Britannia Q3 Review - Worst Seems Over, Expect Gradual Recovery: Prabhudas Lilladher

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Prabhudas Lilladher Report

Britannia Industries Ltd. Q3 revenues grew by 5.7% (4% volume growth) as pantry stocking normalised and transit cluster underperformed.

The company continues to build on its strategic pillars of -

1. innovations
2. affordable packs/pricing (biscuits–Rs 5/10 in premium brands)
3. direct distribution (up 16% since March 20)
4. adjacent product segments (cake, cream wafers, salted snacks, milkshakes)
5. cost efficiency programs (Rs 2.5 billion/1.5-2% of sales) and
6. high growth in Hindi heartland (1.3-1.6 times).

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