BRITANNIA INDUSTRIES - FY10 - PROFITS & EPS DOWN

Britannia Industries Limited

RESULTS REVIEW

FY10 VS FY 09

Britannia Industries Limited has released its FY10 results. The performance is lower compared to FY 09.

The consolidated, non-consolidated and Quarterly results are below :

CONSOLIDATED RESULTS

COMPARISON

Net sales has increased by 10.22 percent. But, expenditure has increased by 12.64%. Profit from operation is down by 32.11 percent and Net profit is down by 31.89 percent on consolidated basis.

Basic EPS(in Rs.) is also down to Rs.43.19 in FY10 from Rs.63.41last year.

Britannia Industries-CONSOLIDATED	FY10(lakhs)	FY09(lakhs)	%Age
Net Sales	377084	342123	10.22
Other Oprtg Income	1970	1498	31.51
Stock in trade and WIP	-2726	-1962	38.94
Raw Materials	202981	192899	5.23
traded goods	41423	20969	97.54
Employees Cost	15790	15871	-0.51
Depreciation	5823	6591	-11.65
Other Expenditure	103618	91363	13.41
Total Expenditure	366909	325731	12.64
Profit from Operations	12145	17890	-32.11
Other Income	4302	2328	84.79
Interest	1599	2393	-33.18
Exceptional items	3981	-1801	-321.04
Tax Expense	557	5302	-89.49
Net Profit (+)	10310	14324	-28.02
Minority Interest	14	-803	-101.74
Shares of Associates	-22	-21	4.76
Consol. Net Profit	10318	15148	-31.89
Dividend (%)	-	-
Face Value (in Rs.)	10	10	0
Paid-up Equity	2389	2389	0
Reserves	25891	69748	-62.88
Basic EPS(in Rs.)	43.19	63.41	-31.89
Diluted EPS (Rs.)	43.18	63.4	-31.89

STAND ALONE RESULTS

COMPARISON

The stand alone Net sales are up 9.29 percent YOY. But, total expenditure is also up by 13.58 percent. Hence, Net profit is down by 35.42 percent YOY.

Basic EPS ( Rs.) is down to Rs.48.77 in FY 10 from Rs.75.51 in FY 09.

Britannia Industries - NON CONSOLIDATED	FY10(lakhs)	FY09(lakhs)	%Age
Net Sales	340140	311221	9.29
Other Oprtg Income	1520	1490	2.01
Stock in trade and WIP	-2135	-1961	8.87
Raw Materials	187714	176706	6.23
traded goods	31312	16294	92.17
Employees Cost	9952	9602	3.65
Depreciation	3755	3346	12.22
Other Expenditure	97287	84693	14.87
Total Expenditure	327885	288680	13.58
Profit from Operations	13775	24031	-42.68
Other Income	4011	2453	63.51
Interest	423	1170	-63.85
Exceptional items	5286	2063	156.23
Tax Expense	427	5211	-91.81
Net Profit (+)	11650	18040	-35.42
Dividend (%)	250	400	-37.5
Face Value (in Rs.)	10	10	0
Paid-up Equity	2389	2389	0
Reserves	37236	80065	-53.49
Basic EPS ( Rs.)	48.77	75.51	-35.41
Dil. EPS(Rs.)	48.75	75.51	-35.44

QUARTERLY RESULTS

 COMPARISON

The Q4  Net sales are up by 2.67 percent compared to Q3 and 5.11 percent compared to Q4 of FY 09. But, the expenditure is up by 4.83 percent compared to Q3, and 9.92 percent compared to Q4 of FY 09.

Basic EPS in Q4 is down to 12.18 from 24.71 in Q3, down by 50.7 percent, and compared to Q4,FY09 EPS of 22.3, down by 45.38 percent.

Britannila- qtrly	10-Mar	9-Dec	%Age	9-Sep	9-Jun	9-Mar	%Age2
Net Sales	88139	85851	2.67	73124	81828	83854	5.11
Raw Materials	47728	47281	0.95	38761	44957	51070	-6.54
Traded Goods	8962	7382	21.4	5419	4163	3666	144.46
Other Expdr	25220	24059	4.83	20271	21513	22943	9.92
Total Expenditure	85290	79411	7.4	68042	76125	77962	9.4
Net Profit	2910	5907	-50.7	4737	4615	5330	-45.4
Dividend (%)	-	-		-	-	-
Face Value (In Rs	10	10	0	0	10	10	0
Paid Up Equity	2389	2389	0	-	2390	2389	0
Basic EPS	12.18	24.72	-50.7	19.83	19.32	22.3	-45.38
Diluted EPS	12.18	24.72	-50.7	19.82	19.32	22.3	-45.38

Thus, over all, the performance of Britannia  has taken a beating slightly in FY 2010 compared to FY 2009, due to more than proportionate expenditure increase.

ANNOUNCEMENTS TO THE EXCHANGE

27-05-2010        Britannia Industries Limited has informed the Exchange regarding a press release dated May 27, 2010, titled "Britannia sales grow 9%; Recommends Dividend of 250% & sub-division of shares".

27-05-2010        Britannia Industries Limited has informed the Exchange that at the Meeting of the Board of Directors of the Company held on May 27, 2010 has recommend to the members to declare at the ensuing annual General Meeting, a dividend for the year ended March 31, 2010 at the rate of Rs. 25/- (Rupees Twenty Five Only) per equity share of Rs. 10/- each to the eligible members.       -

27-05-2010        Britannia Industries Limited has informed the Exchange that the Board of Directors at its meeting held on May 27, 2010 approved the following proposal: Sub-division of each Equity Share of the Company of the face value of Rs. 10/- each fully paid up into 5 Equity Shares of the face value of Rs. 2/- each on and from the Record Date to be announced after the proposal is approved by the shareholders at the forthcoming Annual General Meeting.     -

27-05-2010        Britannia Industries Limited has informed the Exchange regarding the consolidated Results for the year ended on 31-MAR-2010 as follows: Net Sales of Rs. 377084 lacs for year ending on 31-MAR-2010 against Rs. 342123 lacs for the year ending on 31-MAR-2009. Net Profit / (Loss) of Rs. 10318 lacs for the year ending on 31-MAR-2010 against Rs. 15148 lacs for the year ending on 31-MAR-2009.     -

27-05-2010        Britannia Industries Limited has informed the Exchange regarding the standalone Results for the year ended on 31-MAR-2010 as follows: Net Sales of Rs. 340140 lacs for year ending on 31-MAR-2010 against Rs. 311221 lacs for the year ending on 31-MAR-2009. Net Profit / (Loss) of Rs. 11650 lacs for the year ending on 31-MAR-2010 against Rs. 18040 lacs for the year ending on 31-MAR-2009.