |
| Food Unlevered Beta | Simply Wall St/ S&P Global | 0.54 |
| Re-levered Beta | = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.544 (1 + (1- 35%) (0.21%)) |
0.695 |
| Levered Beta | Levered Beta limited to 0.8 to 2.0 (practical range for a stable firm) |
0.8 |
| Discount Rate/ Cost of Equity |
= Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 7.55% + (0.8 * 8.6%) |
14.43% |
Discounted Cash Flow Calculation for NSEI:BRITANNIA using 2 Stage Free Cash Flow to Equity Model
The calculations below outline how an intrinsic value for Britannia Industries is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.
| Levered FCF (INR, Millions) | Source |
Present Value Discounted (@ 14.43%) |
|
|---|---|---|---|
| 2019 | 7,655.50 | Analyst x12 | 6,690.12 |
| 2020 | 10,726.92 | Analyst x12 | 8,192.10 |
| 2021 | 12,476.75 | Analyst x16 | 8,326.87 |
| 2022 | 15,500.33 | Analyst x3 | 9,040.27 |
| 2023 | 18,198.22 | Est @ 17.41% | 9,275.33 |
| 2024 | 20,827.63 | Est @ 14.45% | 9,276.85 |
| 2025 | 23,405.91 | Est @ 12.38% | 9,110.58 |
| 2026 | 25,964.26 | Est @ 10.93% | 8,831.95 |
| 2027 | 28,538.95 | Est @ 9.92% | 8,483.58 |
| 2028 | 31,166.36 | Est @ 9.21% | 8,096.31 |
| Present value of next 10 years cash flows | ₹85,323.96 | ||
| Calculation | Result | |
|---|---|---|
| Terminal Value |
= FCF2028
× (1 + g) ÷ (Discount Rate – g)
= ₹31,166.36 × (1 + 7.55%) ÷ (14.43% – 7.55%) |
₹487,200.83 |
| Present Value of Terminal Value |
= Terminal Value ÷ (1 + r)10
= ₹487,200.83 ÷ (1 + 14.43%)10 |
₹126,563.66 |
| Calculation | Result | |
|---|---|---|
| Total Equity Value |
= Present value of next 10 years cash flows +
Terminal Value
= ₹85,323.96 + ₹126,563.66 |
₹211,887.62 |
| Equity Value per Share (INR) |
= Total value / Shares Outstanding
= ₹211,887.62 / 240.32 |
₹881.7 |
| Calculation | Result | |
|---|---|---|
| Value per share (INR) | From above. | ₹881.70 |
| Current discount | Discount to share price of
₹2,801.20
= -1 x (₹2,801.20 - ₹881.70) / ₹881.70 |
-217.7% |
Learn more about our DCF calculations in Simply Wall St’s analysis model .
- The current share price of Britannia Industries is above its future cash flow value.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for
it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing
when they are out of season, or how much your home is worth.The amount the stock market is willing to pay for Britannia Industries's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are
Britannia Industries's earnings available for a low price, and how does
this compare to other companies in the same industry?
| Data Point | Source | Value |
|---|---|---|
| Earnings Per Share * | Company Filings (2019-03-31) in INR | ₹48.25 |
| NSEI:BRITANNIA Share Price ** | NSEI (2019-05-20) in INR | ₹2801.2 |
| India Food Industry PE Ratio | Median Figure of 160 Publicly-Listed Food Companies | 17.48x |
| India Market PE Ratio | Median Figure of 2,759 Publicly-Listed Companies | 15.1x |
* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.
** Primary Listing of Britannia Industries.
| Calculation | Outcome | |
|---|---|---|
| PE Ratio | = NSEI:BRITANNIA Share Price ÷ EPS (both in INR) = 2801.2 ÷ 48.25 |
58.06x |
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- Britannia Industries is overvalued based on earnings compared to the IN Food industry average.
- Britannia Industries is overvalued based on earnings compared to the India market.
Price based on expected Growth
Does
Britannia Industries's expected growth come at a high price?
| Data Point | Source | Value |
|---|---|---|
| PE Ratio | See PE Ratio Section | 58.06x |
| Net Income Annual Growth Rate | See Future Growth Section. Line of Best Fit* through Consensus Estimate Earnings of 25 Analysts |
16.4%per year |
| India Food Industry PEG Ratio | Median Figure of 18 Publicly-Listed Food Companies | 1.85x |
| India Market PEG Ratio | Median Figure of 558 Publicly-Listed Companies | 1.25x |
*Line of best fit is calculated by linear regression .
| Calculation | Outcome | |
|---|---|---|
| PEG Ratio | = PE Ratio ÷ Net Income Annual Growth Rate = 58.06x ÷ 16.4% |
3.54x |
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- Britannia Industries is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on
Britannia Industries's
assets?
| Data Point | Source | Value |
|---|---|---|
| Book Value per Share | Company Filings (2019-03-31) in INR | ₹177.01 |
| NSEI:BRITANNIA Share Price * | NSEI (2019-05-20) in INR | ₹2801.2 |
| India Food Industry PB Ratio | Median Figure of 204 Publicly-Listed Food Companies | 1.04x |
| India Market PB Ratio | Median Figure of 3,638 Publicly-Listed Companies | 1.02x |
| Calculation | Outcome | |
|---|---|---|
| PB Ratio | = NSEI:BRITANNIA Share Price ÷ Book Value per Share (both in INR) = 2801.2 ÷ 177.01 |
15.83x |
* Primary Listing of Britannia Industries.
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- Britannia Industries is overvalued based on assets compared to the IN Food industry average.
Value checks
We assess Britannia Industries's value by looking at:- Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
- Is the PE ratio less than the market average, and/ or less than the Food industry average (and greater than 0)? (2 checks)
- Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
- Is the PB ratio less than the Food industry average (and greater than 0)? (1 check) Britannia Industries has a total score of 0/6, see the detailed checks below.
Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.
Full details on the Value part of the Simply Wall St company analysis model.
BRITANNIA Future Performance
The future performance of a company is measured in the same way as past
performance, by looking at estimated
growth
and how much profit it is expected to make.Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Earnings growth vs Low Risk Savings
- Britannia Industries's earnings growth is expected to exceed the low risk savings rate of 7.6%.
Growth vs Market Checks
- Britannia Industries's earnings growth is positive but not above the India market average.
- Britannia Industries's revenue growth is expected to exceed the India market average.
Annual Growth Rates Comparison
| Data Point | Source | Value (per year) |
|---|---|---|
| NSEI:BRITANNIA Future Earnings Growth Rate | Line of Best Fit* through Consensus Estimate Earnings of 25 Analysts | 16.4% |
| NSEI:BRITANNIA Future Revenue Growth Rate | Line of Best Fit* through Consensus Estimate Revenue of 25 Analysts | 12.6% |
| India Food Industry Earnings Growth Rate | Market Cap Weighted Average | 17.5% |
| India Food Industry Revenue Growth Rate | Market Cap Weighted Average | 14.3% |
| India Market Earnings Growth Rate | Market Cap Weighted Average | 16.9% |
| India Market Revenue Growth Rate | Market Cap Weighted Average | 10.4% |
*Line of best fit is calculated by linear regression .
Industry and Market average data is calculated daily.
Learn more about our growth rate calculations in Simply Wall St’s analysis model.
Analysts growth expectations
| Data Point | Source | Value |
|---|---|---|
| Past Financials | Company Filings (1 month ago) | See Below |
| Future Estimates | Average of up to 25 Analyst Estimates (S&P Global) | See Below |
| Date (Data in INR Millions) | Revenue | Cash Flow | Net Income * | Avg. No. Analysts |
|---|---|---|---|---|
| 2022-03-31 | 163,588 | 18,886 | 19,808 | 4 |
| 2021-03-31 | 143,943 | 15,910 | 16,402 | 20 |
| 2020-03-31 | 125,922 | 14,741 | 13,808 | 20 |
| Date (Data in INR Millions) | Revenue | Cash Flow | Net Income * |
|---|---|---|---|
| 2019-03-31 | 110,547 | 11,591 | |
| 2018-12-31 | 107,662 | 11,255 | |
| 2018-09-30 | 104,914 | 10,884 | |
| 2018-06-30 | 101,671 | 10,465 | |
| 2018-03-31 | 98,869 | 12,488 | 10,042 |
| 2017-12-31 | 95,498 | 9,515 | |
| 2017-09-30 | 92,643 | 9,084 | |
| 2017-06-30 | 91,060 | 8,813 | |
| 2017-03-31 | 90,184 | 4,413 | 8,845 |
| 2016-12-31 | 91,361 | 8,541 | |
| 2016-09-30 | 90,157 | 8,444 | |
| 2016-06-30 | 87,823 | 8,316 |
*GAAP earnings excluding extraordinary items.
Past and Future Earnings per Share
| Data Point | Source | Value |
|---|---|---|
| Past Financials | Company Filings (1 month ago) | See Below |
| Future Estimates | Average of up to 25 Analyst Estimates (S&P Global) | See Below |
All data from Britannia Industries Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.
| Date (Data in INR Millions) | EPS * | EPS High Estimate | EPS Low Estimate | Avg. No. Analysts |
|---|---|---|---|---|
| 2022-03-31 | 82.75 | 92.71 | 76.20 | 4.00 |
| 2021-03-31 | 68.67 | 78.59 | 63.50 | 23.00 |
| 2020-03-31 | 57.61 | 63.67 | 55.00 | 23.00 |
| Date (Data in INR Millions) | EPS * |
|---|---|
| 2019-03-31 | 48.25 |
| 2018-12-31 | 46.86 |
| 2018-09-30 | 45.32 |
| 2018-06-30 | 43.57 |
| 2018-03-31 | 41.83 |
| 2017-12-31 | 39.64 |
| 2017-09-30 | 37.85 |
| 2017-06-30 | 36.73 |
| 2017-03-31 | 36.86 |
| 2016-12-31 | 35.59 |
| 2016-09-30 | 35.19 |
| 2016-06-30 | 34.67 |
*GAAP earnings excluding extraordinary items.
Future performance checks
We assess Britannia Industries's future performance by looking at:- Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
- Is the annual earnings growth rate expected to beat the average growth rate in earnings of the India market? (1 check)
- Is the annual revenue growth rate expected to beat the average growth rate in revenue of the India market? (1 check)
- Is the annual earnings growth rate expected to be above 20%? (1 check)
- Is the annual revenue growth rate expected to be above 20%? (1 check)
- Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Britannia Industries has a total score of 3/6, see the detailed checks below.
Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.
Full details on the Future part of the Simply Wall St company analysis model.
BRITANNIA Past Performance
How has Britannia Industries performed over the past 5 years?
The past performance of a company can be measured by how much
growth
it has experienced and how much profit it makes relative to the funds and assets
it has available.
Past earnings growth
Past Earnings growth analysis
- Britannia Industries's year on year earnings growth rate has been positive over the past 5 years.
- Britannia Industries's 1-year earnings growth is less than its 5-year average (15.4% vs 15.6%)
- Britannia Industries's earnings growth has exceeded the IN Food industry average in the past year (15.4% vs 10.3%).
Earnings and Revenue History
All data from Britannia Industries Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.
| Date (Data in INR Millions) | Revenue | Net Income * | G+A Expenses | R&D Expenses |
|---|---|---|---|---|
| 2019-03-31 | 110,546.70 | 11,591.20 | 4,418.20 | |
| 2018-12-31 | 107,661.70 | 11,254.80 | 8,888.20 | |
| 2018-09-30 | 104,913.60 | 10,883.90 | 8,654.50 | |
| 2018-06-30 | 101,670.60 | 10,464.70 | 8,643.90 | |
| 2018-03-31 | 98,869.30 | 10,042.30 | 8,484.10 | |
| 2017-12-31 | 95,498.40 | 9,515.30 | 8,108.00 | |
| 2017-09-30 | 92,643.30 | 9,084.20 | 8,053.90 | |
| 2017-06-30 | 91,060.10 | 8,813.20 | 7,863.80 | |
| 2017-03-31 | 90,183.80 | 8,844.70 | 7,805.20 | |
| 2016-12-31 | 91,360.70 | 8,540.80 | 10,916.40 | |
| 2016-09-30 | 90,157.20 | 8,444.00 | 10,933.30 | |
| 2016-06-30 | 87,823.00 | 8,315.80 | 10,880.70 | |
| 2016-03-31 | 83,355.10 | 8,245.40 | 8,235.10 | |
| 2015-12-31 | 84,616.70 | 7,831.30 | 15,091.80 | |
| 2015-09-30 | 82,531.80 | 7,128.10 | 14,780.10 | |
| 2015-06-30 | 80,175.80 | 7,646.40 | 14,200.50 | |
| 2015-03-31 | 77,877.00 | 6,886.40 | 9,413.70 | |
| 2014-12-31 | 75,284.30 | 6,290.50 | 12,576.70 | |
| 2014-09-30 | 72,852.20 | 5,923.40 | 12,426.60 | |
| 2014-06-30 | 70,702.20 | 4,195.20 | 12,529.10 | |
| 2014-03-31 | 68,372.10 | 3,953.50 | 12,647.70 | |
| 2013-12-31 | 66,992.50 | 3,797.50 | 12,218.70 | |
| 2013-09-30 | 65,352.30 | 3,412.60 | 12,044.10 | |
| 2013-06-30 | 63,374.10 | 3,025.10 | 11,733.10 | |
| 2013-03-31 | 61,459.40 | 2,595.00 | 11,261.50 |
*GAAP earnings excluding extraordinary items.
Performance last year
We want to ensure a company is making the most of what it has available. This is
done by comparing the return (profit) to a company's available
funds,
assets
and
capital.
- Britannia Industries has efficiently used shareholders’ funds last year (Return on Equity greater than 20%).
- Britannia Industries used its assets more efficiently than the IN Food industry average last year based on Return on Assets.
- Britannia Industries's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
Past performance checks
We assess Britannia Industries's performance over the past 5 years by checking for:- Has earnings increased in past 5 years? (1 check)
- Has the earnings growth in the last year exceeded that of the Food industry? (1 check)
- Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
- Is the Return on Equity (ROE) higher than 20%? (1 check)
- Is the Return on Assets (ROA) above industry average? (1 check)
- Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
Britannia Industries has a total score of 4/6, see the detailed checks below.
Note: We use GAAP Net Income excluding extraordinary items in all our calculations.
Full details on the Past part of the Simply Wall St company analysis model.
BRITANNIA Health
How is Britannia Industries's financial health and their level of debt?
A company's financial position is much like your own financial position,
it includes everything you own
(assets)
and owe
(liabilities).The boxes below represent the relative size of what makes up Britannia Industries's finances.
The net worth of a company is the difference between its assets and liabilities.
- Britannia Industries is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
- Britannia Industries's cash and other short term assets cover its long term commitments.
Balance sheet
Assets
Liabilities and shares
- High level of physical assets or inventory.
- Debt is covered by short term assets, assets are 25.5x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t
bad,
however if the debt is too high, or the company can’t afford to pay the interest
on its debts this may have impacts in the future.The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.
If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
All data from Britannia Industries Company Filings, last reported 1 month ago.
| Date (Data in INR Millions) | Total Equity | Total Debt | Cash & Short Term Investments |
|---|---|---|---|
| 2019-03-31 | 42,859.30 | 1,380.20 | 8,597.00 |
| 2018-12-31 | 36,875.20 | 1,603.80 | 8,025.70 |
| 2018-09-30 | 36,875.20 | 1,603.80 | 8,025.70 |
| 2018-06-30 | 34,193.70 | 2,137.60 | 10,378.00 |
| 2018-03-31 | 34,193.70 | 2,137.60 | 10,378.00 |
| 2017-12-31 | 28,786.60 | 1,777.30 | 7,987.60 |
| 2017-09-30 | 28,786.60 | 1,777.30 | 7,987.60 |
| 2017-06-30 | 26,990.20 | 1,344.80 | 2,956.10 |
| 2017-03-31 | 26,990.20 | 1,344.80 | 2,906.90 |
| 2016-12-31 | 22,677.00 | 1,137.20 | 5,662.20 |
| 2016-09-30 | 22,677.00 | 1,137.20 | 5,662.20 |
| 2016-06-30 | 17,718.00 | 1,457.50 | 4,882.40 |
| 2016-03-31 | 20,941.40 | 1,423.50 | 5,033.90 |
| 2015-12-31 | 16,624.80 | 1,272.90 | 5,904.40 |
| 2015-09-30 | 16,624.80 | 1,272.90 | 5,904.40 |
| 2015-06-30 | 12,475.40 | 1,580.20 | 6,708.90 |
| 2015-03-31 | 12,475.40 | 1,580.20 | 6,708.90 |
| 2014-12-31 | 11,738.40 | 1,359.00 | 5,263.10 |
| 2014-09-30 | 11,738.40 | 1,359.00 | 5,263.10 |
| 2014-06-30 | 8,004.90 | 1,548.70 | 2,754.10 |
| 2014-03-31 | 8,004.90 | 1,548.70 | 2,754.10 |
| 2013-12-31 | 7,564.50 | 1,736.60 | 957.20 |
| 2013-09-30 | 7,564.50 | 1,736.60 | 957.20 |
| 2013-06-30 | 5,601.30 | 4,409.30 | 1,782.10 |
| 2013-03-31 | 5,601.30 | 4,409.30 | 1,782.10 |
- Britannia Industries's level of debt (3.2%) compared to net worth is satisfactory (less than 40%).
- The level of debt compared to net worth has been reduced over the past 5 years (19.3% vs 3.2% today).
- Debt is well covered by operating cash flow (904.8%, greater than 20% of total debt).
- Interest payments on debt are well covered by earnings (EBIT is 172.9x coverage).
Financial health checks
We assess Britannia Industries's financial health by checking for:- Are short term assets greater than short term liabilities? (1 check)
- Are short term assets greater than long term liabilities? (1 check)
- Has the debt to equity ratio increased in the past 5 years? (1 check)
- Is the debt to equity ratio over 40%? (1 check)
- Is the debt covered by operating cash flow? (1 check)
- Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check) Britannia Industries has a total score of 6/6, see the detailed checks below.
- Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
- Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
Full details on the Health part of the Simply Wall St company analysis model.
BRITANNIA Dividends
What is Britannia Industries's current dividend yield, its reliability and sustainability?
Dividends are regular cash payments to you from the company, similar to a
bank paying you interest on a savings account.
Annual Dividend Income
If you bought
₹2,000 of
Britannia Industries
shares you are expected to receive
₹11
in your first year as a dividend.
Dividend Amount
- Britannia Industries's pays a lower dividend yield than the bottom 25% of dividend payers in India (0.55%).
- Britannia Industries's dividend is below the markets top 25% of dividend payers in India (2.09%).
Upcoming dividend payment
Purchase Britannia Industries before the 'Buy Limit' to receive their next dividend payment.
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not
wildly increasing/decreasing each year. This graph shows you the historical rate
to count toward your assessment of the stock.We also check to see if the dividend has increased in the past 10 years.
| Data Point | Source | Value |
|---|---|---|
| Past Annualized Dividend Yield | S&P Global Market Data | See Below |
| Past Dividends per Share | Company Filings/ Annualized Dividend Payments | See Below |
| Future Dividends per Share Estimates | Average of up to 25 Analyst Estimates (S&P Global) | See Below |
| India Food Industry Average Dividend Yield | Market Cap Weighted Average of 72 Stocks | 0.9% |
| India Market Average Dividend Yield | Market Cap Weighted Average of 1400 Stocks | 1.4% |
| India Minimum Threshold Dividend Yield | 10th Percentile | 0.3% |
| India Bottom 25% Dividend Yield | 25th Percentile | 0.6% |
| India Top 25% Dividend Yield | 75th Percentile | 2.1% |
Industry and Market average data is calculated daily.
Note all dividend per share amounts are annualized and not quarterly or other period.
| Date (Data in ₹) | Dividend per Share (annual) | Avg. No. Analysts |
|---|---|---|
| 2022-03-31 | 27.69 | 4.00 |
| 2021-03-31 | 24.27 | 23.00 |
| 2020-03-31 | 19.63 | 23.00 |
| Date (Data in ₹) | Dividend per share (annual) | Avg. Yield (%) |
|---|---|---|
| 2019-05-02 | 15.000 | 0.556 |
| 2018-05-15 | 12.500 | 0.412 |
| 2017-05-25 | 11.000 | 0.495 |
| 2016-05-20 | 10.000 | 0.641 |
| 2015-05-21 | 8.000 | 0.558 |
| 2014-05-27 | 6.000 | 0.811 |
| 2013-05-24 | 4.250 | 1.052 |
| 2012-07-11 | 4.940 | 1.976 |
| 2012-05-28 | 4.250 | 1.616 |
| 2011-08-08 | 3.250 | 1.327 |
| 2010-05-27 | 2.500 | 1.254 |
| 2009-05-27 | 4.000 | 2.435 |
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- Dividends per share have been volatile in the past 10 years (annual drop of over 20%).
- Dividends per share have increased over the past 10 years.
Income/ dividend checks
We assess Britannia Industries's dividend by checking for:- Firstly is the company paying a notable dividend (greater than 0.3%) - if not then the rest of the checks are ignored.
- Is current dividend yield above the bottom 25% of dividend payers? (1 check)
- Is current dividend yield above the top 25% of dividend payers? (1 check)
- Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
- If they have paid a dividend for 10 years has it increased in this time? (1 check)
- How sustainable is the dividend, can Britannia Industries afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks) Britannia Industries has a total score of 3/6, see the detailed checks below.
Full details on the Dividends part of the Simply Wall St company analysis model.
BRITANNIA Management
CEO
| COMPENSATION | ₹86,356,388 |
| AGE | 56 |
| TENURE AS CEO | 5.1 years |
CEO Bio
Mr. Varun Berry has been the Managing Director of Britannia Industries Limited since April 1, 2014 and served as its Chief Operating Officer since February 01, 2013. Mr. Berry served as Head of Indian Operations at Britannia Industries Limited since May 2013. He served as Vice President of Britannia Industries Limited since February 01, 2013. He joined Britannia in January 2013. Mr. Berry served as the Chief Executive Officer of Food Business at PepsiCo India Holdings Pvt. Ltd. of Pepsico, Inc. until February 2012. He served as the Chief Executive Officer of Pepsico Foods for South Asia. Mr. Berry served as the Chief Executive Officer of the International Dairy and Juice business based in the Middle-East, Chief Executive Officer of Beverages and Foods in the Philippines, Chief Operating Officer of Pepsico, Vietnam and several sales operating roles in India. Before joining Pepsico in India in 1993, he worked with Jumbo Electronics in the UAE and Hindustan Unilever in marketing and sales roles in India. He served as the Chief Executive Officer of Food Business for India at Pepsico, Inc. until February 2012. Mr. Berry has over 27 years of work experience with premier companies like Hindustan Unilever and Pepsico, both in India and overseas and a successful track record of leading start ups, turnarounds, joint ventures and growth businesses. Mr. Berry served as Country Manager of Philippines at PepsiCo since 2001. Mr. Berry joined PepsiCo in India in 1993 and served a variety of Marketing & Operating roles. He served as Marketing Manager of Unilever. He has been an Executive Director of Britannia Industries Limited since November 11, 2013. He served as a Non-Executive Director of Pepsi-Cola Products Philippines, Inc. since 2001. He holds an MBA and a Bachelor of Engineering from the Panjab University - Chandigarh.
CEO Compensation
- Varun's compensation has been consistent with company performance over the past year, both up more than 20%.
- Varun's remuneration is about average for companies of similar size in India.
Management Team Tenure
Average tenure and age of the Britannia Industries management team in years:
- The tenure for the Britannia Industries management team is about average.
Management Team
Varun Berry
MD & Whole Time Director
₹86M
56
5.1 yrs
N. Venkataraman
Chief Financial Officer
₹18M
53
2.4 yrs
Jairaj Bham
Compliance Officer
1 yrs
Ali Shere
Vice President of Marketing
41
Gunjan Shah
Vice President of Sales
42
Ritesh Rana
Vice President of Human Resources
Manoj Balgi
Head of Procurement
Harish Navarathna
Head of Corporate Information Technology
Indranil Gupta
Head of Contract Manufacturing
Vipin Kataria
Head of Bread Business
Board of Directors Tenure
Average tenure and age of the Britannia Industries board of directors in years:
- The average tenure for the Britannia Industries board of directors is over 10 years, this suggests they are a seasoned and experienced board.
Board of Directors
Nusli Wadia
Non-Executive Chairman
₹61M
74
25.7 yrs
Varun Berry
MD & Whole Time Director
₹86M
56
5.5 yrs
Anil Hirjee
Non-Executive Director
₹5M
79
25.7 yrs
Keki Dadiseth
Non-Executive Independent Director
₹4M
73
13 yrs
Ness Wadia
Non-Executive Director
₹4M
47
9.1 yrs
Ajay Shah
Additional Non-Executive Independent Director
₹2M
52
2.3 yrs
Keki Elavia
Non-Executive Independent Director
₹3M
72
1.8 yrs
Avijit Deb
Non-Executive Independent Director
₹2M
70
22.9 yrs
Nimesh Kampani
Non-Executive Independent Director
₹4M
72
18.2 yrs
Jeh Wadia
Non-Executive Director
₹1M
45
13.7 yrs
Who owns this company?
Recent Insider Transactions
| Announced | Type | Name | Entity | Role | Start | End | Shares | Max Price (₹) | Value (₹) | |
|---|---|---|---|---|---|---|---|---|---|---|
| 19. Mar 19 | Sell | Varun Berry | Individual | 15. Mar 19 | 15. Mar 19 | -2,000 | ₹3,165.23 | ₹-6,330,460 | ||
| 21. Dec 18 | Sell | Varun Berry | Individual | 19. Dec 18 | 19. Dec 18 | -10,000 | ₹3,190.03 | ₹-31,900,299 | ||
| 17. Dec 18 | Sell | Varun Berry | Individual | 13. Dec 18 | 13. Dec 18 | -15,000 | ₹3,133.97 | ₹-47,009,548 | ||
| 26. Nov 18 | Sell | Varun Berry | Individual | 21. Nov 18 | 23. Nov 18 | -53,000 | ₹3,012.50 | ₹-159,662,501 | ||
Management checks
We assess Britannia Industries's management by checking for:- Is the CEO's compensation unreasonable compared to market cap? (1 check)
- Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
- Is the average tenure of the management team less than 2 years? (1 check)
- Is the average tenure of the board of directors team less than 3 years? (1 check) Britannia Industries has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.
Note: We use the top 6 management executives and board members in our calculations.
Note 2: Insider trading include any internal stakeholders and these transactions .
Full details on the Management part of the Simply Wall St company analysis model.
BRITANNIA News
Simply Wall St News
Is Britannia Industries Limited's (NSE:BRITANNIA) ROE Of 30% Impressive?
This article is for those who would like to learn about Return On Equity (ROE). … One way to conceptualize this, is that for each ₹1 of shareholders' equity it has, the company made ₹0.30 in profit. … Return on Equity = Net Profit ÷ Shareholders' Equity
Simply Wall St - – Full articleBritannia Industries Limited (NSE:BRITANNIA) Earns Among The Best Returns In Its Industry
Specifically, we're going to calculate its Return On Capital Employed (ROCE), in the hopes of getting some insight into the business. … Return On Capital Employed (ROCE): What is it? … ROCE is a measure of a company's yearly pre-tax profit (its return), relative to the capital employed in the business.
Simply Wall St - – Full articleShould We Be Delighted With Britannia Industries Limited's (NSE:BRITANNIA) ROE Of 30%?
To keep the lesson grounded in practicality, we'll use ROE to better understand Britannia Industries Limited (NSE:BRITANNIA). … Over the last twelve months Britannia Industries has recorded a ROE of 30%. … Return on Equity = Net Profit ÷ Shareholders' Equity
Simply Wall St - – Full articleDoes Britannia Industries Limited's (NSE:BRITANNIA) Stock Price Account For Its Growth?
Britannia Industries Limited (NSE:BRITANNIA) closed yesterday at ₹5601, which left some investors asking whether the high earnings potential can still be justified at this price. … Check out our latest analysis for Britannia Industries? … Britannia Industries's growth potential is very attractive
Simply Wall St - – Full articleShould We Worry About Britannia Industries Limited's (NSE:BRITANNIA) P/E Ratio?
To keep it practical, we'll show how Britannia Industries Limited's (NSE:BRITANNIA) P/E ratio could help you assess the value on offer. … Britannia Industries has a price to earnings ratio of 61.51, based on the last twelve months. … Price to Earnings Ratio = Share Price ÷ Earnings per Share (EPS)
Simply Wall St - – Full articleHow Does Britannia Industries Limited's (NSE:BRITANNIA) Earnings Growth Stack Up Against Industry Performance?
Assessing Britannia Industries Limited's (NSE:BRITANNIA) past track record of performance is an insightful exercise for investors. … How Did BRITANNIA's Recent Performance Stack Up Against Its Past. … However, this one-year growth rate has been lower than its average earnings growth rate over the past 5 years of 20%, indicating the rate at which BRITANNIA is growing has slowed down
Simply Wall St - – Full articleShould You Expect Britannia Industries Limited (NSE:BRITANNIA) To Continue Delivering An ROE Of 29.36%?
This analysis is intended to introduce important early concepts to people who are starting to invest. … and want to start learning about core concepts of fundamental analysis on practical examples from today's market. … With more debt, BRITANNIA can invest even more and earn more money, thus pushing up its returns.
Simply Wall St - – Full articleHave You Considered This Before Investing In Britannia Industries Limited (NSE:BRITANNIA)?
If you are currently a shareholder in Britannia Industries Limited (NSE:BRITANNIA), or considering investing in the stock, you need to examine how the business generates cash, and how it is reinvested. … I will take you through Britannia Industries’s cash flow health and the risk-return concept based on the stock’s cash flow yield, using the most recent financial data. … Free cash flow (FCF) is the amount of cash Britannia Industries has left after it pays off its expenses, including its net capital expenditures, which is what the company needs to spend each year to maintain or grow its business operations
Simply Wall St - – Full articleWhat Are Analysts Saying About Britannia Industries Limited's (NSE:BRITANNIA) Growth?
Britannia Industries Limited's (NSE:BRITANNIA) latest earnings announcement in March 2018a … showed
Simply Wall St - – Full articleWhy Britannia Industries Limited's (NSE:BRITANNIA) Ownership Structure Is Important
In this analysis, my focus will be on developing a perspective on Britannia Industries Limited’s (NSE:BRITANNIA) latest ownership structure, a less discussed, but important factor. … The implications of these institutions’ actions can either benefit or hinder individual investors, so it is important to understand the ownership composition of your stock investment. … See our latest analysis for Britannia Industries
Simply Wall St - – Full articleBRITANNIA Company Info
Description
Britannia Industries Limited manufactures and sells various food products primarily in India. The company offers bakery products, such as biscuit, bread, cake, and rusk; and dairy products, including milk, cheese, dahi, ghee, dairy whiteners, and butter. It primarily offers its biscuits under the Good Day, Crackers, NutriChoice, Marie Gold, Tiger, Milk Bikis, Jim Jam + Treat, Bourbon, Little Hearts, Pure Magic, and Nice Time names. The company was founded in 1892 and is based in Bengaluru, India.
Details
| Name: | Britannia Industries Limited |
| BRITANNIA | |
| Exchange: | NSEI |
| Founded: | 1892 |
| ₹667,904,618,599 | |
| 240,318,294 | |
| Website: | http://www.britannia.co.in |
| Address: |
Britannia Industries Limited The Business Precinct, Tower C, 16th & 17th Floor, Bengaluru, Karnataka, 560048, India |
Listings
| Exchange Symbol | Ticker Symbol | Security | Exchange | Country | Currency | Listed on | |
|---|---|---|---|---|---|---|---|
| NSEI | BRITANNIA | Equity Shares | National Stock Exchange of India | IN | INR | 05. Nov 1998 | |
| BSE | 500825 | Equity Shares | Mumbai Stock Exchange | IN | INR | 05. Nov 1998 |
Number of employees
Current staff
Industry
| Packaged Foods and Meats | |
| Food, Beverage & Tobacco |
Company Analysis and Financial Data Status
| Area | Date (UTC time) |
|---|---|
| Company Analysis updated: | 2019/05/20 12:48 |
| End of day share price update: | 2019/05/20 00:00 |
| Last estimates confirmation: | 2019/05/14 |
| Last earnings filing: | 2019/05/01 |
| Last earnings reported: | 2019/03/31 |
| Last annual earnings reported: | 2019/03/31 |
All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.
