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Britannia Industries

NSEI:BRITANNIA
Snowflake Description

Flawless balance sheet with proven track record.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
BRITANNIA
NSEI
₹668B
Market Cap
  1. Home
  2. IN
  3. Food, Beverage & Tobacco
Company description

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
4.7%
NSEI:BRITANNIA
1.5%
IN Food
-0.1%
IN Market
1 Year Returns
1.5%
NSEI:BRITANNIA
-8%
IN Food
-3.7%
IN Market
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
BRITANNIA
Industry
5yr Volatility vs Market
Related Companies

BRITANNIA Value

 Is Britannia Industries undervalued based on future cash flows and its price relative to the stock market?

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.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Britannia Industries.

NSEI:BRITANNIA Discounted Cash Flow Data Sources
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.

Calculation of Discount Rate/ Cost of Equity for NSEI:BRITANNIA
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.

NSEI:BRITANNIA DCF 1st Stage: Next 10 year cash flow forecast
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
NSEI:BRITANNIA DCF 2nd Stage: Terminal Value
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
NSEI:BRITANNIA Total Equity Value
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
NSEI:BRITANNIA Discount to Share Price
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.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
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?
Raw Data
NSEI:BRITANNIA PE (Price to Earnings) Ratio Data Sources
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.

NSEI:BRITANNIA PE (Price to Earnings) Ratio Calculation
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?
Raw Data
NSEI:BRITANNIA PEG (Price to Earnings to Growth) Ratio Data Sources
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 .

NSEI:BRITANNIA PEG (Price to Earnings to Growth) Ratio Calculation
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?
Raw Data
NSEI:BRITANNIA PB (Price to Book) Ratio Data Sources
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
NSEI:BRITANNIA PB (Price to Book) Ratio Calculation
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.
X
Value checks
We assess Britannia Industries's value by looking at:
  1. 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. )
  2. Is the PE ratio less than the market average, and/ or less than the Food industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Food industry average (and greater than 0)? (1 check)
  5. 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

 How is Britannia Industries expected to perform in the next 1 to 3 years based on estimates from 25 analysts?

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!
Annual Growth Rate
16.4%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Britannia Industries expected to grow at an attractive rate?
  • 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
Raw Data
NSEI:BRITANNIA Future Growth Rates Data Sources
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
Raw Data
NSEI:BRITANNIA Analysts Growth Expectations Data Sources
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 numbers in INR Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
NSEI:BRITANNIA Future Estimates Data
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
NSEI:BRITANNIA Past Financials Data
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.

Super high growth metrics
High Growth Checks
  • Britannia Industries's earnings are expected to grow by 16.4% yearly, however this is not considered high growth (20% yearly).
  • Britannia Industries's revenue is expected to grow by 12.6% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
NSEI:BRITANNIA 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.

NSEI:BRITANNIA Future Estimates Data
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
NSEI:BRITANNIA Past Financials Data
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.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Britannia Industries is expected to efficiently use shareholders’ funds in the future (Return on Equity greater than 20%).
X
Future performance checks
We assess Britannia Industries's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the India market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the India market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
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
Below we compare Britannia Industries's growth in the last year to its industry (Food).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • 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
Britannia Industries's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Britannia Industries Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NSEI:BRITANNIA Past Revenue, Cash Flow and Net Income Data
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).
X
Past performance checks
We assess Britannia Industries's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Food industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
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.
Net Worth
  • 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
This treemap shows a more detailed breakdown of Britannia Industries's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • 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.
Raw Data

All data from Britannia Industries Company Filings, last reported 1 month ago.

NSEI:BRITANNIA Past Debt and Equity Data
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).
X
Financial health checks
We assess Britannia Industries's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Britannia Industries has a total score of 6/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. 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
Dividend payments
0.54%
Current annual income from Britannia Industries dividends. Estimated to be 0.8% next year.
If you bought ₹2,000 of Britannia Industries shares you are expected to receive ₹11 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • 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.

Dividends are usually paid every 3 or 6 months, you can time your share purchase to take advantage of upcoming dividend payments.
Dividend payment calendar
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.
Raw Data
NSEI:BRITANNIA Annualized Past and Future Dividends
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.

NSEI:BRITANNIA Future Dividends Estimate Data
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
NSEI:BRITANNIA Past Annualized Dividends Data
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.
Current Payout to shareholders
What portion of Britannia Industries's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (3.2x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be well covered by earnings (2.8x coverage).
X
Income/ dividend checks
We assess Britannia Industries's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.3%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. 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)
  7. 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

 What is the CEO of Britannia Industries's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Varun Berry
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:

2.4
Average Tenure
47.5
Average Age
  • The tenure for the Britannia Industries management team is about average.
Management Team

Varun Berry

TITLE
MD & Whole Time Director
COMPENSATION
₹86M
AGE
56
TENURE
5.1 yrs

N. Venkataraman

TITLE
Chief Financial Officer
COMPENSATION
₹18M
AGE
53
TENURE
2.4 yrs

Jairaj Bham

TITLE
Compliance Officer
TENURE
1 yrs

Ali Shere

TITLE
Vice President of Marketing
AGE
41

Gunjan Shah

TITLE
Vice President of Sales
AGE
42

Ritesh Rana

TITLE
Vice President of Human Resources

Manoj Balgi

TITLE
Head of Procurement

Harish Navarathna

TITLE
Head of Corporate Information Technology

Indranil Gupta

TITLE
Head of Contract Manufacturing

Vipin Kataria

TITLE
Head of Bread Business
Board of Directors Tenure

Average tenure and age of the Britannia Industries board of directors in years:

13.3
Average Tenure
71
Average Age
  • 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

TITLE
Non-Executive Chairman
COMPENSATION
₹61M
AGE
74
TENURE
25.7 yrs

Varun Berry

TITLE
MD & Whole Time Director
COMPENSATION
₹86M
AGE
56
TENURE
5.5 yrs

Anil Hirjee

TITLE
Non-Executive Director
COMPENSATION
₹5M
AGE
79
TENURE
25.7 yrs

Keki Dadiseth

TITLE
Non-Executive Independent Director
COMPENSATION
₹4M
AGE
73
TENURE
13 yrs

Ness Wadia

TITLE
Non-Executive Director
COMPENSATION
₹4M
AGE
47
TENURE
9.1 yrs

Ajay Shah

TITLE
Additional Non-Executive Independent Director
COMPENSATION
₹2M
AGE
52
TENURE
2.3 yrs

Keki Elavia

TITLE
Non-Executive Independent Director
COMPENSATION
₹3M
AGE
72
TENURE
1.8 yrs

Avijit Deb

TITLE
Non-Executive Independent Director
COMPENSATION
₹2M
AGE
70
TENURE
22.9 yrs

Nimesh Kampani

TITLE
Non-Executive Independent Director
COMPENSATION
₹4M
AGE
72
TENURE
18.2 yrs

Jeh Wadia

TITLE
Non-Executive Director
COMPENSATION
₹1M
AGE
45
TENURE
13.7 yrs
Who owns this company?
Recent Insider Trading
  • Britannia Industries insiders have only sold shares in the past 3 months.
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
X
Management checks
We assess Britannia Industries's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. 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 -

Britannia 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 -

Should 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 -

Does 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 -

Should 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 -

How 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 -

Should 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 -

Have 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 -

What 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 -

Why 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 -

BRITANNIA 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
Staff numbers
0
Britannia Industries employees.
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.