Company Detail Report - BRITANNIA INDUSTRIES LTD · Britannia Industries Limited is a food company, which is engaged in the manufacture of biscuits, cakes and rusks. The Company operates

Document code: FOTL_080520193_4 Copyright © 2016 Firstobject Technologies Ltd. All rights reserved

BRITANNIA INDUSTRIES LTDResult Update (CONSOLIDATED BASIS): Q4 FY19

CMP: 2700.00 MAY 8th, 2019

Overweight ISIN: INE216A01030

Index DetailsSYNOPSIS

Britannia Industries Ltd is a food company, which isengaged in the manufacture of biscuits, cakes andrusks.

Consolidated revenue for the 4th quarter increased by10.30% to Rs. 27989.60 mn from Rs. 25375.20 mnin the corresponding period of the previous year.

During Q4 FY19, consolidated EBIDTA was Rs.4983.70 mn as against Rs. 4415.20 mn in thecorresponding period of the previous year, up by12.88%.

During Q4 FY19, consolidated PBT at Rs. 4502.20mn against Rs. 3968.00 mn in Q4 FY18, up by13.46%.

During the quarter, consolidated net profit rose by12.76% to Rs. 2972.30 mn from Rs. 2636.00 mn inthe corresponding period of the previous year.

EPS of the company for Q4 FY19 registered at 12.37as against Rs. 10.98 in the corresponding quarter ofthe previous year.

The company has recommended a dividend for thefinancial year ended March 31 2019 @ 1500% i.e Rs15/- per equity share of Rs. 1/- each.

In FY2018-19, consolidated Net sales stood at Rs.110546.70 mn as compared to Rs. 99901.00 mn inFY2017-18, grew by 11%.

For the year ended 31 March, 2019, net profit stoodat Rs. 11591.20 mn as compared to Rs. 10042.30 mnfor the previous year ended 31 March, 2018.

Net Sales and PAT of the company are expected togrow at a CAGR of 10% and 12% over 2018 to2021E, respectively.

Stock DataSector Packaged FoodsBSE Code 500825Face Value 1.0052wk. High / Low (Rs.) 3472.05/2610.03Volume (2wk. Avg.) 63000Market Cap (Rs. in mn.) 648810.00

Annual Estimated Results(A*: Actual / E*: Estimated)Years (Rs. in mn) FY19A FY20E FY21ENet Sales 110546.70 121601.37 134977.52EBITDA 19398.70 21442.68 23577.21Net Profit 11591.20 12869.07 14181.06EPS 48.24 53.55 59.01P/E 55.97 50.42 45.75

Shareholding Pattern (%)

As on Mar 2019 As on Dec 2018

Promoter 50.66 50.66

Public 49.34 49.34

Others -- --

1 Year Comparative Graph

BRITANNIA INDUSTRIES LTD S&P BSE SENSEX

PEER GROUPS CMP MARKET CAP EPS(TTM) P/E (X)(TTM) P/BV(X) DIVIDEND

Company Name (Rs.) Rs. in mn. (Rs.) Ratio Ratio (%)

Britannia Industries Ltd 2700.00 648810.00 48.24 55.97 15.25 1500.00

Nestle India Ltd 10484.95 1001643.60 166.67 62.23 27.27 1150.00

Heritage Foods Ltd 480.35 22287.30 17.36 27.67 18.76 40.00

Tasty Bite Eatables Ltd 8700.00 22324.20 116.11 74.93 54.75 20.00


QUARTERLY HIGHLIGHTS (CONSOLIDATED BASIS)

Results updates- Q4 FY19,

(Rs. in million) Mar-19 Dec -18 % Change

Revenue 27989.60 25375.20 10.30%

Net Profit 2972.30 2636.00 12.76%

EPS 12.37 10.98 12.66%

EBIDTA 4983.70 4415.20 12.88%

The consolidated revenues increased by 10.30% to Rs. 27989.60 million in the current quarter as compared to Rs.

25375.20 million in the corresponding period of the previous year. Net Profit for the 4th quarter stood at Rs. 2972.30

million from Rs. 2636.00 million in the corresponding period of the previous year, up by 12.76%. Reported EPS of the

company stood at Rs. 12.37 per share in the current quarter against Rs. 10.98 per share during the same quarter of the

previous year. Profit before interest, depreciation and tax is Rs. 4983.70 million as against Rs. 4415.20 million in the

corresponding period of the previous year, up by 12.88%.

Break up of Expenditure

Break up ofExpenditure

Value in Rs. Million

Q4 FY19 Q4 FY18 %Change

Cost of MaterialsConsumed 13793.70 9956.20 39%

Purchases of Stock-in-Trade 2476.10 5445.60 -55%

Employee BenefitExpenses 1081.90 1083.70 0%

Depreciation andAmortization Expenses 469.00 423.50 11%

Other Expenses 6083.30 4707.30 29%


COMPANY PROFILE

Britannia Industries Limited is a food company, which is engaged in the manufacture of biscuits, cakes and rusks. The

Company operates through the Foods segment, which comprises bakery and dairy products. The Company's product

brands under biscuits category include Good Day, Crackers, Nutri Choice, Marie Gold, Tiger, Milk Bikis, Jim Jam +

Treat, Bourbon, Little Hearts, Pure Magic and Nice Time. Its products under breads include Whole Wheat Breads, White

Sandwich Breads and Bread Assortment. Its products under diary category include Cheese, Fresh Dairy and

Accompaniments. Its products under cakes category include Bar Cakes, Veg Cakes, Chunk Cake, Nut & Raisin Romance,

and Mufills. Its product under rusk category includes Premium Bake. The products of the Company are exported across

the world, which include Gulf Cooperation Council Countries (GCC), African Countries and American Countries. Its

subsidiaries include Manna Foods Private Limited and International Bakery Products Limited.


FINANCIAL HIGHLIGHT (CONSOL1IDATED BASIS) (A*- Actual, E* -Estimations & Rs. In Millions)Balance Sheet as of March 31, 2018 -2021E

FY18A FY19A FY20E FY21EASSETS1) Non-Current Assets

a) Property, Plant And Equipment 11944.40 15355.80 18119.84 20837.82b) Capital Work in Progress 2028.20 1012.40 1174.38 1327.05c) Investment Property 149.90 147.30 151.72 160.82d) Goodwill 1282.00 1303.70 1329.77 1356.37e) Other Intangible Assets 79.70 76.20 88.39 99.88f) Investments in Subsidiaries, Associates & Joint Ventures 20.10 10.40 11.96 13.16g) Financial Assets

i) Investments 2204.70 7253.60 8559.25 9757.54ii) Loans 1342.40 190.20 222.53 251.46iii) Other Financial Liabilities 0.00 286.70 298.17 313.08

h) Deferred Tax Assets (net) 225.70 137.50 119.63 108.86i) Income Tax Assets 223.20 370.20 422.03 468.45j) Other Non-Current Assets 866.10 1010.80 1142.20 1267.85Sub Total - Non Current Assets 20366.40 27154.80 31639.88 35962.34

2) Current Assetsa) Inventories 6527.90 7813.80 8907.73 9976.66b) Financial Assets

i) Investments 8568.00 7498.80 8098.70 8665.61ii) Trade Receivables 3046.00 3942.40 4691.46 5395.17iii) Cash and Cash Equivalents 1299.10 603.20 699.71 783.68iv) Bank Balances Other than Cash 565.10 495.00 524.70 566.68v) Loans 8443.40 12039.20 13845.08 15783.39vi) Other Financial Assets 1007.40 1262.90 1464.96 1655.41

c) Other Current Assets 2055.90 1608.10 1801.07 1979.38Sub Total - Current Assets 31512.80 35263.40 40033.42 44805.98

Total Assets (1+2) 51879.20 62418.20 71673.30 80768.32EQUITY AND LIABILITIES1) EQUITY

a) Equity Share Capital 240.10 240.30 240.30 240.30b) Other Equity 33822.20 42292.20 49904.80 57390.52

Total Equity 34062.30 42532.50 50145.10 57630.822) Non-Controlling Interest 131.40 326.80 343.14 356.873) Non Current Liabilities

a) Financial Liabilitiesi) Borrowings 845.70 619.20 507.74 426.50ii) Other Financial Liabilities 252.00 272.40 288.74 300.29

b) Government Grants 0.00 38.70 40.25 41.46c) Provisions 19.40 0.00 0.00 0.00Sub Total - Non Current liabilities 88.70 114.50 135.11 152.67

4) Current Liabilities 1205.80 1044.80 971.85 920.93a) Financial Liabilities

i) Borrowings 936.50 761.00 677.29 636.65ii) Trade Payables 9940.90 11405.10 12593.00 13749.17iii) Other financial liabilities 2347.70 2692.00 3015.04 3316.54

b) Other Current Liabilities 888.90 952.20 990.29 1039.80c) Government Grants 13.60 7.10 8.24 8.65d) Provisions 1789.70 1965.10 2102.66 2207.79e) Current Tax Liabilities 562.40 731.60 826.71 901.11Sub Total- Current Liabilities 16479.70 18514.10 20213.22 21859.72

Total Equity and Liabilities (1+2+3+4) 51879.20 62418.20 71673.30 80768.32


Annual Profit & Loss Statement for the period of 2018 to 2021E

Value(Rs.in.mn) FY18A FY19A FY20E FY21E

Description 12m 12m 12m 12mNet Sales 99901.00 110546.70 121601.37 134977.52Other Income 1663.70 2064.50 2229.66 2385.74Total Income 101564.70 112611.20 123831.03 137363.26Expenditure -84884.50 -93212.50 -102388.35 -113786.05Operating Profit 16680.20 19398.70 21442.68 23577.21Interest -75.90 -90.90 -85.45 -90.57Gross profit 16604.30 19307.80 21357.23 23486.63Depreciation -1420.70 -1618.80 -1748.30 -1870.69Profit Before Tax 15183.60 17689.00 19608.93 21615.95Tax -5142.20 -6124.70 -6765.08 -7457.50Profit After Tax 10041.40 11564.30 12843.85 14158.45Minority Interest 2.70 36.60 32.21 28.34Share of Profit & Loss Assoc. -1.80 -9.70 -6.98 -5.73Net Profit 10042.30 11591.20 12869.07 14181.06Equity capital 240.30 240.30 240.30 240.30Reserves 33822.20 42292.20 49904.80 57390.52Face value 2.00 1.00 1.00 1.00EPS 83.58 48.24 53.55 59.01

Quarterly Profit & Loss Statement for the period of 30th Sep, 2018 to 30th June, 2019E

Value(Rs.in.mn) 30-Sep-18 30-Dec-18 31-Mar-19 30-June-19EDescription 3m 3m 3m 3mNet sales 28695.90 28424.40 27989.60 28549.39Other income 439.60 600.00 617.90 661.15Total Income 29135.50 29024.40 28607.50 29210.55Expenditure -24152.30 -23906.50 -23623.80 -24067.14Operating profit 4983.20 5117.90 4983.70 5143.41Interest -24.20 -29.80 -12.50 -13.38Gross profit 4959.00 5088.10 4971.20 5130.03Depreciation -369.30 -424.10 -469.00 -501.83Profit Before Tax 4589.70 4664.00 4502.20 4628.20Tax -1558.90 -1657.50 -1556.50 -1601.36Profit After Tax 3030.80 3006.50 2945.70 3026.84Minority Interest -0.60 6.20 29.60 28.12Share of Profit & Loss Assoc. -0.50 -5.80 -3.00 -2.70Net Profit 3029.70 3006.90 2972.30 3052.26Equity capital 240.30 240.30 240.30 240.30

Face value 2.00 1.00 1.00 1.00

EPS 25.22 12.51 12.37 12.70


Ratio Analysis

Particulars FY18A FY19A FY20E FY21E

EPS (Rs.) 83.58 48.24 53.55 59.01EBITDA Margin (%) 16.70% 17.55% 17.63% 17.47%PBT Margin (%) 15.20% 16.00% 16.13% 16.01%PAT Margin (%) 10.05% 10.46% 10.56% 10.49%P/E Ratio (x) 32.30 55.97 50.42 45.75ROE (%) 29.48% 27.19% 25.61% 24.57%ROCE (%) 42.57% 40.49% 38.37% 36.98%Debt Equity Ratio 0.05 0.03 0.02 0.02EV/EBITDA (x) 18.93 33.07 29.88 27.14Book Value (Rs.) 283.50 177.00 208.68 239.83P/BV 9.52 15.25 12.94 11.26

Charts


OUTLOOK AND CONCLUSION

At the current market price of Rs. 2700.00, the stock P/E ratio is at 50.42 x FY20E and 45.75 x FY21E respectively.

Earning per share (EPS) of the company for the earnings for FY20E and FY21E is seen at Rs. 53.35 and Rs. 59.01

respectively.

Net Sales and PAT of the company are expected to grow at a CAGR of 10% and 12% over 2018 to 2021E,

respectively.

On the basis of EV/EBITDA, the stock trades at 29.88 x for FY20E and 27.14 x for FY21E.

Price to Book Value of the stock is expected to be at 12.94 x and 11.26 x for FY20E and FY21E respectively.

Hence, we say that, we are Overweight in this particular scrip for Medium to Long term investment.

INDUSTRY OVERVIEWBakery:

India’s Bakery Industry comprises several subcategories, of which Biscuit is the largest category accounting for nearly

two-third of the revenue. Bread, cake and rusk constitute the majority of its remaining one-third. Bakery categories have

experienced healthy growths ranging from 8-12% over the past 5 years.

Biscuit:

India’s biscuit market stands at Rs. 32,000 Crores and is projected to grow at a CAGR of 11.27% in value terms, during

2018-2022. Rising number of health-conscious consumers, expanding working population and increasing urbanization are

boosting the country’s biscuit market. Moreover, augmenting disposable income along with changing lifestyle, increasing

health and hygiene awareness and change in food consumption patterns are expected to propel demand for biscuits over

the next five years.


The biscuit category has witnessed strong and sustained growth in the last decade based on two factors viz. per capita

volume of consumption and premiumisation of products. But India does continue to be at the lower end of the scale on

both these critical factors. The low per capita consumption relative to certain developed economies points to significant

headroom and opportunity for category growth. The upside of course is that biscuits are a hugely penetrated category

(90%+ households) in the country and the large category foundation should aid companies in trying out innovative

offerings and scaling them up.

The key attributes of the category are a highly convenient form, above par organoleptic delivery and the baking process

itself which has a strong health quotient attached to it. Also strong competitive activity has prodded each player to focus

on innovations to spur sustainable growth. An overall stable and growing economy will benefit the biscuits category.

Cake:

Cake continues to be an under-developed category, although has witnessed some developments in the last few years.

However, the category is developing fast with new formats, new price points, and development of eggless packaged cake.

Company is also keeping abreast of such market developments and working on its portfolio and intends to keep pace and

lead the market in new product development to retain its strong market share and competitive position.

Rusk:

Double baked bread, otherwise known as Rusk or Toast, is a traditional category, but has seen a revival in recent years,

driven by efforts by Company. Company which is already the leader in this space, has launched a new brand “Toastea”,

offered innovative milk rusk to its consumers and has further enhanced product quality

Bread:

Bread, which is mostly sliced bread in India has been a bastion of strength for Company for over sixty years. In the face of

enhanced competition, Company has taken steps to upgrade its manufacturing capabilities, product quality, and also range

of offerings beyond sliced bread. Company has also grown its whole wheat and brown bread range well. Though bread

has short shelf life and great price competitiveness, Company has taken painstaking efforts to continuously use various

business models to make sure that more and more consumers enjoy bread.

Adjacent Bakery:

Company endeavours to enter into categories which are adjacent to the current businesses to ensure that it captures

business opportunities that might otherwise be lost. One such opportunity is filled croissants, which the Company intends

to enter in the coming year. This is in collaboration with a world leader Chipita, a leading Greek snack food Company.

Company will also on an ongoing basis evaluate other segments to enter into so that it continuously makes progress

towards becoming a “Total Foods Company”.

Dairy:

India has remained the largest producer and consumer of dairy. The milk processing sector has been growing in double

digits in the last few years. However, 80% of milk produced is still unprocessed and sold loose or consumed by producer


farmer. As the demand from processing industry continues to grow and outpace the milk production growth, milk

collection for processing will remain a challenge and a big driver for milk economics in future.

With rising urbanization and higher proportion of working women, time has become a precious commodity and there is

higher tendency to use ready to eat quality products of milk such as curd and ghee. With changing lifestyles there is

significant change in eating habits as well, which has made value added products (such as cheese and butter) an essential

item in the monthly grocery list; at least in urban India and the trend is expected to follow in rural areas as well. Rising

disposable income and availability of quality products from private dairy players has aided the growth of value added

milk products in last decade. Consumers have become more brand conscious as there is consistency in quality and taste in

products supplied by private dairy players vis a vis that of traditional milkmen.

Over the last two decades with increasingly hectic lifestyles and rising consciousness over health issues, urban consumers

do not mind paying a premium for quality products leading to opportunities in premiumisation.

The key levers of success going forward are likely to be:

Access to quality milk as basic raw material and efficient manufacturing capabilities.

Right product portfolio.

Building an appropriate cold chain infrastructure across the chain.

An advantaged Go-To-Market system.

Opportunities:

Bakery:

Rising aspiration of consumers enabled by higher income is the largest opportunity for Company. Past work in

exploration and capability building, positions the Company to uniquely undertake the following growth journey:

1. Disruptive innovations in the core bakery categories of Biscuit, Cake and Rusk;

2. Expansion into adjacent bakery categories;

3. Exploit the large and profitable international markets leveraging brand Britannia heritage and bakery expertise and

4. Strengthening of footprint in hitherto weaker geographies in India e.g. North and Rural.

Cake, Rusk, Bread & Adjacencies:

Sharper economic growth, increasing consumer expectations, busier lifestyles and consumption occasions are likely to

benefit these businesses greatly:

New cake formats and the availability of delightful products in convenient packages at affordable price points.

Gaining from the unorganized segment, as well as opportunities to offer consumers new rusk experiences.

Healthier segment in bread, as well as geographical expansion are key opportunities.


Widening the ambit of adjacent businesses, and gaining in entirely new categories can be a high growth opportunity

for Company

Dairy:

The Dairy industry is witnessing tailwinds across most categories. These include both value added and commoditized

segments. Making the right category choices and building differentiated capabilities and momentum in these will be

critical as the company build its portfolio.

Infrastructure improvement including cold chain that aids easier distribution is another opportunity. This will be

especially important in the front end, in retail shops.

Future Outlook:

Indian economy has faced headwinds in the past couple of years. Consumer facing businesses which were on the path to

historical growth were impacted by some significant economic events in November/ December but have since been

inching back to normalcy with some distance to cover. The company expects that full recovery and a restoration of growth

rate to the previous levels may start in the coming fiscal year.

This overall economic environment will impact all businesses but the company expects that it will be able to tide over it

better than industry on account of strong brand, relatively lower dependence on wholesale channel and a culture of thrift

that has been institutionalized.


Disclosure Section

The information and opinions in Firstcall Research was prepared by our analysts and it does not constitute an offer orsolicitation for the purchase or sale of any financial instrument including any companies scrips or this is not an officialconfirmation of any transaction. The information contained herein is from publicly available secondary sources and dataor other secondary sources believed to be reliable but we do not represent that it is accurate or complete and it should notbe relied on as such. Firstcall Research or any of its affiliates shall not be in any way responsible for any loss or damagethat may arise to any person from any inadvertent error in the information contained in this report. Firstcall Research and/or its affiliates and/or employees will not be liable for the recipients’ investment decision based on this document.

Analyst Certification

The following analysts hereby state that their views about the companies and sectors are on best effort basis to the best oftheir knowledge. Unless otherwise stated, the individuals listed on the cover page of this report are research analysts. Theanalyst qualifications, sectors covered and their exposure if any are tabulated hereunder:

Name of the Analyst Qualifications SectorsCovered

Exposure/Interest tocompany/sector UnderCoverage in the CurrentReport

Dr.C.V.S.L. Kameswari M.Sc, PGDCA,M.B.A,Ph.D (Finance)

Pharma &Diversified

No Interest/ Exposure

U. Janaki Rao M.B.A CapitalGoods


B. Anil Kumar M.B.A Auto, IT &FMCG


K. Naresh Kumar M.B.A Diversified No Interest/ Exposure

Important Disclosures on Subject Companies

In the next 3 months, neither Firstcall Research nor the Entity expects to receive or intends to seek compensation for anyservices from the company under the current analytical research coverage. Within the last 12 months, Firstcall Researchhas not received any compensation for its products and services from the company under the current coverage. Within thelast 12 months, Firstcall Research has not provided or is providing any services to, or has any client relationship with, thecompany under current research coverage.

Within the last 12 months, Firstcall Research has neither provided or is providing any services to and/or in the past has notentered into an agreement to provide services or does not have a client relationship with the company under the researchcoverage.

Certain disclosures listed above are also for compliance with applicable regulations in various jurisdictions. FirstcallResearch does not assign ratings of Buy, Hold or Sell to the stocks we cover. Overweight, Equal-weight, No-Weight andUnderweight are not the equivalent of buy, hold and sell. Investors should carefully read the definitions of all weightsused in Firstcall Research. In addition, since Firstcall Research contains more complete information concerning theanalyst's views, investors should carefully read Firstcall Research, in its entirety, and not infer the contents from theweightages assigned alone. In any case, weightages (or research) should not be used or relied upon as investment advice.An investor's decision to buy or sell should depend on individual circumstances (such as the investor's own discretion, hisability of understanding the dynamics, existing holdings) and other considerations.


In addition, since Firstcall Research contains more complete information concerning the analyst's views, investors shouldcarefully read Firstcall Research, in its entirety, and not infer the contents from the weightages assigned alone. In anycase, weightages (or research) should not be used or relied upon as investment advice. An investor's decision to buy or sellshould depend on individual circumstances (such as the investor's own discretion, his ability of understanding thedynamics, existing holdings) and other considerations.

Analyst Stock Weights

Overweight (O): The stock's total return is expected to exceed the average total return of the analyst's industry (orindustry team's) coverage universe, on a risk-adjusted basis, over the next 12-18 months.

Equal-weight (E): The stock's total return is expected to be in line with the average total return of the analyst's industry(or industry team's) coverage universe, on a risk-adjusted basis, over the next 12-18 months.

No-weight (NR): Currently the analyst does not have adequate conviction about the stock's total return relative to theaverage total return of the analyst's industry (or industry team's) coverage universe, on a risk-adjusted basis, over the next12-18 months.

Underweight (U): The stock's total return is expected to be below the average total return of the analyst's industry (orindustry team's) coverage universe, on a risk-adjusted basis, over the next 12-18 months.

Unless otherwise specified, the weights included in Firstcall Research do not indicate any price targets. The statisticalsummaries of Firstcall Research will only indicate the direction of the industry perception of the analyst and theinterpretations of analysts should be seen as statistical summaries of financial data of the companies with perceivedindustry direction in terms of weights.

Firstcall Research may not be distributed to the public media or quoted or used by the public media without the expresswritten consent of Firstcall Research. The reports of Firstcall Research are for Information purposes only and are not to beconstrued as a recommendation or a solicitation to trade in any securities/instruments. Firstcall Research is not abrokerage and does not execute transactions for clients in the securities/instruments.

Firstcall Research - Overall StatementS. No Particulars Remarks1 Comments on general trends in the securities market Full Compliance in Place2 Discussion is broad based and also broad based indices Full Compliance in Place3 Commentaries on economic, political or market conditions Full Compliance in Place4

Periodic reports or other communications not for public appearanceFull Compliance in Place

5 The reports are statistical summaries of financial data of the companies as and whereapplicable

Full Compliance in Place

6 Analysis relating to the sector concerned Full Compliance in Place7 No material is for public appearance Full Compliance in Place8 We are no intermediaries for anyone and neither our entity nor our analysts have any

interests in the reportsFull Compliance in Place

9 Our reports are password protected and contain all the required applicabledisclosures


10 Analysts as per the policy of the company are not entitled to take positions either fortrading or long term in the analytical view that they form as a part of their work


11 No conflict of interest and analysts are expected to maintain strict adherence to thecompany rules and regulations.



12As a matter of policy no analyst will be allowed to do personal trading or deal andeven if they do so they have to disclose the same to the company and take priorapproval of the company


13Our entity or any analyst shall not provide any promise or assurance of any favorableoutcome based on their reports on industry, company or sector or group


14 Researchers maintain arms length/ Chinese wall distance from other employees ofthe entity


15No analyst will be allowed to cover or do any research where he has financial interest


16 Our entity does not do any reports upon receiving any compensation from anycompany


Firstcall Research Provides

Industry Research on all the Sectors and Equity Research on Major Companiesforming part of Listed and Unlisted Segments

For Further Details Contact:Mobile No: 09959010555

E-mail: [email protected]@firstcallresearch.comwww.firstcallresearch.com

Documents

Company Detail Report - BRITANNIA INDUSTRIES LTD · Britannia Industries Limited is a food company, which is engaged in the manufacture of biscuits, cakes and rusks. The Company operates