Britannia Industries
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** Macquarie flags risks to rural-focused consumer brands Britannia BRIT.NS and Dabur DABU.NS as demand sentiment likely to be hit by monsoon weakness caused by El Nino
** BRIT last up 0.3%, Dabur last up 1.1%
** Food inflation impact likely to be limited due to govt's proactive approach to counter weak monsoon impact - brokerage
** However, past periods where monsoon has been at or below 90% of long-term period avg can have sharp impact on rural incomes, affecting spends - brokerage
** Weather forecasting agencies expect monsoons to be at 90% of long-term avg in 2026, with June recording less than 60% of long-term avg; central, west, northwest India at risk of significant deficit - brokerage
** YTD, BRIT down 12.4%; DABU down 14.7%
(Reporting by Abhirami G in Bengaluru)
** Macquarie flags risks to rural-focused consumer brands Britannia BRIT.NS and Dabur DABU.NS as demand sentiment likely to be hit by monsoon weakness caused by El Nino
** BRIT last up 0.3%, Dabur last up 1.1%
** Food inflation impact likely to be limited due to govt's proactive approach to counter weak monsoon impact - brokerage
** However, past periods where monsoon has been at or below 90% of long-term period avg can have sharp impact on rural incomes, affecting spends - brokerage
** Weather forecasting agencies expect monsoons to be at 90% of long-term avg in 2026, with June recording less than 60% of long-term avg; central, west, northwest India at risk of significant deficit - brokerage
** YTD, BRIT down 12.4%; DABU down 14.7%
(Reporting by Abhirami G in Bengaluru)
Hindustan Unilever, Dabur, Godrej have rolled out price hikes
Britannia preparing similar move; some firms trim product sizes
Firms cutting costs to cushion margins, reworking supply chains
By Praveen Paramasivam and Chandini Monnappa
CHENNAI/BENGALURU, June 8 (Reuters) - From smaller packs on shelves to higher prices at checkout, Indian companies are scrambling to protect their margins as surging oil, freight and insurance costs - and strained household budgets - pile on pressure.
The U.S.-Israeli war on Iran has disrupted trade routes and lifted input costs globally, hitting import-reliant economies like India harder, where a weaker rupee is adding to inflation and complicating pricing decisions as demand remains uneven.
"We are among the world's most vulnerable countries," economist Jayati Ghosh said, warning higher oil and fertiliser costs, weaker Gulf demand, softer remittances and potential capital outflows could stoke inflation and slow growth.
Consumer goods makers Hindustan Unilever HLL.NS, Godrej Consumer Products GOCP.NS and Dabur India DABU.NS have already rolled out low- to mid-single-digit price hikes across categories, with Britannia BRIT.NS preparing similar moves.
Pricing power remains weak in mass segments, with companies holding the line on 10- to 20-rupee (11- to 21-cent) packs and shrinking product sizes instead of raising prices outright.
"We are reducing grammage because we can't breach those price points," said Mohit Malhotra, global CEO at Dabur.
Automakers Maruti Suzuki MRTI.NS, Mahindra & Mahindra MAHM.NS, Tata Motors Passenger Vehicles TAMO.NS and Hyundai Motor India HYUN.NS have also hiked prices.
"We were left with no choice," said Partho Banerjee, Maruti's senior executive officer for marketing and sales, adding that raising prices was not good for customers, especially first-time buyers.
Airlines IndiGo INGL.NS and Air India are trimming capacity, especially on fuel-heavy international routes, and increasing fares to offset higher aviation fuel costs.
Consumers are feeling the squeeze.
"I have no family to feed, no school fees, and no monthly payments on a car. I'm still watching my spending as prices are up for almost everything, from travel to packaged food," said Aditi Anjana, a Mumbai-based communications professional who is in her 30s.
BELT-TIGHTENING MODE
With limited room to pass on costs, companies are turning inward and cutting costs to cushion margins.
Hindustan Unilever HLL.NS has cut advertising spend, while others are trimming non-essential travel and marketing costs.
"The scope for further cost-cutting is gradually narrowing," Axis Direct analyst Uttam Kumar Srimal said, adding prolonged commodity and fuel inflation could force sharper price hikes or margin hits.
Sectors with high global exposure, including aviation, oil and gas, chemicals, logistics and capital goods, may remain under margin pressure, said Shweta Rajani, associate director at Anand Rathi Wealth.
RESETTING SUPPLY CHAINS
Firms are also reworking supply chains to manage disruptions. Companies with Middle East exposure are rerouting shipments, diversifying sourcing, and shifting production.
Dabur, an Indian rival of Colgate-Palmolive, is using alternative routes via Egypt and Turkey, while packaged goods maker Britannia is bringing some production back home.
Some firms are also front-loading purchases and closely tracking demand to avoid overstocking, underscoring tighter working capital discipline.
Arvind Fashions ARVF.NS has advanced inventory buys to lock in costs and is relying more on local suppliers, while Tata Group retailer Trent TREN.NS is tweaking raw materials, packaging, and product development.
"My priority is not to take prices up," said Umashan Naidoo, head of customer and beauty at Trent, which offers Gen-Z-focused affordable trendwear through its brand Zudio.
($1 = 94.9450 Indian rupees)
Input costs surge, margin pressure mounts across India Inc https://reut.rs/4wYOoB0
Brent crude oil prices since Iran conflict began https://reut.rs/4dKD04g
(Reporting by Praveen Paramasivam in Chennai and Chandini Monnappa in Bengaluru; Additional reporting by Surbhi Misra; Editing by Dhanya Skariachan and Himani Sarkar)
(([email protected];))
Hindustan Unilever, Dabur, Godrej have rolled out price hikes
Britannia preparing similar move; some firms trim product sizes
Firms cutting costs to cushion margins, reworking supply chains
By Praveen Paramasivam and Chandini Monnappa
CHENNAI/BENGALURU, June 8 (Reuters) - From smaller packs on shelves to higher prices at checkout, Indian companies are scrambling to protect their margins as surging oil, freight and insurance costs - and strained household budgets - pile on pressure.
The U.S.-Israeli war on Iran has disrupted trade routes and lifted input costs globally, hitting import-reliant economies like India harder, where a weaker rupee is adding to inflation and complicating pricing decisions as demand remains uneven.
"We are among the world's most vulnerable countries," economist Jayati Ghosh said, warning higher oil and fertiliser costs, weaker Gulf demand, softer remittances and potential capital outflows could stoke inflation and slow growth.
Consumer goods makers Hindustan Unilever HLL.NS, Godrej Consumer Products GOCP.NS and Dabur India DABU.NS have already rolled out low- to mid-single-digit price hikes across categories, with Britannia BRIT.NS preparing similar moves.
Pricing power remains weak in mass segments, with companies holding the line on 10- to 20-rupee (11- to 21-cent) packs and shrinking product sizes instead of raising prices outright.
"We are reducing grammage because we can't breach those price points," said Mohit Malhotra, global CEO at Dabur.
Automakers Maruti Suzuki MRTI.NS, Mahindra & Mahindra MAHM.NS, Tata Motors Passenger Vehicles TAMO.NS and Hyundai Motor India HYUN.NS have also hiked prices.
"We were left with no choice," said Partho Banerjee, Maruti's senior executive officer for marketing and sales, adding that raising prices was not good for customers, especially first-time buyers.
Airlines IndiGo INGL.NS and Air India are trimming capacity, especially on fuel-heavy international routes, and increasing fares to offset higher aviation fuel costs.
Consumers are feeling the squeeze.
"I have no family to feed, no school fees, and no monthly payments on a car. I'm still watching my spending as prices are up for almost everything, from travel to packaged food," said Aditi Anjana, a Mumbai-based communications professional who is in her 30s.
BELT-TIGHTENING MODE
With limited room to pass on costs, companies are turning inward and cutting costs to cushion margins.
Hindustan Unilever HLL.NS has cut advertising spend, while others are trimming non-essential travel and marketing costs.
"The scope for further cost-cutting is gradually narrowing," Axis Direct analyst Uttam Kumar Srimal said, adding prolonged commodity and fuel inflation could force sharper price hikes or margin hits.
Sectors with high global exposure, including aviation, oil and gas, chemicals, logistics and capital goods, may remain under margin pressure, said Shweta Rajani, associate director at Anand Rathi Wealth.
RESETTING SUPPLY CHAINS
Firms are also reworking supply chains to manage disruptions. Companies with Middle East exposure are rerouting shipments, diversifying sourcing, and shifting production.
Dabur, an Indian rival of Colgate-Palmolive, is using alternative routes via Egypt and Turkey, while packaged goods maker Britannia is bringing some production back home.
Some firms are also front-loading purchases and closely tracking demand to avoid overstocking, underscoring tighter working capital discipline.
Arvind Fashions ARVF.NS has advanced inventory buys to lock in costs and is relying more on local suppliers, while Tata Group retailer Trent TREN.NS is tweaking raw materials, packaging, and product development.
"My priority is not to take prices up," said Umashan Naidoo, head of customer and beauty at Trent, which offers Gen-Z-focused affordable trendwear through its brand Zudio.
($1 = 94.9450 Indian rupees)
Input costs surge, margin pressure mounts across India Inc https://reut.rs/4wYOoB0
Brent crude oil prices since Iran conflict began https://reut.rs/4dKD04g
(Reporting by Praveen Paramasivam in Chennai and Chandini Monnappa in Bengaluru; Additional reporting by Surbhi Misra; Editing by Dhanya Skariachan and Himani Sarkar)
(([email protected];))
Rewrites throughout with comments from post-earnings call
May 8 - India's Tata Consumer Products TACN.NS forecast double-digit revenue growth in fiscal 2027 on Friday, after beating quarterly earnings estimates, as steady demand for staples such as tea and salt offset cost pressures from the Middle East conflict.
Tea prices were largely benign and coffee prices are starting to ease, which should aid margins, the Tata group company said in an earnings call, while any broad-based fuel inflation would likely be passed on through pricing.
The 'Tata Salt' maker expects earnings before interest, taxes, depreciation and amortization (EBITDA) margin to grow by 50-70 basis points for the current fiscal year, a slower pace than fiscal 2026, which saw an expansion of 100 basis points.
After a prolonged urban-led slowdown, demand has started recovering in India, aided by tax cuts introduced last year aimed at boosting spending. But margins are being impacted for Indian consumer goods makers.
The Middle East conflict disrupted shipping in March, hurting some international and export-led businesses, the Tetley tea maker said.
However, it added that supply chains have normalised since April and risks were contained through alternative sourcing and pricing power.
Its growth portfolio, which includes premium health-focused brands such as Organic India and Tata Sampann, posted 33% revenue growth from a year ago.
The company expects it to expand at about 30% in the near term as it diversifies to reduce exposure to volatile commodity prices.
Peers Dabur DABU.NS and Britannia Industries BRIT.NS have turned to price hikes to combat rising commodity prices linked to the Iran war. Higher raw material prices, fuelled by surging crude, are pressuring corporate margins across sectors.
Tata Consumer, which operates a joint venture with Starbucks SBUX.O in India, said fourth-quarter profit grew 21% to 4.19 billion rupees, while revenue climbed 18%, both beating estimates. Quarterly expenses rose about 16%.
(Reporting by Urvi Dugar in Bengaluru; Editing by Shreya Biswas)
(([email protected]; +91 9558725583;))
Rewrites throughout with comments from post-earnings call
May 8 - India's Tata Consumer Products TACN.NS forecast double-digit revenue growth in fiscal 2027 on Friday, after beating quarterly earnings estimates, as steady demand for staples such as tea and salt offset cost pressures from the Middle East conflict.
Tea prices were largely benign and coffee prices are starting to ease, which should aid margins, the Tata group company said in an earnings call, while any broad-based fuel inflation would likely be passed on through pricing.
The 'Tata Salt' maker expects earnings before interest, taxes, depreciation and amortization (EBITDA) margin to grow by 50-70 basis points for the current fiscal year, a slower pace than fiscal 2026, which saw an expansion of 100 basis points.
After a prolonged urban-led slowdown, demand has started recovering in India, aided by tax cuts introduced last year aimed at boosting spending. But margins are being impacted for Indian consumer goods makers.
The Middle East conflict disrupted shipping in March, hurting some international and export-led businesses, the Tetley tea maker said.
However, it added that supply chains have normalised since April and risks were contained through alternative sourcing and pricing power.
Its growth portfolio, which includes premium health-focused brands such as Organic India and Tata Sampann, posted 33% revenue growth from a year ago.
The company expects it to expand at about 30% in the near term as it diversifies to reduce exposure to volatile commodity prices.
Peers Dabur DABU.NS and Britannia Industries BRIT.NS have turned to price hikes to combat rising commodity prices linked to the Iran war. Higher raw material prices, fuelled by surging crude, are pressuring corporate margins across sectors.
Tata Consumer, which operates a joint venture with Starbucks SBUX.O in India, said fourth-quarter profit grew 21% to 4.19 billion rupees, while revenue climbed 18%, both beating estimates. Quarterly expenses rose about 16%.
(Reporting by Urvi Dugar in Bengaluru; Editing by Shreya Biswas)
(([email protected]; +91 9558725583;))
May 7 (Reuters) - Britannia Industries Ltd BRIT.NS:
Q4 CONSOL TOTAL REVENUE FROM OPERATIONS 47.19 BILLION RUPEES
Q4 CONSOL NET PROFIT 6.78 BILLION RUPEES; IBES EST. 6.7 BILLION RUPEES
FINAL DIVIDEND OF 90.50 RUPEES PER SHARE
Further company coverage: BRIT.NS
(([email protected];;))
May 7 (Reuters) - Britannia Industries Ltd BRIT.NS:
Q4 CONSOL TOTAL REVENUE FROM OPERATIONS 47.19 BILLION RUPEES
Q4 CONSOL NET PROFIT 6.78 BILLION RUPEES; IBES EST. 6.7 BILLION RUPEES
FINAL DIVIDEND OF 90.50 RUPEES PER SHARE
Further company coverage: BRIT.NS
(([email protected];;))
March 31 (Reuters) - Britannia Industries Ltd BRIT.NS:
RE-APPOINTS N. VENKATARAMAN AS EXECUTIVE DIRECTOR AND CFO FOR 4 YEARS FROM JULY 2026
Source text: ID:nBSEvbC3f
Further company coverage: BRIT.NS
(([email protected];))
March 31 (Reuters) - Britannia Industries Ltd BRIT.NS:
RE-APPOINTS N. VENKATARAMAN AS EXECUTIVE DIRECTOR AND CFO FOR 4 YEARS FROM JULY 2026
Source text: ID:nBSEvbC3f
Further company coverage: BRIT.NS
(([email protected];))
March 13 (Reuters) - Britannia Industries Ltd BRIT.NS:
REPORTS NO SIGNIFICANT DISRUPTION TO OPERATIONS FROM INDUSTRIAL GAS SUPPLY
MAINTAINS ADEQUATE LEVELS OF FINISHED GOODS ACROSS SUPPLY CHAIN
CAN SWITCH BETWEEN MULTIPLE FUEL TYPES AT MANUFACTURING FACILITIES
TO MONITOR DEVELOPMENTS AND ENSURE CONTINUITY OF OPERATIONS
TAKEN NOTE OF REPORTS ON POTENTIAL DISRUPTION ON ACCOUNT OF CONFLICT IN MIDDLE EAST
Source text: ID:nNSE9YLj3X
Further company coverage: BRIT.NS
(([email protected];;))
March 13 (Reuters) - Britannia Industries Ltd BRIT.NS:
REPORTS NO SIGNIFICANT DISRUPTION TO OPERATIONS FROM INDUSTRIAL GAS SUPPLY
MAINTAINS ADEQUATE LEVELS OF FINISHED GOODS ACROSS SUPPLY CHAIN
CAN SWITCH BETWEEN MULTIPLE FUEL TYPES AT MANUFACTURING FACILITIES
TO MONITOR DEVELOPMENTS AND ENSURE CONTINUITY OF OPERATIONS
TAKEN NOTE OF REPORTS ON POTENTIAL DISRUPTION ON ACCOUNT OF CONFLICT IN MIDDLE EAST
Source text: ID:nNSE9YLj3X
Further company coverage: BRIT.NS
(([email protected];;))
Updates with analyst commentary in paragraphs 6 and 7, parent results in paragraph 9
By Praveen Paramasivam and Komal Salecha
Feb 12 (Reuters) - Hindustan Unilever HLL.NS reported a 15% decline in quarterly profit on Thursday, pressured by thinner margins as the consumer goods major cut some product prices to counter rising competition, sending shares lower.
The local subsidiary of UK's Unilever ULVR.L, home to Dove and Surf Excel brands, said its profit from continuing operations fell to 25.90 billion rupees ($286.05 million) for the quarter ended December 31.
Shares fell as much as 4.6% after the results.
Total expenses climbed 5%, with EBITDA margins shrinking by 70 basis points from a year earlier to 23.3%, after Hindustan Unilever cut prices in its tea business and home care portfolios, partly to stave off competition.
Hindustan Unilever has grappled with stiff competition in fabric care from startups as well as Ariel detergent maker Procter & Gamble PG.N and India's Godrej Consumer Products GOCP.NS.
Three analysts said Hindustan Unilever's margins missed their estimates. Akshay D'Souza, an independent consumer goods consultant, said the company's focus on distribution-led growth, a slower pace of launches and acquisition spending have squeezed margins.
However, its sales growth improved, rising 4% from a year earlier to 156.14 billion rupees. A 4% increase in sales volume growth is "a bright spot," said Ajay Thakur, research analyst at Anand Rathi Institutional Equities.
Consumer goods makers, including Britannia Industries BRIT.NS and Hindustan Unilever, expect demand to pick up after several subdued quarters, supported by tax cuts and easing inflation that have bolstered urban spending.
Hindustan Unilever expects the fiscal year starting April to be better than the current year. But its parent firm expects 2026 sales growth to be at the lower end of its forecast after a slowdown in the U.S. and Europe.
Hindustan Unilever on Thursday also said it would buy the remaining 49% stake in plant-based food brand Oziva for 8.24 billion rupees.
($1 = 90.5450 Indian rupees)
(Reporting by Komal Salecha in Bengaluru and Praveen Paramasivam in Chennai; Editing by Sonia Cheema)
(([email protected];))
Updates with analyst commentary in paragraphs 6 and 7, parent results in paragraph 9
By Praveen Paramasivam and Komal Salecha
Feb 12 (Reuters) - Hindustan Unilever HLL.NS reported a 15% decline in quarterly profit on Thursday, pressured by thinner margins as the consumer goods major cut some product prices to counter rising competition, sending shares lower.
The local subsidiary of UK's Unilever ULVR.L, home to Dove and Surf Excel brands, said its profit from continuing operations fell to 25.90 billion rupees ($286.05 million) for the quarter ended December 31.
Shares fell as much as 4.6% after the results.
Total expenses climbed 5%, with EBITDA margins shrinking by 70 basis points from a year earlier to 23.3%, after Hindustan Unilever cut prices in its tea business and home care portfolios, partly to stave off competition.
Hindustan Unilever has grappled with stiff competition in fabric care from startups as well as Ariel detergent maker Procter & Gamble PG.N and India's Godrej Consumer Products GOCP.NS.
Three analysts said Hindustan Unilever's margins missed their estimates. Akshay D'Souza, an independent consumer goods consultant, said the company's focus on distribution-led growth, a slower pace of launches and acquisition spending have squeezed margins.
However, its sales growth improved, rising 4% from a year earlier to 156.14 billion rupees. A 4% increase in sales volume growth is "a bright spot," said Ajay Thakur, research analyst at Anand Rathi Institutional Equities.
Consumer goods makers, including Britannia Industries BRIT.NS and Hindustan Unilever, expect demand to pick up after several subdued quarters, supported by tax cuts and easing inflation that have bolstered urban spending.
Hindustan Unilever expects the fiscal year starting April to be better than the current year. But its parent firm expects 2026 sales growth to be at the lower end of its forecast after a slowdown in the U.S. and Europe.
Hindustan Unilever on Thursday also said it would buy the remaining 49% stake in plant-based food brand Oziva for 8.24 billion rupees.
($1 = 90.5450 Indian rupees)
(Reporting by Komal Salecha in Bengaluru and Praveen Paramasivam in Chennai; Editing by Sonia Cheema)
(([email protected];))
By Komal Salecha
Feb 11 (Reuters) - Indian packaged foods maker Britannia Industries BRIT.NS is betting on the e-commerce and quick-commerce channels to capitalise on the convenience and impulse buying that the country's online consumer base increasingly seeks.
The quick commerce channel currently brings in high-single-digit percentage sales in segments such as "indulgence and impulse", Chief Commercial Officer Vipin Kataria said in a post-earnings call on Wednesday.
Sales in the segment, comprises sweet treats such as cakes, croissants and wafers, are expected to climb up to the high tweens to high teens percentages in fiscal 2027, according to Kataria.
India's quick-commerce market, which promises to deliver everything from iPhones to milk in minutes, has rapidly grown in the last few years as consumers in the world's most populous country court convenience. This has also led to a shift in strategy for consumer firms.
We are looking to add more digital-first brands to drive quick-commerce growth, which is expected to be margin accretive, CEO Rakshit Hargave said, adding that the company plans to increase its investments in its quick-commerce unit.
The packaged foods firm posted a 17% rise in third-quarter profit on Tuesday, driven by price hikes and tax cuts. Its stock closed 2.3% higher on the day.
E-commerce is also a major driver for the "indulgence and impulse" category, and the company plans to focus on the channel as a business unit in itself.
Online delivery platforms contributed three times more to sales in cakes, rusks, croissants and wafers in the December quarter, compared to its mainstay biscuits portfolio, the company said.
"Going forward, an omnichannel approach, very strong price points, pushing back competition and increased investments will drive growth," he said.
(Reporting by Komal Salecha in Bengaluru; Editing by Janane Venkatraman)
(([email protected];))
By Komal Salecha
Feb 11 (Reuters) - Indian packaged foods maker Britannia Industries BRIT.NS is betting on the e-commerce and quick-commerce channels to capitalise on the convenience and impulse buying that the country's online consumer base increasingly seeks.
The quick commerce channel currently brings in high-single-digit percentage sales in segments such as "indulgence and impulse", Chief Commercial Officer Vipin Kataria said in a post-earnings call on Wednesday.
Sales in the segment, comprises sweet treats such as cakes, croissants and wafers, are expected to climb up to the high tweens to high teens percentages in fiscal 2027, according to Kataria.
India's quick-commerce market, which promises to deliver everything from iPhones to milk in minutes, has rapidly grown in the last few years as consumers in the world's most populous country court convenience. This has also led to a shift in strategy for consumer firms.
We are looking to add more digital-first brands to drive quick-commerce growth, which is expected to be margin accretive, CEO Rakshit Hargave said, adding that the company plans to increase its investments in its quick-commerce unit.
The packaged foods firm posted a 17% rise in third-quarter profit on Tuesday, driven by price hikes and tax cuts. Its stock closed 2.3% higher on the day.
E-commerce is also a major driver for the "indulgence and impulse" category, and the company plans to focus on the channel as a business unit in itself.
Online delivery platforms contributed three times more to sales in cakes, rusks, croissants and wafers in the December quarter, compared to its mainstay biscuits portfolio, the company said.
"Going forward, an omnichannel approach, very strong price points, pushing back competition and increased investments will drive growth," he said.
(Reporting by Komal Salecha in Bengaluru; Editing by Janane Venkatraman)
(([email protected];))
Feb 10 (Reuters) - Britannia Industries Ltd BRIT.NS:
BRITANNIA INDUSTRIES Q3 CONSOL NET PROFIT 6.8 BILLION RUPEES
BRITANNIA INDUSTRIES Q3 CONSOL TOTAL REVENUE FROM OPERATIONS 49.7 BILLION RUPEES
Source text: ID:nnAZN4SFUE0
Further company coverage: BRIT.NS
(([email protected];;))
Feb 10 (Reuters) - Britannia Industries Ltd BRIT.NS:
BRITANNIA INDUSTRIES Q3 CONSOL NET PROFIT 6.8 BILLION RUPEES
BRITANNIA INDUSTRIES Q3 CONSOL TOTAL REVENUE FROM OPERATIONS 49.7 BILLION RUPEES
Source text: ID:nnAZN4SFUE0
Further company coverage: BRIT.NS
(([email protected];;))
Jan 1 (Reuters) - Britannia Industries Ltd BRIT.NS:
GETS TAX DEMANDED OF 1.09 BILLION RUPEES
Source text: ID:nBSE5TQr4F
Further company coverage: BRIT.NS
(([email protected];))
Jan 1 (Reuters) - Britannia Industries Ltd BRIT.NS:
GETS TAX DEMANDED OF 1.09 BILLION RUPEES
Source text: ID:nBSE5TQr4F
Further company coverage: BRIT.NS
(([email protected];))
Nov 11 (Reuters) - India's Britannia Industries' BRIT.NS shares tumbled nearly 6% in early trade on Tuesday after its long-time managing director Varun Berry quit after more than a decade at the helm.
(Reporting by Komal Salecha in Bengaluru; Editing by Sonia Cheema)
(([email protected];))
Nov 11 (Reuters) - India's Britannia Industries' BRIT.NS shares tumbled nearly 6% in early trade on Tuesday after its long-time managing director Varun Berry quit after more than a decade at the helm.
(Reporting by Komal Salecha in Bengaluru; Editing by Sonia Cheema)
(([email protected];))
** Indian biscuit-maker Britannia Industries BRIT.NS rises 3.5% to 6,096.5 rupees
** Britannia's Q2 profit rises 23% y/y and net profit margins improve to 13.5% from 11.4% a year ago, benefitting from price hikes
** Co taps paints manufacturer Birla Opus' former chief Rakshit Hargrave as CEO
** BRIT's former CEO Rajneet Kohli stepped down in March
** New CEO Hargrave played a critical role in scaling the Birla paints business amid tough competition, Jefferies says
** On the day, Grasim Industries GRAS.NS, which includes Birla Opus, falls 5%
** YTD, BRIT up ~28%
(Reporting by Ananta Agarwal in Bengaluru)
** Indian biscuit-maker Britannia Industries BRIT.NS rises 3.5% to 6,096.5 rupees
** Britannia's Q2 profit rises 23% y/y and net profit margins improve to 13.5% from 11.4% a year ago, benefitting from price hikes
** Co taps paints manufacturer Birla Opus' former chief Rakshit Hargrave as CEO
** BRIT's former CEO Rajneet Kohli stepped down in March
** New CEO Hargrave played a critical role in scaling the Birla paints business amid tough competition, Jefferies says
** On the day, Grasim Industries GRAS.NS, which includes Birla Opus, falls 5%
** YTD, BRIT up ~28%
(Reporting by Ananta Agarwal in Bengaluru)
** Analysts at Nomura and Jefferies say Colgate COLG.NS, Britannia Industries BRIT.NS and Nestle India NEST.NS will be the key beneficiaries of tax cuts on everyday items
** Government slashed rates to 5% on a wide range of everyday items including personal care products, household goods and packaged foods.
** Colgate, up 3.6%, was the top gainer on Nifty FMCG index .NIFTYFMCG which rose 0.7%
** Britannia, Dabur and Nestle were also among the top gainers on the index, gaining 3%, 2.2% and 1.7%, respectively
** Nomura expects 100% of COLG's portfolio to benefit from tax cuts, while Jefferies estimates that number to be 95%
** 85% of Britannia's portfolio to benefit - Nomura and Jefferies
** Analysts flag that around 70% of Nestle's and 50%-60% of Dabur's portfolio to benefit
** Median PT for Colgate is 2472 rupees, Britannia's at 5900 rupees; Nestle and Dabur at 1200 and 545 rupees, respectively - data complied by LSEG
Key beneficiaries of India's GST rate reduction https://reut.rs/4m0eyfY
Key beneficiaries of India's GST rate reduction https://reut.rs/47WpoQQ
(Reporting by Nishit Navin in Bengaluru)
** Analysts at Nomura and Jefferies say Colgate COLG.NS, Britannia Industries BRIT.NS and Nestle India NEST.NS will be the key beneficiaries of tax cuts on everyday items
** Government slashed rates to 5% on a wide range of everyday items including personal care products, household goods and packaged foods.
** Colgate, up 3.6%, was the top gainer on Nifty FMCG index .NIFTYFMCG which rose 0.7%
** Britannia, Dabur and Nestle were also among the top gainers on the index, gaining 3%, 2.2% and 1.7%, respectively
** Nomura expects 100% of COLG's portfolio to benefit from tax cuts, while Jefferies estimates that number to be 95%
** 85% of Britannia's portfolio to benefit - Nomura and Jefferies
** Analysts flag that around 70% of Nestle's and 50%-60% of Dabur's portfolio to benefit
** Median PT for Colgate is 2472 rupees, Britannia's at 5900 rupees; Nestle and Dabur at 1200 and 545 rupees, respectively - data complied by LSEG
Key beneficiaries of India's GST rate reduction https://reut.rs/4m0eyfY
Key beneficiaries of India's GST rate reduction https://reut.rs/47WpoQQ
(Reporting by Nishit Navin in Bengaluru)
** Indian biscuit maker Britannia Industries BRIT.NS down ~2% to 5,523 rupees following Q1 results
** 'Bourbon' biscuits maker misses Q1 profit estimates as cost inflation in key commodities and high competition crimp margins
** Macquarie says Britannia's comments, pointing to a heightened competitive landscape across categories, are concerning
** Adds, EBITDA, which was flat y/y came below its estimates
** BRIT rated 'hold' on average by 34 analysts; media PT at 5,824, implying a 5.4% upside to current price - as per data compiled by LSEG
** YTD, Britannia shares up ~16%
(Reporting by Ananta Agarwal in Bengaluru)
** Indian biscuit maker Britannia Industries BRIT.NS down ~2% to 5,523 rupees following Q1 results
** 'Bourbon' biscuits maker misses Q1 profit estimates as cost inflation in key commodities and high competition crimp margins
** Macquarie says Britannia's comments, pointing to a heightened competitive landscape across categories, are concerning
** Adds, EBITDA, which was flat y/y came below its estimates
** BRIT rated 'hold' on average by 34 analysts; media PT at 5,824, implying a 5.4% upside to current price - as per data compiled by LSEG
** YTD, Britannia shares up ~16%
(Reporting by Ananta Agarwal in Bengaluru)
Aug 5 (Reuters) - Indian biscuit maker Britannia Industries BRIT.NS reported first-quarter profit below estimates on Tuesday.
The company, which sells 'Marie Gold' and 'Bourbon' biscuits, reported consolidated net profit of 5.21 billion rupees ($59.3 million).
Analysts, on average, had expected 5.7 billion rupees, as per data compiled by LSEG.
($1 = 87.8470 Indian rupees)
(Reporting by Ananta Agarwal in Bengaluru; Editing by Janane Venkatraman)
(([email protected];))
Aug 5 (Reuters) - Indian biscuit maker Britannia Industries BRIT.NS reported first-quarter profit below estimates on Tuesday.
The company, which sells 'Marie Gold' and 'Bourbon' biscuits, reported consolidated net profit of 5.21 billion rupees ($59.3 million).
Analysts, on average, had expected 5.7 billion rupees, as per data compiled by LSEG.
($1 = 87.8470 Indian rupees)
(Reporting by Ananta Agarwal in Bengaluru; Editing by Janane Venkatraman)
(([email protected];))
** Britannia Industries BRIT.NS climb 0.8%; consumer goods and benchmark indexes down over 1%
** Biscuit maker's Q4 profit rises due to price hikes, which Nomura pegs at 6%
** Brokerages say 9% rev growth of 9% largely met estimates, while profit growth of 4% beat view
** Most analysts hold ratings; avg rating is equivalent to "buy", similar to most on 15-member Nifty FMCG .NIFTYFMCG
** Stock has gained 15% YTD, second-highest on index that is down 2.4% this year
(Reporting by Nandan Mandayam in Bengaluru)
(([email protected]; Mobile: +91 9591011727;))
** Britannia Industries BRIT.NS climb 0.8%; consumer goods and benchmark indexes down over 1%
** Biscuit maker's Q4 profit rises due to price hikes, which Nomura pegs at 6%
** Brokerages say 9% rev growth of 9% largely met estimates, while profit growth of 4% beat view
** Most analysts hold ratings; avg rating is equivalent to "buy", similar to most on 15-member Nifty FMCG .NIFTYFMCG
** Stock has gained 15% YTD, second-highest on index that is down 2.4% this year
(Reporting by Nandan Mandayam in Bengaluru)
(([email protected]; Mobile: +91 9591011727;))
May 8 (Reuters) - Britannia Industries Ltd BRIT.NS:
Q4 CONSOL NET PROFIT 5.6 BILLION RUPEES; IBES EST. 5.18 BILLION RUPEES
Q4 CONSOL TOTAL REVENUE FROM OPERATIONS 44.32 BILLION RUPEES; IBES EST. 43.97 BILLION RUPEES
- RECOMMENDED FINAL DIVIDEND OF 75 RUPEES/SHARE
Further company coverage: BRIT.NS
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May 8 (Reuters) - Britannia Industries Ltd BRIT.NS:
Q4 CONSOL NET PROFIT 5.6 BILLION RUPEES; IBES EST. 5.18 BILLION RUPEES
Q4 CONSOL TOTAL REVENUE FROM OPERATIONS 44.32 BILLION RUPEES; IBES EST. 43.97 BILLION RUPEES
- RECOMMENDED FINAL DIVIDEND OF 75 RUPEES/SHARE
Further company coverage: BRIT.NS
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May 1 (Reuters) - Britannia Industries Ltd BRIT.NS:
RECEIVES ORDER FROM ADDITIONAL COMMISSIONER OF CGST & CX
ORDER DEMANDS TAX OF 254.2 MILLION RUPEES
Source text: ID:nBSE88w2lW
Further company coverage: BRIT.NS
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May 1 (Reuters) - Britannia Industries Ltd BRIT.NS:
RECEIVES ORDER FROM ADDITIONAL COMMISSIONER OF CGST & CX
ORDER DEMANDS TAX OF 254.2 MILLION RUPEES
Source text: ID:nBSE88w2lW
Further company coverage: BRIT.NS
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March 24 (Reuters) - Indian biscuit maker Britannia Industries <BRIT.NS> said on Monday that operations at its Jhagadia plant in Gujarat have been partially affected due to a strike.
The company is in continuous discussions with workers to resolve the strike, which began on Monday, the company said in an exchange filing.
The impact is still being assessed, Britannia said, but stopped short of disclosing details such as the number of workers on strike or the facility's contribution to overall revenue when Reuters reached out for comment.
Britannia has about a dozen plants in India, according to the company's latest annual report.
Shares of the company had closed 0.4% lower on Monday.
(Reporting by Praveen Paramasivam in Chennai and Ashish Chandra in Bengaluru; Editing by Shailesh Kuber)
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March 24 (Reuters) - Indian biscuit maker Britannia Industries <BRIT.NS> said on Monday that operations at its Jhagadia plant in Gujarat have been partially affected due to a strike.
The company is in continuous discussions with workers to resolve the strike, which began on Monday, the company said in an exchange filing.
The impact is still being assessed, Britannia said, but stopped short of disclosing details such as the number of workers on strike or the facility's contribution to overall revenue when Reuters reached out for comment.
Britannia has about a dozen plants in India, according to the company's latest annual report.
Shares of the company had closed 0.4% lower on Monday.
(Reporting by Praveen Paramasivam in Chennai and Ashish Chandra in Bengaluru; Editing by Shailesh Kuber)
(([email protected]; +91 7982114624;))
Adds details, background throughout
March 6 (Reuters) - Indian biscuit maker Britannia Industries BRIT.NS said on Thursday that its Chief Executive Officer Rajneet Singh Kohli has resigned after serving two-and-a-half years in the role.
Britannia did not name Kohli's successor, but said he will be relieved from the role on March 14, as per his request.
Kohli, who joined as Britannia's CEO in September 2022, did not disclose the exact reason for stepping down, but said in his resignation letter that he will "pursue an external opportunity".
Before joining Britannia, the 50-year-old had held leadership roles at major firms like Domino's India, run by Jubilant Foodworks JUBI.NS, Asian Paints ASPN.NS and U.S. beverage giant Coca-Cola Co KO.N.
Under Kohli's leadership, the biscuit maker's shares rose nearly 25% as it focused on product diversification, entering the healthy food segment, and expanding manufacturing plants in the eastern Indian states of Odisha and Bihar.
Britannia's shares erased early-session gains after the news. They were last trading 0.6% lower as of 3:20 p.m. IST.
The company has in the recent months benefited from price hikes to counter rising input costs, helping it beat its latest third-quarter profit estimates.
(Reporting by Kashish Tandon in Bengaluru; Editing by Mrigank Dhaniwala and Sonia Cheema)
(([email protected]; 8800437922;))
Adds details, background throughout
March 6 (Reuters) - Indian biscuit maker Britannia Industries BRIT.NS said on Thursday that its Chief Executive Officer Rajneet Singh Kohli has resigned after serving two-and-a-half years in the role.
Britannia did not name Kohli's successor, but said he will be relieved from the role on March 14, as per his request.
Kohli, who joined as Britannia's CEO in September 2022, did not disclose the exact reason for stepping down, but said in his resignation letter that he will "pursue an external opportunity".
Before joining Britannia, the 50-year-old had held leadership roles at major firms like Domino's India, run by Jubilant Foodworks JUBI.NS, Asian Paints ASPN.NS and U.S. beverage giant Coca-Cola Co KO.N.
Under Kohli's leadership, the biscuit maker's shares rose nearly 25% as it focused on product diversification, entering the healthy food segment, and expanding manufacturing plants in the eastern Indian states of Odisha and Bihar.
Britannia's shares erased early-session gains after the news. They were last trading 0.6% lower as of 3:20 p.m. IST.
The company has in the recent months benefited from price hikes to counter rising input costs, helping it beat its latest third-quarter profit estimates.
(Reporting by Kashish Tandon in Bengaluru; Editing by Mrigank Dhaniwala and Sonia Cheema)
(([email protected]; 8800437922;))
Feb 21 (Reuters) - Bharat Petroleum Corporation Ltd BPCL.NS:
NSE: BPCL AND BRITANNIA INDUSTRIES BEING EXCLUDED FROM NIFTY 50
NSE: JIO FINANCIAL SERVICES AND ZOMATO BEING INCLUDED IN NIFTY 50
NSE: CHANGES IN NIFTY 50 STOCKS SHALL BECOME EFFECTIVE FROM MARCH 28
Source text: [ID:]
Further company coverage: BPCL.NS
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Feb 21 (Reuters) - Bharat Petroleum Corporation Ltd BPCL.NS:
NSE: BPCL AND BRITANNIA INDUSTRIES BEING EXCLUDED FROM NIFTY 50
NSE: JIO FINANCIAL SERVICES AND ZOMATO BEING INCLUDED IN NIFTY 50
NSE: CHANGES IN NIFTY 50 STOCKS SHALL BECOME EFFECTIVE FROM MARCH 28
Source text: [ID:]
Further company coverage: BPCL.NS
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** Shares of Indian biscuit maker Britannia Industries BRIT.NS up as much as 2.2% on Q3 results to 5065 rupees
** Co reports 6% volume growth y/y in despite "ongoing subdued demand" and "increased competitive pressures"
** Net profit growth of 4.8% aided by lower employee costs and advertising spends, analysts say
** Gross margin contraction of more than 500bps higher than expected due to inflation in key commodities - JPMorgan
** Analysts see green shoots from trade promotions and distribution network expansion aiding volume growth amid ongoing margin pressure
** Stock rated "Hold" on avg by 33 analysts - LSEG
** Avg PT of 5421.88 rupees provides a 7.7% upside to current stock price
(Reporting by Ananta Agarwal in Bengaluru)
** Shares of Indian biscuit maker Britannia Industries BRIT.NS up as much as 2.2% on Q3 results to 5065 rupees
** Co reports 6% volume growth y/y in despite "ongoing subdued demand" and "increased competitive pressures"
** Net profit growth of 4.8% aided by lower employee costs and advertising spends, analysts say
** Gross margin contraction of more than 500bps higher than expected due to inflation in key commodities - JPMorgan
** Analysts see green shoots from trade promotions and distribution network expansion aiding volume growth amid ongoing margin pressure
** Stock rated "Hold" on avg by 33 analysts - LSEG
** Avg PT of 5421.88 rupees provides a 7.7% upside to current stock price
(Reporting by Ananta Agarwal in Bengaluru)
** Shares of Britannia Industries BRIT.NS gain 0.7% ahead of third-quarter results later in the day
** Analysts on average expect co to post a 6.4% Y/Y drop in Q3 profit to 5.21 billion rupees ($59.51 million), as per data compiled by LSEG
** BRIT increased prices by 4% to 5% in Q3 across its portfolio to boost revenue and offset rising commodity prices
** However, by hiking prices, co risked losing market share
** Rival Nestle India NEST.NS fell short of Q3 profit estimate due to slowdown in consumer spending, while Hindustan Unilever HLL.NS anticipates near-term margins to be at the lower end of its forecast range of 23%-24%
** BRIT rated "hold" on avg vs a "buy" rating on rivals NEST and HLL - LSEG-compiled data
** BRIT rises 4.2% so far in 2025 after ~11% fall in 2024
($1 = 87.5475 Indian rupees)
(Reporting by Ashna Teresa Britto in Bengaluru)
(([email protected] ; ( +91 8078332441))
** Shares of Britannia Industries BRIT.NS gain 0.7% ahead of third-quarter results later in the day
** Analysts on average expect co to post a 6.4% Y/Y drop in Q3 profit to 5.21 billion rupees ($59.51 million), as per data compiled by LSEG
** BRIT increased prices by 4% to 5% in Q3 across its portfolio to boost revenue and offset rising commodity prices
** However, by hiking prices, co risked losing market share
** Rival Nestle India NEST.NS fell short of Q3 profit estimate due to slowdown in consumer spending, while Hindustan Unilever HLL.NS anticipates near-term margins to be at the lower end of its forecast range of 23%-24%
** BRIT rated "hold" on avg vs a "buy" rating on rivals NEST and HLL - LSEG-compiled data
** BRIT rises 4.2% so far in 2025 after ~11% fall in 2024
($1 = 87.5475 Indian rupees)
(Reporting by Ashna Teresa Britto in Bengaluru)
(([email protected] ; ( +91 8078332441))
Adds consumer, trade body and company reaction; updates shares
By Praveen Paramasivam and Sai Ishwarbharath B
CHENNAI/BENGALURU, Feb 1 (Reuters) - India's plans to cut personal income tax rates will put more disposable income in the hands of the people and eventually boost consumption in the world's fifth-largest economy, top executives said on Saturday.
The comments came after the government in its annual budget said that people earning up to 1.28 million rupees ($14,800) per year will not have to pay any taxes, raising its threshold from 700,000 rupees. It also cut tax rates for people earning above the new threshold.
Private consumption accounts for about 60% of India's gross domestic product.
Consumption in India has been under stress in the last few quarters as shoppers tightened their purse strings amid stubborn inflation and modest wage growth.
"Tax reforms benefiting the middle class will increase disposable income, further fuelling demand across essential and aspirational categories," Godrej Consumer Products' GOCP.NS CFO Aasif Malbari said.
The news boosted the shares of consumer goods .NIFTYFMCG, autos .NIFTYAUTO and realty .NIFTYREAL firms by 4.1%, 2.1% and 3%, respectively. It also pushed the shares of food delivery firms Zomato ZOMT.NS and Swiggy SWIG.NS 7.8% and 8.7% higher, respectively.
The government's plan is estimated to help around 25-30 million personal tax payers save about 100,000 rupees annually, according to Kamal Bali, managing director of Volvo Group India.
"It will boost discretionary capital spends like buying a vehicle. (People) will have better repaying capacity for EMIs," Bali told Reuters.
Others echoed the sentiment.
"The tax cut is going to be a helpful factor in accelerating demand for various kinds of consumer products," RC Bhargava, chairman of Maruti Suzuki India MRTI.NS, India's top carmaker, told TV channel ET Now.
The Federation of Automobile Dealers Associations (FADA), a trade body, expects the government's plan to make car upgrades affordable to more middle-class families, leading to higher demand for SUVs, sedans, and premium two-wheelers.
Some consumers welcomed the news.
"I would have one less stressful obligation since I would no longer have to pay taxes," Chennai-based software engineer S. Surya said, adding he planned to use the money he saved "on higher-quality essentials and restaurant visits".
Some others were less thrilled.
"They haven't reduced goods and services tax or petrol prices," Pranav Charan, another engineer, lamented.
($1 = 86.5360 Indian rupees)
(Reporting by Praveen Paramasivam, Sai Ishwarbharath B and Nishit Navin; Editing by Dhanya Skariachan and Sonia Cheema)
(([email protected]; +91 867-525-3569;))
Adds consumer, trade body and company reaction; updates shares
By Praveen Paramasivam and Sai Ishwarbharath B
CHENNAI/BENGALURU, Feb 1 (Reuters) - India's plans to cut personal income tax rates will put more disposable income in the hands of the people and eventually boost consumption in the world's fifth-largest economy, top executives said on Saturday.
The comments came after the government in its annual budget said that people earning up to 1.28 million rupees ($14,800) per year will not have to pay any taxes, raising its threshold from 700,000 rupees. It also cut tax rates for people earning above the new threshold.
Private consumption accounts for about 60% of India's gross domestic product.
Consumption in India has been under stress in the last few quarters as shoppers tightened their purse strings amid stubborn inflation and modest wage growth.
"Tax reforms benefiting the middle class will increase disposable income, further fuelling demand across essential and aspirational categories," Godrej Consumer Products' GOCP.NS CFO Aasif Malbari said.
The news boosted the shares of consumer goods .NIFTYFMCG, autos .NIFTYAUTO and realty .NIFTYREAL firms by 4.1%, 2.1% and 3%, respectively. It also pushed the shares of food delivery firms Zomato ZOMT.NS and Swiggy SWIG.NS 7.8% and 8.7% higher, respectively.
The government's plan is estimated to help around 25-30 million personal tax payers save about 100,000 rupees annually, according to Kamal Bali, managing director of Volvo Group India.
"It will boost discretionary capital spends like buying a vehicle. (People) will have better repaying capacity for EMIs," Bali told Reuters.
Others echoed the sentiment.
"The tax cut is going to be a helpful factor in accelerating demand for various kinds of consumer products," RC Bhargava, chairman of Maruti Suzuki India MRTI.NS, India's top carmaker, told TV channel ET Now.
The Federation of Automobile Dealers Associations (FADA), a trade body, expects the government's plan to make car upgrades affordable to more middle-class families, leading to higher demand for SUVs, sedans, and premium two-wheelers.
Some consumers welcomed the news.
"I would have one less stressful obligation since I would no longer have to pay taxes," Chennai-based software engineer S. Surya said, adding he planned to use the money he saved "on higher-quality essentials and restaurant visits".
Some others were less thrilled.
"They haven't reduced goods and services tax or petrol prices," Pranav Charan, another engineer, lamented.
($1 = 86.5360 Indian rupees)
(Reporting by Praveen Paramasivam, Sai Ishwarbharath B and Nishit Navin; Editing by Dhanya Skariachan and Sonia Cheema)
(([email protected]; +91 867-525-3569;))
Jan 23 (Reuters) - Britannia Industries Ltd BRIT.NS:
GETS TAX DEMAND OF TOTAL AMOUNT 43.3 MILLION RUPEES
Source text: ID:nBSE8rYbgc
Further company coverage: BRIT.NS
(([email protected];))
Jan 23 (Reuters) - Britannia Industries Ltd BRIT.NS:
GETS TAX DEMAND OF TOTAL AMOUNT 43.3 MILLION RUPEES
Source text: ID:nBSE8rYbgc
Further company coverage: BRIT.NS
(([email protected];))
Jan 16 (Reuters) - Britannia Industries Ltd BRIT.NS:
GOT TOTAL TAX DEMAND ORDER FOR 11.6 MILLION RUPEES
Source text: ID:nNSE2ymlzk
Further company coverage: BRIT.NS
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Jan 16 (Reuters) - Britannia Industries Ltd BRIT.NS:
GOT TOTAL TAX DEMAND ORDER FOR 11.6 MILLION RUPEES
Source text: ID:nNSE2ymlzk
Further company coverage: BRIT.NS
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** Shares of Britannia Industries Ltd BRIT.NS down 13.8% in November, set for their biggest monthly drop since June 2006
** Stock currently up 0.2% at 4,934.95 rupees
** BRIT among top 5 biggest monthly pct losers on blue-chip Nifty 50 index as well as FMCG stocks .NIFTYFMCG that are down 1.2% and 2.5%
** BRIT reported smaller-than-expected Q2 profit in mid-Nov due to poor demand from inflation-wary urban customers, sending its shares down by more than 12% in two sessions
** Downbeat results also led stock to its worst week in 24 years; the stock was up by just 0.35% on the day before the results
** Avg rating on stock has fallen to "hold" from "buy" following post-results downgrades - LSEG
** Stock has 13 "hold" ratings, its most in at least two years
** YTD, BRIT down ~8%, among worst-performing stocks on Nifty 50 and Nifty FMCG index that are up 11% and ~2%, respectively
(Reporting by Nandan Mandayam in Bengaluru)
(([email protected]; Mobile: +91 9591011727;))
** Shares of Britannia Industries Ltd BRIT.NS down 13.8% in November, set for their biggest monthly drop since June 2006
** Stock currently up 0.2% at 4,934.95 rupees
** BRIT among top 5 biggest monthly pct losers on blue-chip Nifty 50 index as well as FMCG stocks .NIFTYFMCG that are down 1.2% and 2.5%
** BRIT reported smaller-than-expected Q2 profit in mid-Nov due to poor demand from inflation-wary urban customers, sending its shares down by more than 12% in two sessions
** Downbeat results also led stock to its worst week in 24 years; the stock was up by just 0.35% on the day before the results
** Avg rating on stock has fallen to "hold" from "buy" following post-results downgrades - LSEG
** Stock has 13 "hold" ratings, its most in at least two years
** YTD, BRIT down ~8%, among worst-performing stocks on Nifty 50 and Nifty FMCG index that are up 11% and ~2%, respectively
(Reporting by Nandan Mandayam in Bengaluru)
(([email protected]; Mobile: +91 9591011727;))
** Shares of consumer goods maker Britannia Industries BRIT.NS fall 1.9% to 4,798.5 rupees, their lowest level since early-May
** BRIT top loser on Nifty FMCG index .NIFTYFMCG, which is down 0.5%
** Co on Tuesday said the Food Safety and Standards Authority of India (FSSAI) issued a notice over the use of a preservative in one of the batches of its product
** Co did not disclose which product was flagged by FSSAI, but says it expects no material impact on financials or operations
** More than 448,000 shares change hands, 1.1x its 30-day avg
** Avg rating of 33 analysts is a "hold"; median PT at 5,435 rupees - LSEG data
** BRIT is down 16% this month, on track for its worst month since June 2006
(Reporting by Ashna Teresa Britto in Bengaluru)
(([email protected] ; +91 8078332441))
** Shares of consumer goods maker Britannia Industries BRIT.NS fall 1.9% to 4,798.5 rupees, their lowest level since early-May
** BRIT top loser on Nifty FMCG index .NIFTYFMCG, which is down 0.5%
** Co on Tuesday said the Food Safety and Standards Authority of India (FSSAI) issued a notice over the use of a preservative in one of the batches of its product
** Co did not disclose which product was flagged by FSSAI, but says it expects no material impact on financials or operations
** More than 448,000 shares change hands, 1.1x its 30-day avg
** Avg rating of 33 analysts is a "hold"; median PT at 5,435 rupees - LSEG data
** BRIT is down 16% this month, on track for its worst month since June 2006
(Reporting by Ashna Teresa Britto in Bengaluru)
(([email protected] ; +91 8078332441))
** Britannia Industries BRIT.NS falls 2.5% to 4,920 rupees, lowest in six months
** Stock down 14% this week, set for worst week since January 2000
** BRIT top loser and worst performing stock this week on the benchmark Nifty 50 index .NSEI, which is down 0.04%
** Indian markets are closed on Friday for a holiday
** Consumer goods major posted smaller-than-expected Q2 profit and rev on Monday amid slump in urban consumption
** At least 24 analysts slash PT post results; four downgrade rating
** BRIT rated "hold" on avg now vs "buy" before results; median PT now at 5,450 rupees vs 5,800 rupees earlier - LSEG
** Stock down ~8% YTD
(Reporting by Ashna Teresa Britto in Bengaluru)
(([email protected] ; ( +91 8078332441))
** Britannia Industries BRIT.NS falls 2.5% to 4,920 rupees, lowest in six months
** Stock down 14% this week, set for worst week since January 2000
** BRIT top loser and worst performing stock this week on the benchmark Nifty 50 index .NSEI, which is down 0.04%
** Indian markets are closed on Friday for a holiday
** Consumer goods major posted smaller-than-expected Q2 profit and rev on Monday amid slump in urban consumption
** At least 24 analysts slash PT post results; four downgrade rating
** BRIT rated "hold" on avg now vs "buy" before results; median PT now at 5,450 rupees vs 5,800 rupees earlier - LSEG
** Stock down ~8% YTD
(Reporting by Ashna Teresa Britto in Bengaluru)
(([email protected] ; ( +91 8078332441))
Urban consumption hits two-year low, index shows
Inflation at 14-month high; food inflation in double-digits
Middle class frustration impacts Modi's election performance
Fast-food chains report sales declines
By Praveen Paramasivam, Shivangi Acharya
CHENNAI/NEW DELHI, Nov 13 - India's city dwellers are cutting spending on everything from cookies to fast food as persistently high inflation squeezes middle class budgets, threatening the country's brisk economic growth.
Slowing urban spending over the past three to four months has not only hurt the earnings of largest consumer goods firms, it has raised questions about the structural nature of India's long-term economic success.
Since the end of the pandemic, India's economic growth has been driven in large part by urban consumption, however, that now seems to be changing.
"There is a top end – the people with money are spending like that is going out of style," Nestle India Chairman Suresh Narayanan said.
"There used to be a middle segment, which used to be the segment that most of us fast moving consumer goods (FMCG) firms used to operate in, which is the middle class of the country, that seems to be shrinking."
Nestle India, which makes Kit Kats and other well-known goods, reported its first quarterly revenue drop since the COVID-hit June quarter in 2020.
While there is no officially defined income bracket for Indian middle class households, they are broadly estimated to account for a third of India's 1.4 billion people.
They are considered a key demographic both economically and politically, with middle class frustration seen as a significant factor behind Prime Minister Narendra Modi's weaker election performance this year.
Asia's third-largest economy is expected to expand 7.2% in the financial year ending March 2025, the fastest among its major peers.
Belying those rosy projections, however, are signs of a sharp slowdown in the household sector.
Indian urban consumption hit a two-year low this month, according to an index published by Citibank that captures indicators such as airline bookings, fuel sales and wages.
"While some of the fall could be temporary, the key macro drivers remain unfavourable," Citi's chief India economist Samiran Chakraborty said.
Growth in inflation-adjusted wage costs for listed Indian firms - a proxy for earnings of urban Indians - has remained below 2% for all the three quarters of 2024, well below the 10-year average of 4.4%, data from Citi showed.
Chakraborty cites this as a key factor impacting urban consumption, along with declining savings and tighter rules for personal loans.
Headline inflation has averaged 5% over the past 12 months, but food inflation has held above 8% as weather shocks elevated prices of vegetables, cereals and other essential foods. In October, retail inflation hit a 14-month high of 6.2% while food prices jumped to 10.9%.
Anecdotal data suggests retail sales rose close to 15% year-on-year during the 2024 festive season, which runs from August to November, Nomura said in a note last week, about half last year's pace.
"During this festival season, we have not spent at all," said Rajwanti Dahiya, 60, who survives on her husband's monthly pension of 30,000 Indian rupees ($356.76).
"Savings are low, barely there."
A 'SHRINKING' MIDDLE
India's central bank expects 7.2% GDP growth for the fiscal year ending March 2025 on the back of improved rural demand and a strong services sector.
Higher government investment could also support demand, said Rahul Bajoria, head of India and ASEAN economic research at Bank of America.
"If government spending kicks in, that probably does have some multiplier effects on private consumption spending as well," said Bajoria, who expects GDP growth at 6.8% in the current financial year.
Some are less optimistic with Citi and IDFC First Bank economists expecting GDP growth in the July-September quarter to miss the central bank's projected 7%, weighed by slower urban consumption.
That pessimism has hit consumer stocks with the Nifty FMCG index .NIFTYFMCG declining 13% since Oct. 1, compared with a 7.4% drop in the benchmark Nifty 50 .NSEI.
Of the FMCG index's 15 constituent firms, only one reported a pickup in sales volume growth in the September quarter.
Consumers in large cities are swapping branded items from hair oil to tea for cheaper unbranded alternatives, reflected in the first sales volume decline in 11 quarters for the foods and refreshment group at Hindustan Unilever.
"We see the growth in big city standing down, although in smaller cities and in rural the growth continues to be good," Hindustan Unilever chief executive Rohit Jawa said last month, after reporting lower than expected earnings.
Consumers are also cutting back on dining out.
Fast-food chains such as McDonald's, Burger King, Pizza Hut and KFC posted same-store sales declines, earnings showed.
While people are still coming, they are choosing cheaper meals, Rajeev Varman, CEO at Burger King operator Restaurant Brands Asia RESR.NS said after posting a 3% drop in quarterly same-store sales.
"We prefer budget-friendly stores that give good deals and discounts to manage our monthly expenditure," said 37-year old Avinash Crasto, a Mumbai marketing and sales executive who has a family of four and identifies as middle class.
($1 = 84.0640 Indian rupees)
India's urban consumption slows as inflation bites https://reut.rs/3UDWvl1
India's slowdown in consumption https://reut.rs/40zLdSC
(Reporting by Praveen Paramasivam in Chennai and Shivangi Acharya in New Delhi; Editing by Sam Holmes)
(([email protected]; +91 867-525-3569;))
Urban consumption hits two-year low, index shows
Inflation at 14-month high; food inflation in double-digits
Middle class frustration impacts Modi's election performance
Fast-food chains report sales declines
By Praveen Paramasivam, Shivangi Acharya
CHENNAI/NEW DELHI, Nov 13 - India's city dwellers are cutting spending on everything from cookies to fast food as persistently high inflation squeezes middle class budgets, threatening the country's brisk economic growth.
Slowing urban spending over the past three to four months has not only hurt the earnings of largest consumer goods firms, it has raised questions about the structural nature of India's long-term economic success.
Since the end of the pandemic, India's economic growth has been driven in large part by urban consumption, however, that now seems to be changing.
"There is a top end – the people with money are spending like that is going out of style," Nestle India Chairman Suresh Narayanan said.
"There used to be a middle segment, which used to be the segment that most of us fast moving consumer goods (FMCG) firms used to operate in, which is the middle class of the country, that seems to be shrinking."
Nestle India, which makes Kit Kats and other well-known goods, reported its first quarterly revenue drop since the COVID-hit June quarter in 2020.
While there is no officially defined income bracket for Indian middle class households, they are broadly estimated to account for a third of India's 1.4 billion people.
They are considered a key demographic both economically and politically, with middle class frustration seen as a significant factor behind Prime Minister Narendra Modi's weaker election performance this year.
Asia's third-largest economy is expected to expand 7.2% in the financial year ending March 2025, the fastest among its major peers.
Belying those rosy projections, however, are signs of a sharp slowdown in the household sector.
Indian urban consumption hit a two-year low this month, according to an index published by Citibank that captures indicators such as airline bookings, fuel sales and wages.
"While some of the fall could be temporary, the key macro drivers remain unfavourable," Citi's chief India economist Samiran Chakraborty said.
Growth in inflation-adjusted wage costs for listed Indian firms - a proxy for earnings of urban Indians - has remained below 2% for all the three quarters of 2024, well below the 10-year average of 4.4%, data from Citi showed.
Chakraborty cites this as a key factor impacting urban consumption, along with declining savings and tighter rules for personal loans.
Headline inflation has averaged 5% over the past 12 months, but food inflation has held above 8% as weather shocks elevated prices of vegetables, cereals and other essential foods. In October, retail inflation hit a 14-month high of 6.2% while food prices jumped to 10.9%.
Anecdotal data suggests retail sales rose close to 15% year-on-year during the 2024 festive season, which runs from August to November, Nomura said in a note last week, about half last year's pace.
"During this festival season, we have not spent at all," said Rajwanti Dahiya, 60, who survives on her husband's monthly pension of 30,000 Indian rupees ($356.76).
"Savings are low, barely there."
A 'SHRINKING' MIDDLE
India's central bank expects 7.2% GDP growth for the fiscal year ending March 2025 on the back of improved rural demand and a strong services sector.
Higher government investment could also support demand, said Rahul Bajoria, head of India and ASEAN economic research at Bank of America.
"If government spending kicks in, that probably does have some multiplier effects on private consumption spending as well," said Bajoria, who expects GDP growth at 6.8% in the current financial year.
Some are less optimistic with Citi and IDFC First Bank economists expecting GDP growth in the July-September quarter to miss the central bank's projected 7%, weighed by slower urban consumption.
That pessimism has hit consumer stocks with the Nifty FMCG index .NIFTYFMCG declining 13% since Oct. 1, compared with a 7.4% drop in the benchmark Nifty 50 .NSEI.
Of the FMCG index's 15 constituent firms, only one reported a pickup in sales volume growth in the September quarter.
Consumers in large cities are swapping branded items from hair oil to tea for cheaper unbranded alternatives, reflected in the first sales volume decline in 11 quarters for the foods and refreshment group at Hindustan Unilever.
"We see the growth in big city standing down, although in smaller cities and in rural the growth continues to be good," Hindustan Unilever chief executive Rohit Jawa said last month, after reporting lower than expected earnings.
Consumers are also cutting back on dining out.
Fast-food chains such as McDonald's, Burger King, Pizza Hut and KFC posted same-store sales declines, earnings showed.
While people are still coming, they are choosing cheaper meals, Rajeev Varman, CEO at Burger King operator Restaurant Brands Asia RESR.NS said after posting a 3% drop in quarterly same-store sales.
"We prefer budget-friendly stores that give good deals and discounts to manage our monthly expenditure," said 37-year old Avinash Crasto, a Mumbai marketing and sales executive who has a family of four and identifies as middle class.
($1 = 84.0640 Indian rupees)
India's urban consumption slows as inflation bites https://reut.rs/3UDWvl1
India's slowdown in consumption https://reut.rs/40zLdSC
(Reporting by Praveen Paramasivam in Chennai and Shivangi Acharya in New Delhi; Editing by Sam Holmes)
(([email protected]; +91 867-525-3569;))
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What does Britannia Industries do?
Britannia Industries is one of the country’s leading food products companies. The company manufactures India’s favorite brands like Good Day, Tiger, NutriChoice, 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.
Who are the competitors of Britannia Industries?
Britannia Industries major competitors are Nestle India, ITC, Godrej Consumer Prod, Varun Beverages, Dabur India, P&G Hygiene & Health, Jyothy Labs. Market Cap of Britannia Industries is ₹1,26,590 Crs. While the median market cap of its peers are ₹1,06,745 Crs.
Is Britannia Industries financially stable compared to its competitors?
Britannia Industries seems to be financially stable compared to its competitors. The probability of it going bankrupt or facing a financial crunch seem to be lower than its immediate competitors.
Does Britannia Industries pay decent dividends?
The company seems to pay a good stable dividend. Britannia Industries latest dividend payout ratio is 82.93% and 3yr average dividend payout ratio is 80.13%
How has Britannia Industries allocated its funds?
Companies resources are majorly tied in miscellaneous assets
How strong is Britannia Industries balance sheet?
Balance sheet of Britannia Industries is strong. But short term working capital might become an issue for this company.
Is the profitablity of Britannia Industries improving?
Yes, profit is increasing. The profit of Britannia Industries is ₹2,567 Crs for TTM, ₹2,179 Crs for Mar 2025 and ₹2,140 Crs for Mar 2024.
Is the debt of Britannia Industries increasing or decreasing?
Yes, The net debt of Britannia Industries is increasing. Latest net debt of Britannia Industries is ₹1,005 Crs as of Mar-26. This is greater than Mar-25 when it was ₹600 Crs.
Is Britannia Industries stock expensive?
Britannia Industries is not expensive. Latest PE of Britannia Industries is 49.97, while 3 year average PE is 56.52. Also latest EV/EBITDA of Britannia Industries is 36.0 while 3yr average is 40.89.
Has the share price of Britannia Industries grown faster than its competition?
Britannia Industries has given better returns compared to its competitors. Britannia Industries has grown at ~12.44% over the last 9yrs while peers have grown at a median rate of 6.2%
Is the promoter bullish about Britannia Industries?
Promoters stake in the company seems stable, and we need to go through filings and allocation of resources to gauge promoter bullishness. Latest quarter promoter holding in Britannia Industries is 50.55% and last quarter promoter holding is 50.55%.
Are mutual funds buying/selling Britannia Industries?
The mutual fund holding of Britannia Industries is decreasing. The current mutual fund holding in Britannia Industries is 10.39% while previous quarter holding is 10.59%.