Introduction

Britannia Industries Limited is an Indian company based in Kolkata that is famous for its
Britannia and Tiger brands of biscuit, which are popular throughout the country. Britannia has
an estimated 38% market share. The Company's principal activity is the manufacture and sale
of biscuits, bread, rusk, cakes and dairy products. The company was established in 1892, with
an investment of Rs. 295. Initially, biscuits were manufactured in a small house in central
Kolkata. Later, the enterprise was acquired by the Gupta brothers and operated under the
name of "V.S. Brothers." In 1918, C.H. Holmes, an English businessman in Kolkata, was
taken on as a partner and The Britannia Biscuit Company Limited (BBCo) was launched. The
Mumbai factory was set up in 1924 and Peek Freans UK, acquired a controlling interest in
BBCo. Biscuits were in big demand during World War II, which gave a boost to the
company’s sales. The company name finally was changed to the current "Britannia Industries
Limited" in 1979. In 1982 Nabisco Brands Inc., USA became a major foreign shareholder.
Kerala businessman K. Rajan Pillai secured control of the group in the late 1980s, becoming
known in India as the 'Biscuit King'. In 1993, the Wadia Group acquired a stake in ABIL UK,
and became an equal partner with Groupe Danone in Britannia Industries Limited. In what
The Economic Times referred to as one of [India's] most dramatic corporate sagas, Pillai
ceded control to Wadia and Danone after a bitter boardroom struggle, then fled his Singapore
base to India in 1995 after accusations of defrauding Britannia, and died the same year in
Tihar Jail. With this inspiring history, Britannia has reached every household of India
reaching the top 100 Most Trusted brands listed in The Brand Trust Report by Trust Research
Advisory. The beginnings might have been humble-the dreams were anything but. By 1910,
with the advent of electricity, Britannia mechanised its operations, and in 1921, it became the
first company east of the Suez Canal to use imported gas ovens. Britannia's business was
flourishing. But, more importantly, Britannia was acquiring a reputation for quality and value.
As a result, during the tragic World War II, the Government reposed its trust in Britannia by
contracting it to supply large quantities of "service biscuits" to the armed forces
As time moved on, the biscuit market continued to grow… and Britannia grew along with it.
In 1975, the Britannia Biscuit Company took over the distribution of biscuits from Parry's
who till now distributed Britannia biscuits in India. In the subsequent public issue of 1978,
Indian shareholding crossed 60%, firmly establishing the Indian-ness of the firm. The
following year, Britannia Biscuit Company was re-christened Britannia Industries Limited
(BIL). Four years later in 1983, it crossed the Rs. 100 crores revenue mark. On the operations
front, the company was making equally dynamic strides. In 1992, it celebrated its Platinum
Jubilee. In 1997, the company unveiled its new corporate identity - "Eat Healthy, Think
Better" - and made its first foray into the dairy products market. In 1999, the "Britannia
Khao, World Cup Jao" promotion further fortified the affinity consumers had with 'Brand
Britannia'. Britannia strode into the 21st Century as one of India's biggest brands and the
pre-eminent food brand of the country. It was equally recognized for its innovative approach
to products and marketing: the Lagaan Match was voted India's most successful promotional
activity of the year 2001 while the delicious Britannia 50-50 Maska-Chaska became India's
most successful product launch. In 2002, Britannia's New Business Division formed a joint
venture with Fonterra, the world's second largest Dairy Company, and Britannia New Zealand
Foods Pvt. Ltd. was born. In recognition of its vision and accelerating graph, Forbes Global
rated Britannia 'One amongst the Top 200 Small Companies of the World', and The Economic
Times pegged Britannia India's 2nd Most Trusted Brand. Today, more than a century after
those tentative first steps, Britannia's fairy tale is not only going strong but blazing new
standards, and that minuscule initial investment has grown by leaps and bounds to crores of
rupees in wealth for Britannia's shareholders. The company's offerings are spread across the
spectrum with products ranging from the healthy and economical Tiger biscuits to the more
lifestyle-oriented Milkman Cheese. Having succeeded in garnering the trust of almost one
third of India's one billion population and a strong management at the helm means Britannia
will continue to dream big on its path of innovation and quality.

History of Britannia
One of India's most popular brands has a history that is almost too fantastical to be true. A
biscuit business that is now generally known as Britannia was started in 1892 with an initial
investment of Rs. 295 in Calcutta (now Kolkata).The dreams were anything from modest,
notwithstanding the humble beginnings. When electricity became widely used in 1910,
Britannia Industries began to expand its operations. In 1921, it was the first company east of
the Suez Canal to employ imported gas ovens. Britannia's economy was growing. However,
the most significant development was that Britannia was gaining a reputation for quality and
affordability. By being hired to supply vast quantities of "Service Biscuits" during the
catastrophic World War II, Britannia gained the trust of the government.
As the biscuit market evolved through time, corporate growth accompanied it. The Britannia
Biscuit Company took over Parry's distribution of Britannia Biscuits in India in 1975. In the
second public offering in 1978, the percentage of Indian shares topped 60%, thus establishing
the company's Indianness. The next year, the Britannia Biscuit Company became Britannia
Industries Limited (BIL). Four years later, in 1983, it hit the revenue milestone of Rs. 100
crores.

In terms of operations, the firm was also making rapid development. In 1992, it celebrated its
Platinum Jubilee. With the tagline "Eat Healthy, Think Better," the company debuted its new
brand in 1997 and for the first time entered the dairy products sector. The 1999 advertisement
"Britannia Khao, World Cup Jao" increased consumers' affinities with "Brand Britannia."

Britannia, the company's top food brand and one of India's most well-known brands, entered
the twenty-first century. The scrumptious Britannia 50-50 Maska-Chaska was awarded India's
most successful product introduction, while the Lagaan Match was picked as India's most
successful advertising campaign of 2001. It received accolades for its innovative methods to
marketing and product development. Britannia New Zealand Food Pvt Ltd was created in
2002 as a result of a partnership between Britannia's New Business Division and Fonterra, the
second-largest dairy corporation in the world. The Economic Times ranked Britannia as the
second-most trusted brand in India, and Forbes Global dubbed it "One of the Top 200 Small
Companies of the World" in recognition of its forward-thinking strategy and accelerating
expansion.
More than a century after those tentative initial steps, the fairy tale of Britannia is still going
strong and continuing to establish new standards. From their modest initial investment of a
few thousand rupees, Britannia stockholders have seen their wealth rise quickly. The firm
offers a wide range of goods, from the reasonably priced and nutritious Tiger Biscuits to the
more lifestyle-oriented Milkman Cheese. Since Britannia has been able to gain the
confidence of over one-third of India's one billion people and has strong management at the
helm, the company will continue to dream big on its path of innovation and excellence. And
millions of consumers will blissfully ever after the results.

Business: Britannia Industries' two main business categories are baked goods and dairy
products. About 95% of the company's revenues come from the biscuit segment, with the
remaining 5% coming from non-biscuit products, particularly in the dairy category and on
international markets. The dairy section of the business generates around 5% of the total
income, and its dairy goods are distributed to 100,000 distinct locations. With annual sales of
more than 100,000 tons and a value of 450 crores, Britannia Bread dominates the organized
bread industry. The bread sector provides about 1 million loaves each day to more than 100
Indian towns and villages through 13 facilities and 4 franchisees.

Vision:
●​ Think of a purpose that spirals forth to create innovations from within this Visionary
Zeal; Built on Trust and knowledge, has empowered the Wadia Group in various
business enterprises for more than a century. It now promises much more in the New
Economy …..
●​ To dominate the food and beverage market in India with a distinctive range of ‘Tasty
Yet Healthy’ Britannia brands
●​ Every third person in India should be a Britannia consumer.

Mission:
●​ To dominate the food and beverage market in India through a profitable range of
‘Tasty Yet Healthy’ products by making every Indian a Britannia consumer
●​ To be one of the best Biscuit company.
●​ Development of production in partnership with our customers to their specification.
●​ Flexibility & Capability to meet small and large production run
●​ To meet or, where possible, exceed the expectations of our diverse client base with
flexible, innovative solutions of the highest quality that adhere to safe, ethically sound
and environmentally friendly codes of practice

Company Objectives:-
Short Term Objective:
●​ To improve image to Shareholders
●​ To improve Internal processes and controls
●​ To increase NSV and ROI
Long Term Objective:
●​ To be the lowest cost producer in the market
●​ To become the largest volume player in the Bakery Industry.

Quality Objective:
●​ Reduction in Customer Complaints
●​ To start documentation of market returns dealer wise
●​ To empower the workmen on individual work area to ensure that only quality are
passed on the next page of production
●​ Continuous training for the development of human resources
●​ To minimise the accident level As part of the growth strategy the company always 9+
try to build on the values of brand “Britannia” by aggressively pursuing tasty yet
healthy offerings of mass appeal and also launching a host of affordable products,
which would help rejuvenate the mother brand and drive category consumption.

Goals:
Once the company developed their vision, mission and core values, they can then develop the
goals and objectives needed to achieve your vision.Goals are general statements of what
Britannia wants to achieve. So they need to be integrated with their vision. They also need to
be integrated with their mission of how they are going to achieve their vision.
●​ To improve profitability
●​ To increase efficiency
●​ To capture a bigger market share
●​ To provide better customer service
●​ To improve employee training
●​ To reduce carbon emissions.
Review of Literature:

Akansh Garg and Anshu Tyagi(2022), they concluded that the FMCG industry is booming
due to all of the favourable reasons. It generated $68.4 billion in revenue in 2018 and is
expected to generate $103 billion in revenue in 2020. According to estimates, India's retail
industry would increase from US$840 billion in 2017 to US$1.1 trillion by 2020, with
Contemporary trade is predicted to grow at a rate of 20% to 25% annually. My analysis of the
three FMCG companies led me to the conclusion that Indian Tobacco Company Ltd. (ITC)
has a high profitability and it is generating enough profit from its sales and it is able to
contain its operating costs and overhead costs, it gives more return on investment to its
investors, its ability to pay its short -term obligations is better, its ability to pay off current
debt obligations is also better than Hindustan Unilever Limited (HUL) and Dabur Ltd.

Dayananda Reddy and K. Vigneshwar (2020) , he found that Britannia Industries is one of
India’s leading food companies with a 100 year legacy and annual revenues in excess of Rs.
9000 Cr. Britannia is among the most trusted food brands, and manufactures India’s favourite
brands like Good Day, Tiger, Nutri Choice, Milk Bikis and Marie Gold which are household
names in India. Britannia’s product portfolio includes Biscuits, Bread, Cakes, Rusk, and
Dairy products including Cheese, Beverages, Milk and Yoghurt. Most of the respondents are
influenced by prices which many generations of Indians have grown up with and our brands
are cherished and loved in India and the world over. Britannia products are available across
the country in close to 5 million retail outlets and reach over 50% of Indian homes.

Sheth and Park (1974) suggested that Brand Loyalty is multidimensional and comprises
three dimensions namely, the emotive tendency towards the brand; the evaluative tendency
towards the brand and third the behavioural tendency towards the brand. They theorised that
all three dimensions are present in every situation where brand loyalty prevails.

Venkateshwaralu et.al, (1987) conducted a study to analyse the buyer behaviour towards
biscuits. They have concluded that consumers generally prefer packed biscuits when
compared to unpacked ones. It was also found that children are the major influencers in
decision making while purchasing biscuits, though parents are equally involved
G.Prakash (2004) , A Study on Consumer Buying Behaviour on Britannia Marie Gold
Biscuits has made some notable observations regarding consumer buying behaviour. Every
organisation envisioned maximising productivity and the profit never fails to show immense
interest in knowing their customer requirements.

Mr. S.D. Nithyananth, and Mr. B. Vigneshwaran (2011) made a study on customer
satisfaction towards Britannia biscuits in Coimbatore city. To find out the factors that
influence the purchase of Britannia biscuits. It is concluded that consumer's satisfaction with
preferable taste, awareness about various brands, about choice and their frequency of
preference satisfaction of Britannia biscuits.

Dr. M.Arutselvi (2012) A study on Consumer's Preference towards various types of

Britannia products. This deals with the study of consumer behaviour towards Britannia
biscuits. The consumer behaviour varies from brand to brand on the basis of quality, quantity,
price,taste and advertisement.

Divya Tellakula, Dr. P. Jaya Rami Reddy (2020), the study has been undertaken to analyse
the equity shares. The study conducted for a period of one year covered from Feb 2019 to Jan
2020 with 5 companies in NIFTY IT. The variables included to measure is net EPS ratio, P/E
ratio, Sharpe ratio, intrinsic values. From the analysis, it is concluded that investors need to
consider the risk factors and return potential of various companies.

M. Yasodha, P. Priyadharshini (2019), examined the comparative financial position of

Britannia industries limited and nestle India limited. This study used secondary data for a
period of two years (Jan 2016 – Dec 2017). The researcher suggested that both the companies
can reduce their expenses so that they can have an increasing trend in profit after tax.

Dr. R. Malini & Dr. A. Meharaj Banu (2019), constructed a study on financial performance
analysis of Indian tobacco Corporation limited. The main objective of the study is to assess
the overall financial performance, to find out the efficiency of financial operations using
secondary data. This study reveals that the financial performance is better. The company has
to minimise operating expenses to get high net profit.
Rajendra Nath Datta, Priyanka Banik (2020) Britannia Industries Ltd. Is one of the largest
brands in the food processing sector of India. It is listed on the BSE and NSE. It flies its
wings in more than 60 countries across the globe. This study is basically focused upon the
profitability and liquidity position of Britannia Industries Ltd

Dr. R Geetha (2020) All Human beings need food, shelter and clothes. The most important
need among these three items is food. People eat nutritious food to maintain their health.
They consume products manufactured by rice or wheat items. In India, the total cultivation of
wheat is more compared with the cultivation of rice. Majority of the people take the products
manufactured by wheat. Biscuits are the products which are produced in large quantities by
using wheat as a main ingredient. The researcher makes this study to understand the
preference and behavioural patterns of the customers of biscuits.

Krunal K Punjani, Mahesh Bhanushali, Santosh Palde (2019) Marketers of FMCG

products while considering consumer related decisions, with respect to product attributes,
product variants, pricing, packaging size etc., largely depends upon the feedback, opinions,
observations and suggestions of the retailers, as they are the ones who has a direct
interactions with the consumers on regular basis. This paper aims to analyse, the perceptions
of the consumers towards a specific biscuit brandBritannia and how these differs from that of
the retailer.

Verma & Sharma (2014) Britannia’s evolution from a biscuit-only company to a diversified
food company is well-documented. Over time, its product range has expanded to include
dairy products, bread, rusk, and more. This expansion has been linked to its ability to
understand the changing consumer preferences in India

Kapoor & Kansal (2010) Britannia’s tagline, “Eat Healthy, Think Better”, emphasises its
commitment to health and taste. It has effectively positioned its products as both delicious
and nutritious

Kumar (2016) highlighted that Britannia’s sustained market leadership is attributed to its
continuous innovation. From launching India's first-ever Probiotic biscuit to its attempts at
fortifying biscuits with micronutrients, innovation has been at the core of its strategy.
Rao, 2018 Apart from a dominant presence in India, Britannia has made inroads into the
global market, especially in the Middle East and Africa. Its international strategy has been a
blend of exporting and setting up manufacturing units in key markets

Jain 2020 have pointed out that Britannia consistently showcases robust financial health,
with a solid return on equity and a strong balance sheet, making it a favourite among
investors.

Patel, 2019 has raised questions about the environmental sustainability of Britannia’s
operations, particularly concerning plastic packaging and waste.

Ghosh & Roy, 2021 With the entry of global players and local competitors, Britannia faces
intense competition. Its ability to retain market share amidst this competition is an area of
study
Business & Vertices
The success and importance of Britannia Industries in the Indian and international food
industries are a result of its operations in a number of significant economic areas. Let's
examine each of these areas in more detail:
1. Cookies & biscuits
Since its founding, biscuits and cookies have served as the company's main products.
Britannia caters to a wide spectrum of consumer interests with its broad and varied selection
of cookies and biscuits. These goods are renowned for their excellence, flavor, and ongoing
innovation. Several of Britannia's most well-known cookie and biscuit brands are:

Good Day: Good Day biscuits are a popular option for tea-time snacks because to their
buttery and crispy texture.

Marie Gold: Marie Gold biscuits are a traditional customer favourite because of their
adaptability and straightforward yet delicious flavour.
Tiger: There are several types of tiger biscuits, with the chocolate one being particularly
well-liked by kids.
Britannia's 50-50 biscuits are a distinctive snack option because of their special combination
of sweet and savory ingredients.
Britannia also sells digestive biscuits, which are intended to be more nutritious and to
facilitate digestion.
To keep in step with shifting consumer tastes, the firm continuously innovates by offering
new flavors, packaging styles, and product forms.

2. Dairy Products:
Britannia went into the dairy industry in order to broaden its product line and satisfy India's
rising dairy product demand. Their dairy products are renowned for their high calibre,
nutritional content, and freshness. The dairy selections at Britannia include:
Britannia Cheese is a well-liked option among consumers and is utilised in many different
types of foods, including sandwiches and pasta.
Milk: Britannia Milk offers consumers fresh, wholesome milk in a variety of varieties to meet
varied nutritional needs. British: Butter Butter is a well-known food that is loved for its rich
flavor and creamy texture, making it the perfect spread for bread and parathas.
Britannia's yogurt products satisfy the rising demand for dairy products that are nutritious and
probiotic-rich.

3. Bakery Products:

In addition to making biscuits and cookies, Britannia also produces a variety of other bakery
goods that are now commonplace in Indian homes. These consist of:

Bread: Britannia Bread is a dependable option for consumers and is offered in a range of
varieties and sizes to suit a range of tastes and dietary requirements.

Cakes: Fruit cakes and sponge cakes, as well as other Britannia confections, are relished both
on special occasions and on a regular basis.

Rusks: Britannia makes rusks in a variety of flavours that are crunchy and healthy for
breakfast and snacking.

4. Rusk and Bread: The rusk and bread products from Britannia are well-liked for their
excellence and flavour. Rusks come in a variety of tastes, and their bread products are
designed to suit varied regional and cultural preferences.

5. Snacks: In order to cater to consumers seeking tastier and healthier substitutes, Britannia
has expanded its product line to include snacks. In this category, notable goods include:

NutriChoice Crackers: With a variety of tastes and nutritional advantages, NutriChoice

crackers are marketed as a healthier alternative to traditional crackers.

Time Pass Snacks: These snacks are made to be consumed while on the go and offer a
practical and delectable snacking experience.

6. Desserts & Cakes:

Britannia provides a variety of dessert dishes, such as cakes, rolls, and cream wafers, for
customers with a sweet craving. These goods are splurge-worthy delights loved by both
individuals and families.
7. Export Business:
Britannia Industries has a considerable position in the worldwide market. The corporation has
established itself as a major participant in the food market by exporting its goods to a number
of nations. Britannia's export operations have not only broadened their market, but they have
also highlighted the excellence and allure of Indian culinary goods on a worldwide scale.

8. Finance:
The finance sector is also represented by a number of vertices at Britannia Industries.

List of subsidiaries, associates and joint venture included in the Statement

Sr. Name of the Company Country of Incorporation Subsidiary/

No Associate/Joint Venture.

1 Boribunder Finance & Investments India Subsidiary

Private Limited

2 Flora Investments Company Private India Subsidiary

Limited

3 Gilt Edge Finance & Investment India Subsidiary

Private Limited

4 Ganges Vally Foods Private India Subsidiary

Limited

5 International Bakery Products India Subsidiary

Limited

6 J.B.Mangharam Foods Private India Subsidiary

Limited

7 Manna Foods Private Limited India Subsidiary

8 Sunrise Biscuit Company Private India Subsidiary

Limited

9 Britannia Bel Foods Private India Joint Venture

Limited

10 Britchip Foods Limited India Subsidiary

11 Britannia Employees Educational India Subsidiary - Limited by

Welfare Association Private Guarantee
Limited

12 Britannia Employees Medical India Subsidiary - Limited by

 Welfare Association Private Guarantee
Limited

13 Britannia Employees General India Subsidiary - Limited by

Welfare Association Private Guarantee
Limited

14 Britannia and Associates Mauritius Subsidiary

(Mauritius) Private Limited

15 Britannia and Associates (Dubai) Dubai, UAE Subsidiary

Private Company Limited

16 Al Sallan Food Industries Company Oman Subsidiary

SAOG

17 Strategic Food International Dubai, UAE Subsidiary

Company LLC

18 Strategic Brands Holding Company Dubai, UAE Subsidiary

Limited

19 Britannia Dairy Holdings Private Mauritius Subsidiary

Limited

20 Britannia Nepal Private Limited Nepal Subsidiary

21 Britannia Bangladesh Private Bangladesh Subsidiary

Limited

22 Britannia Egypt LLC Egypt Subsidiary

23 Strategic Foods Uganda Limited Uganda Subsidiary

24 Kenafric Biscuits Limited Kenya Subsidiary

25 Catalyst Britannia Brands Limited Mauritius Subsidiary

26 Nalanda Biscuits Company Limited India Associate

27 Sunandaram Foods Private Limited India Associate

Analysis of the Company

Balance Sheet
Profit & Loss Account
Cash Flow Statement
 𝐺𝑟𝑜𝑠𝑠 𝑃𝑟𝑜𝑓𝑖𝑡
1)​ Gross Profit Ratio = 𝑁𝑒𝑡 𝑆𝑎𝑙𝑒𝑠
𝑥100
3032.77
​ ​ = 15984.90
𝑥100 = 18.972%

𝑁𝑒𝑡 𝑃𝑟𝑜𝑓𝑖𝑡
2)​ Net Profit Ratio = 𝑁𝑒𝑡 𝑆𝑎𝑙𝑒𝑠
𝑥100
2316.32
= 15984.90
𝑥100 = 14.490%

𝑂𝑝𝑒𝑟𝑎𝑡𝑖𝑛𝑔 𝐸𝑥𝑝𝑒𝑛𝑠𝑒𝑠
3)​ Operating Ratio = 𝑁𝑒𝑡 𝑆𝑎𝑙𝑒𝑠
𝑥100
4273.35
= 15984.90
𝑥 100 = 26.733%

𝐶𝑜𝑠𝑡 𝑜𝑓 𝐺𝑜𝑜𝑑𝑠 𝑆𝑜𝑙𝑑

4)​ Stock Turnover Ratio = 𝐴𝑣𝑒𝑟𝑎𝑔𝑒 𝐼𝑛𝑣𝑒𝑛𝑡𝑜𝑟𝑦

8326.70
= 816.04
= 10.203 times

𝑆𝑎𝑙𝑒 𝑜𝑓 𝐺𝑜𝑜𝑑𝑠
5)​ Debtors Collection Period = 𝐴𝑣𝑒𝑟𝑎𝑔𝑒 𝑔𝑜𝑜𝑑𝑠 𝑇𝑟𝑎𝑑𝑒 𝑅𝑒𝑐𝑒𝑖𝑣𝑎𝑏𝑙𝑒𝑠 (𝑏𝑒𝑓𝑜𝑟𝑒 𝑝𝑟𝑜𝑣𝑖𝑠𝑖𝑜𝑛)

15984.90
= 332.50
= 48.074 days

𝑁𝑒𝑡 𝑂𝑝𝑒𝑟𝑎𝑡𝑖𝑛𝑔 𝑃𝑟𝑜𝑓𝑖𝑡

6)​ Return on Capital Employed (ROCE) = 𝐶𝑎𝑝𝑖𝑡𝑎𝑙 𝐸𝑚𝑝𝑙𝑜𝑦𝑒𝑑
𝑥100
2657.17
= 4916.13
𝑥100 = 54.05%

𝑁𝑒𝑡 𝑃𝑟𝑜𝑓𝑖𝑡
7)​ Return on Equity (ROE) = 𝐴𝑣𝑒𝑟𝑎𝑔𝑒 𝐸𝑞𝑢𝑖𝑡𝑦
𝑥100
2657.17
= 3534.27
𝑥100 = 65.53%

𝑇𝑜𝑡𝑎𝑙 𝐷𝑒𝑏𝑡
8)​ Debt - Equity Ratio = 𝑇𝑜𝑡𝑎𝑙 𝐸𝑞𝑢𝑖𝑡𝑦

2997.37
= 3534.27
= 84.81

9)​ Earning Per Share

𝑁𝑒𝑡 𝑃𝑟𝑜𝑓𝑖𝑡
Basic EPS = 𝑁𝑢𝑚𝑏𝑒𝑟 𝑜𝑓 𝑂𝑟𝑑𝑖𝑛𝑎𝑟𝑦 𝑆ℎ𝑎𝑟𝑒𝑠 𝑂𝑢𝑡𝑠𝑡𝑎𝑛𝑑𝑖𝑛𝑔

2316.32
= 240868296
𝑥1, 00, 00, 000 = ₹ 96.165
 𝑁𝑒𝑡 𝑃𝑟𝑜𝑓𝑖𝑡
Diluted EPS = 𝑁𝑢𝑚𝑏𝑒𝑟 𝑜𝑓 𝑂𝑟𝑑𝑖𝑛𝑎𝑟𝑦 𝑆ℎ𝑎𝑟𝑒𝑠 𝑂𝑢𝑡𝑠𝑡𝑎𝑛𝑑𝑖𝑛𝑔 + 𝑁𝑢𝑚𝑏𝑒𝑟 𝑜𝑓 𝑃𝑜𝑡𝑒𝑛𝑡𝑖𝑎𝑙 𝑆ℎ𝑎𝑟𝑒𝑠 𝑂𝑢𝑡𝑠𝑡𝑎𝑛𝑑𝑖𝑛𝑔

2316.32
= 240868296
𝑥1, 00, 00, 000 = ₹ 96.165

𝑀𝑎𝑟𝑘𝑒𝑡 𝑝𝑟𝑖𝑐𝑒 𝑝𝑒𝑟 𝑠ℎ𝑎𝑟𝑒

10)​Price to Earning Ratio (P/E) = 𝐸𝑎𝑟𝑛𝑖𝑛𝑔 𝑝𝑒𝑟 𝑠ℎ𝑎𝑟𝑒

4199.95
= 96.165
= 43.67%

Gross Profit Ratio 18.972%

Net Profit Ratio 14.490%

Operating Ratio 26.733%

Stock Turnover Ratio 10.203 times

Debtors Collection Period 48.074 days

Return on Capital Employed 54.05%

Return on Equity 65.53%

Earning Per Share - Basic ₹ 96.165

Earning Per Share - Diluted ₹ 96.165

Price to Earning Ratio 43.67%

Future Prospect based on Research Report
The financial sheet of Britannia Industries Ltd. as of March 31, 2023 shows that the firm has
highly promising future possibilities. The business is in good financial shape, with a solid
cash flow generation system and a balanced balance sheet. Additionally, Britannia has a
substantial distribution network and a solid range of brands. The company's financial sheet,
which has a current ratio of 1.65 and a debt-to-equity ratio of 0.87, demonstrates that it has
more assets than liabilities. This demonstrates that Britannia is in good financial standing and
is able to pay its debts. Britannia has a proven track record of generating cash flow. Operating
cash flow was produced by the firm in the fiscal year that concluded on March 31, 2023, in
the amount of 2,321.77 crores. This shows that Britannia can produce enough cash flow to
cover operational costs and make investments in expansion plans.
Overall, the balance sheet of Britannia Industries Ltd. demonstrates that the business is in
good financial standing and has room to develop.
The following are some particular elements that contribute to Britannia's promising future
prospects:
Strong brand portfolio: Britannia is home to a number of well-known and reputable brands,
including Bourbon, Marie Gold, Tiger, Good Day, and NutriChoice.
Wide distribution network: Britannia's goods are offered at a large number of Indian retail
locations.
Rising disposable incomes, expanding urbanisation, and shifting consumer tastes are all
contributing to an increase in packaged food consumption in India.
extending into Britannia is extending into new product categories, including dairy, croissants,
and healthy meals. This will enable the business to contact more customers and diversify its
revenue sources.
Strong financial position: With a sound balance sheet and good cash flow generation,
Britannia is in a good financial position.

Britannia Industries Ltd. had an excellent financial performance, according to the

consolidated statement of profit and loss for the year ended March 31, 2023. The company's
profit after tax increased by 52.3% while revenue increased by 15.3% year over year. This
impressive success was fueled by effective cost-cutting initiatives, brand marketing,
production and distribution efficiency, and measured pricing rises.
Future prospects for the firm are promising. The growing demand for packaged goods in
India, which is being fueled by rising disposable incomes, expanding urbanisation, and
shifting customer tastes, presents an opportunity for Britannia. Additionally, Britannia
emphasises innovation, has a huge distribution network, and a solid portfolio of brands.
Here are some particular elements that contribute to Britannia's optimistic future prospects:

Rising disposable incomes, expanding urbanisation, and shifting consumer tastes are all
contributing to an increase in packaged food consumption in India. This is a good trend for
Britannia since it will provide the business a bigger market to expand into.

Strong brand portfolio: Britannia is home to a number of well-known and reputable brands,
including Bourbon, Marie Gold, Tiger, Good Day, and NutriChoice. These trademarks
provide Britannia a competitive edge since they are well-known to customers.

Wide distribution network: Britannia's goods are offered at a large number of Indian retail
locations. As a result, Britannia has significant consumer reach and may enter new areas.

Britannia is concentrating on developing innovative goods and services to address the

evolving demands of customers. This will assist the business in maintaining its market share
and staying ahead of the competition.

Overall, Britannia Industries Ltd.'s prospects for the future appear to be excellent. The
business is in a good position to profit from India's rising packaged food demand and its
growing line of goods.

The future prospects of the firm appear to be quite promising according to the cash flow
statement of Britannia Industries Ltd. for the year ending March 31, 2023. In the fiscal year
that ended on March 31, 2023, the firm earned cash flow from operational operations worth
2,526.21 crores. This shows that Britannia can produce enough cash flow to cover operational
costs and make investments in expansion plans. Britannia also had a healthy free cash flow in
the fiscal year that ended on March 31, 2023, of 2,169.35 crores. This shows that the business
can continue to make money even after it has paid all of its debts. The corporation is
substantially funding expansion projects, as seen by the cash flow statement.

Britannia spent 711.46 crores in property, plant, and equipment, capital work-in-progress, and
other intangible assets for the fiscal year that ended on March 31, 2023. Future sales and
profit growth for the business are probably going to be aided by this investment.Overall,
Britannia Industries Ltd.'s cash flow statement demonstrates that the business is in good
financial shape and has room to develop.

The following are some particular elements that contribute to Britannia's promising future
prospects:

●​ Strong creation of cash flow Britannia produced significant free cash flow and cash
flow from operational operations in the fiscal year that ended on March 31, 2023. This
demonstrates the company's capacity to produce enough cash flow to cover its debt
payments and fund expansion plans.
●​ Britannia is spending a lot of money on growth projects, such as enlarging its
property, plant, and machinery. Future sales and profit growth for the business are
probably going to be aided by this investment.
●​ Rising disposable incomes, expanding urbanisation, and shifting consumer tastes are
all contributing to an increase in packaged food consumption in India. This is a good
trend for Britannia since it will provide the business a bigger market to expand into.
●​ Strong brand portfolio: Britannia is home to a number of well-known and reputable
brands, including Bourbon, Marie Gold, Tiger, Good Day, and NutriChoice. These
trademarks provide Britannia a competitive edge since they are well-known to
customers.
●​ Wide distribution network: Britannia's goods are offered at a large number of Indian
retail locations. As a result, Britannia has significant consumer reach and may enter
new areas.

Britannia is concentrating on developing innovative goods and services to address the

evolving demands of customers. This will assist the business in maintaining its market share
and staying ahead of the competition. Overall, Britannia Industries Ltd.'s prospects for the
future appear to be excellent. The business is financially sound and well-positioned to profit
from India's expanding packaged food market.

It is crucial to keep in mind that the business is also dealing with some difficulties, such as
growing input costs and competition from both domestic and foreign firms. To keep up its
growing pace going forward, Britannia will need to overcome these issues.
Conclusion

Britannia Industries Ltd. is a well-run business with solid financial standing and
promising prospects for the future. The business is in a good position to benefit from the
expansion of the food processing sector in India. Britannia has a well-known brand, a
sizable distribution network, and a large range of goods. Additionally, the business is
making significant investments in the creation of new products. The company's high
debt-to-equity ratio and average operating ratio, however, should be noted by investors.
Investors should keep an eye on the company's performance as overseas competitors'
competition heats up. For investors seeking a business with a proven history of
profitability and growth who are also open to taking some risk, Britannia Industries Ltd is
a solid investment overall. Britannia Industries Ltd. is a well-run business with solid
financial standing and promising prospects for the future. The business is in a good
position to benefit from the expansion of the food processing sector in India. Britannia
has a well-known brand, a sizable distribution network, and a large range of goods.
Additionally, the business is making significant investments in the creation of new
products.

The company's high debt-to-equity ratio and average operating ratio, however, should be
noted by investors. Investors should keep an eye on the company's performance as
overseas competitors' competition heats up.

For investors seeking a business with a proven history of profitability and growth who are
also open to taking some risk, Britannia Industries Ltd is a solid investment overall.

The corporation may be more susceptible to economic shocks due to its high
debt-to-equity ratio. The company's efficiency has space for improvement, according to
the average operating ratio. Future expansion of Britannia may be hampered by growing
competition from foreign rivals.

The company's debt-to-equity ratio, determined using the extra information, is 84.81. This
debt-to-equity ratio is regarded as excessive. An elevated debt-to-equity ratio suggests
that the business is heavily reliant on debt to fund its operations. This might be dangerous
because if business performance suffers, the corporation can find it difficult to pay off its
debt.

High profitability: The 14.490% net profit ratio and the 18.972% gross profit ratio are
both regarded as high. This shows that the business can make substantial profits from its
sales.

Capital utilisation: The ROCE of 54.05% and the ROE of 65.53% are both regarded as
outstanding. This shows that the business is able to make good returns on its investment.

High ratio of debt to equity A ratio of 84.81 is regarded as high for debt to equity. This
suggests that the business is heavily reliant on debt to fund its operations. This might be
dangerous because if business performance suffers, the corporation can find it difficult to
pay off its debt.

Operating ratio: A 26.733% operating ratio is regarded as typical. If the operational ratio
is lower, the firm is more effective at turning revenues into profits.

Debtors' collection period: 48.074 days is seen to be a high number for debtors' collection
periods. A shorter debtors' collection period would suggest that the business is more able
to promptly recover its receivables.

Overall, Britannia Industries Ltd. is a well-run business with solid financial standing and
promising prospects for the future. The business is in a good position to benefit from the
expansion of the food processing sector in India. Britannia has a well-known brand, a
sizable distribution network, and a large range of goods. Additionally, the business is
making significant investments in the creation of new products. The company's high
debt-to-equity ratio and average operating ratio, however, should be noted by investors.
Investors should keep an eye on the company's performance as overseas competitors'
competition heats up. For investors seeking a business with a proven history of
profitability and growth who are also open to taking some risk, Britannia Industries Ltd is
a solid investment overall. For investors seeking a business with a proven history of
profitability and growth who are also open to taking some risk, Britannia Industries Ltd is
a solid investment overall.
Ultimately, it is up to each individual investor to decide whether or not to invest in
Britannia Industries Ltd. Before making any investing decisions, investors should
carefully evaluate their personal investment objectives and risk tolerance.