16 February 2012

PDF link: Britannia report

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Summary


Current quarter witnessed single digit volume growth. Further competition from national players like Parle and ITC along with recently entered United Biscuits, Unibic and Kraft Foods has further intensified. We have a cautious view on the company. The stock is trading at 25.6x multiple of FY13 consensus EPS of Rs. 19.3.  

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