Britannia’s Narrative Improving, Increasing Scope For Upside: Motilal Oswal

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Britannia Industries Ltd.’s opportunity for growth is significant, with the overall biscuits category estimated to grow in the mid-single digits.

Furthermore, the opportunity in terms of market share gains is even greater – the company’s market share is only in the mid-30s despite the company being the largest player in the biscuits space.

The broad packaged foods market (estimated at $40–50 billion) presents the strongest structural opportunity in India’s consumption space.

The company’s FY21E revenue of approximately $1.8 billion is a fraction of this addressable market.

The company has also shown signs of a scale-up in the non-biscuit portfolio to ~2% of sales led by cream wafers and milkshakes.

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Motilal Oswal Britannia Company Update.pdf


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