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Systematix Research Report
Britannia Industries Ltd. reported Q2 FY25 results below our/street expectations across topline and earnings. While volume growth at 8% YoY sustained its recent healthy trajectory, revenue growth of ~5% YoY reflected carry-forward price cuts. Britannia emphasized that rural growth in mid-high single digits is still below the double-digit trend Britannia has historically garnered.
Urban markets (including modern trade and e-commerce) grew at half the pace of rural in Q2, with particularly slow growth in general trade. Key focus states (Hindi heartland) grew 1.9x of rest of India, but Britannia believes the segment can produce better growth going forward.
Adjacencies (wafers, rusk, croissants, drinks) did well, as did international markets led by Middle East. Ebitda/ PAT declined 10% YoY each.
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