Snapshot Value of stock based on

Company Earnings
Britannia
Sector FMCG
Stock Price# 3483
No of shares outstanding 24 2390 Distance Covered 46%
Market Cap 40,368.27 Distance Left 12%
Promoter Shareholding 50.74% 4222

Historical Earnings Growth P E/B Valuation

Growth
Business Summary ZZ Sustainable Earnings Growth
PAT PAT EPS

4922

Sustainable Earnings Growth

Sales Trend PAT & EPS Trend

DU Pont Analysis Book Value Trend

Asset Turnover Equity Multiplier NPM ROE

Altman Score Piotroski Score

Qualatative parameters

Likely to be Bankrupt Weak

Less Chances of Bankruptcy Stable
Not likely to be Bankrupt Strong
 RESEARCH FRAMEWORK
PARAMETER Max WEIGHT Actual Weight

TOTAL 100% 84.5

Financial Anlaysis 50% 46.5

Industry Analysis 13% 12.0

Management Analysis 23% 16.0

Other Parameters 10% 8.0

Margin of Safety 4% 2.0

S.No Criteria Goal Actual
FINANCIAL ANALYSIS

1 ROE/ROA 5 Yr. > 20% 44%

2 EPS growth 5 Yr. >20% 39%

3 Promoter Pledged Holding 0% 0%

4 EPS growth 10 Yr. >20% 24%

5 Sales growth 5 Yr. >20% 13%

6 Avg. NP margin 5 Yr. >8% 7%

7 CFO/PAT 5 Yr. >1 1.2

8 Promoter Holding 5 Yr. >=-3% -0.1%

9 Debt/Net Profit <=5 0.0

10 Current ratio >1.25 1.07

11 Current Cash flow CFO > 0 878

BUSINESS & INDUSTRY ANALYSI

Sales growth >

1 Comparison with industry peers
peers

Production capacity
Increase in production capacity
2 & sales volume
and sales volume
CAGR ~ Sales CAGR

Conversion of sales growth into Profit CAGR 5 Yr.~

3 2.9
profits Sales CAGR 5 Yr.

The increase in
Creation of value for
MCap in last 10 yrs.
5 shareholders from the profits
> Retained profits
retained
in last 10 yrs.

MANAGEMENT ANALYSIS

Background check of promoters

1 Web Search
& directors

Good succession
2 Management succession plans plan should be in
place

No salary increase
Salary of promoters vs. net
3 with declining
profits
profits/losses
 Green/brownfield
4 Project execution skills
project execution

6 Promoter shareholding > 51% 51%

8 FII shareholding ~ 0% 28%

OTHER BUSINESS PARAMETERS

1 Product diversification Pure play

No govt.
2 Govt. influence interference in
profit making
3 Labor Problems

3 Pricing Power

Margin of Safety

4 Free Cash Flow (FCF) FCF/CFO >> 0 69%

 Description Review
FINANCIAL ANALYSIS

ROE = Efficiency in allocating capital,

which is a CEO's #1 job. Higher =
Better. Look for consistency.

Consider it a positive sign when a

company is able to earn above-
average (better than competitors)
returns on equity without employing
much debt. Average return on equity
for Indian companies over the last 10
years is approximately 16%. Thus,
seek companies that earn atleast this
much (16%) or more than this. Again,
consistency is the key here.

Seek companies where earnings

have risen as retained earnings
(earnings after paying dividends)
have been employed profitably. A
great way to screen for such
companies is by looking at those that
have had consistent earnings and
strong return on equity in the past.

What counts in the long run is the

increase in "per share value", not
overall growth or size of a business.
Rising earnings serve as a good
catalyst for stock prices. So seek
companies with strong, consistent,
and expanding earnings (profits).
Seek companies with 5/10 year
earnings per share growth greater
than 25% (alongwith safe balance
sheets). To help indicate that
earnings growth is still strong, look
for companies where the last 3-years
earnings growth rate is higher than
the last should
Growth 10-yearsbegrowth rate. year
consistent Moreon
important
year. than companies
Ignore the rate of growth
whereis a
the consistency
sudden spurt ofinsales
suchin
growth.
one yearSo is
exclude companies
confounding thewith volatile
10 years
earnings growth in the past, even if
performance.
the "average" growth has been high.
Very high growth rates of >50% are
unsustainable.

Look for companies with sustained

operating & net profit margins over
the years - See more at:
http://www.drvijaymalik.com/2015/01
/selecting-top-stocks-to-buy-part-
10.html#sthash.swZnrKBv.dpuf
 Buffett prefers that firms reinvest
their earnings
Cumulative PATwithin
and CFOthe company,
are similar
provided
for last 10that profitable opportunities
years
exist. When companies have excess
cash flow, Buffett favours
Seeks out companies with
shareholder-enhancing maneuvers
conservative
such as sharefinancing,
buybacks.whichWhile we do
equates
not screento for
a simple, safe balance
this factor, a follow-up
sheet. Such companies
examination of a company tend to have
would
strong cash
reveal if flows,
it has withbuyback
a share little need for
plan
long-term
in place. debt. Look for low debt to
equity or low debt-burden ratios. Also
seek companies
Current that have
Ratio measures thehistory of
liquidity
consistently
of a company, generating positive
or its ability to pay free
cash flows. obligations.
short-term

Current Ratio = Current Assets /

Current Liabilities
Positive CFO is necessary. Its great if
The ratio is mainly used to give an
CFO meets the outflow for CFI and
idea of the company's ability to pay
CFF
back its short-term liabilities (debt
and payables) with its short-term
assets (cash, inventory, receivables).
The higher
BUSINESS the current ANALYSIS
& INDUSTRY ratio, the
more capable the company is of
The Company must show sales
paying its obligations. A ratio under 1
growth higher than peers. If its sales
suggests that the company would be
growth is similar to peers, then there
unable to pay off its obligations if
is no Moat
they came due at that point.
Company must have shown
While this market
increased shows the companyby
penetration is not
in goodhigher
selling financial health,ofitits
volumes does not
necessarily mean that it will go
product/service
bankrupt - as there are many ways to
A Moat financing
access would result in itincreasing
- but is definitely
profits with sign.
not a good increasing sales.
Otherwise, sales growth is only a
result of unnecessary
The current expansion
ratio can give a senseorof
aggressive
the efficiencymarketing push, which
of a company's
would erode
operating value
cycle in long
or its ability term.
to turn
its product into cash. Companies that
have trouble getting paid on their
receivables or have long inventory
Otherwise,
turnover can company
run intoisliquidity
destroying
wealth
problems of shareholders
because they are unable to
alleviate their obligations.

MANAGEMENT ANALYSIS
There should not be any information
questioning the integrity of
promoters & directors
Salary being paid to potential
successors should be in line with
their experience
promoter should not have a history
of seeking increase in remuneration
when the profits of the company
declined in past
 The company should have shown
good project execution skills with
cost and time overruns.Exclude
capacity increase by mergers &
acquisitions.

Higher the better

the lower the better

OTHER BUSINESS PARAMETERS

The company should be either a pure

play (only one business segment) or
related products. Pure play model
ensures that the management is
specialized in what they are
doing.Entirely different unrelated
products/services are a strict NO. An
investor should rather buy stocks of
different companies if she wants
such diversification.

No cap on profit returns or pricing of

the product.No compulsion to supply
to certain clients.

That's what is called "pricing power".

Companies with moat (as seen from
other screening metrics as suggested
above (like high ROE, high grow
margins, low debt etc.) are able to
adjust prices to inflation without the
risk of losing significant volume
sales.
Margin of Safety

Companies that consistently need

capital to grow their sales and profits
are like bank savings account, and
thus bad for an investor's long term
portfolio. Seek companies that don't
need high capital investments
consistently. Retained earnings must
first go toward maintaining current
operations at competitive levels, so
the lower the amount needed to
maintain current operations, the
better. Here, more than just an
absolute assessment, a comparison
against competitors will help a lot.
Seek companies that consistently
generate positive and rising free
cash flows.
Weight Score
50% 46.5

10% 10

9% 9

6% 6

5% 5

4% 3

4% 2
4% 4

3% 3

3% 3

1% 0.50

1% 1.00

13% 12

5% 4

2% 2

2% 2

4% 4

23% 16

8% 4

2% 2

4% 4
2% 1

4% 3

3% 2
10% 8

3% 3

2% 1

2% 2

3% 2

4% 2

4% 2
 Gross Profit Net Profit
PE PB OTHERS
Margin Margin

35.9 15.2 5 Yr. Average 11.2% 6.75%

44.2 19.4 Current 15.3% 9.43%
44.2 21.3 5 Yr. Max

CASH FLOW CFO CFF/CFO

5 Yr. Average 498.0 -49%

Current 877.7 -26%

GROWTH Sales Inventory

10 YR CAGR 15.3% 7%
5 YR CAGR 13.5% 4%

Pledged
Promoter
Salary/PAT Promoter
Holding
Holding
0.0 50.7% 0.0%
 Current
Inventory/Sal Receivables/ Current
Assets/Curren Leverage Debt/PAT
es Sales Cash/Assets
t Liabilities
5.7% 1.1% 3% 100% 2.2 0.3
4.8% 1.3% 1% 107% 1.8 0.0

CFO/Current CFO/Total
Capex/CFO CFO/PAT CFO/Sales CFO/Assets
Liabilty Debt

31% 115% 7.78% 22.9% 47.5% 381.9%

26% 117% 11.0% 28.3% 63.0% 129072.1%

Receivables PAT EPS BVPS CFO FCF

16% 24.1% 24.0% 11.9% 29.3% 25.1%

13% 38.8% 38.7% 30.3% 28.9% 29.6%

FII DII

27.6% 0.0%
 ROE ROCE ROA

44% 39% 20%

44% 44% 24%

FCF/CFO CAPEX/FCF

69.1% 45%

74.2% 35%

Promoter
Share Capital Networth
Holding
0.1% 12.0%
-0.1% 0.1% 30.4%
 Company Future Growth RoE
5
Not Conserv 5 Yr.
Bank Yr. Current
Bank ative Avg.
CAGR
Current Data Year Ending CY CY-1 CY-2 CY-3 CY-4 CY-5 CAGR
CMP 3483 PE Ratio 44.20 42.46 28.26 27.53 36.85
EPS 66.64 EPS 62.44 51.90 30.84 19.57 15.63 12.16 39%
DPS 20.00 DPS 20.00 16.00 12.00 8.51 8.50 6.50 25%
BVPS 141.95 PB Ratio 19.44 21.33 12.18 10.04 13.23
ROE 44% BVPS 141.9 103.3 71.5 53.6 43.5 37.8 30%

Earnings Yeild 1.91% Payout Ratio 32.03% 30.83% 38.91% 43.47% 54.37%
Dividend Yeild 0.57%
Projections Historical 0 1 2 3 4 5
Bond Yeild 9.00% EPS/BV 66.6 80.0 96.0 115.1 138.2 165.8
Average Data DPS 20.00 31.92 38.31 45.97 55.16 66.20
ROE 5 Yr. 43.6%
Payout 39.92% EPS/BV after 5 years 166
Avg P/E Ratio 35.86 Bank Interest 1 Yr 279
Avg P/B Ratio 15.25 Sum Of dividend paid 258
Value of Stock Projected Price 5946
Discount Rate 8% Final Price 6204
P E/B Valuation 2390
Historical Earnings Growth 4222 Projections Growth Year 0 1 2 3 4 5
Sustainable Earnings Growth 4922 BVPS 141.9 179.5 226.9 286.8 362.6 458.5
2 EPS 62.4 78.9 99.8 126.2 159.5 201.7
2 DPS 24.93 31.51 39.84 50.37 63.68 80.51
1 Earnings after 5 years 201.66
Sum Of dividend paid 290.84
Projected Price 7231.48
Total Gain 7522.32 Return on stock when existing ROE growth rate is extended
 CY-4 CY-3 CY-2 CY-1 CY
NPM 4% 4% 6% 9% 9%
Asset Turnover 2.97 3.32 3.38 2.99 2.60
Equity Multiplier 3.26 2.66 2.19 2.00 1.82
ROE 36% 37% 43% 52% 45%

DuPont analysis is an extended analysis of a company's return on equity. It concludes that a company can earn a high return on equity if:

1. It earns a high net profit margin - Preferred

2. It uses its assets effectively to generate more sales; and/or - Preferred
3. It has a high financial leverage

NPCY - NPCY-4 562

NWCY - NWCY-4 1,183

48%
 Piotrosoki Score
Piotroski F Score data CY CY-1 CY-2 CY-3 CY-4
ROA 24.2% 25.1% 19.7% 13.7% 11.0%
Borrowings / Total Assets 0.00 0.00 0.00 0.13 0.26
Current Ratio 1.07 1.00 0.85 1.00 1.09
Gross Margin 15.35% 13.95% 9.69% 7.60% 6.79%
PAT 749.09 622.41 369.83 233.87 186.74
Operating Cash Flow 877.69 515.33 614.51 272.01 210.66
Shares Outstanding 24 24 24 24 24
Asset Turnover 260% 299% 338% 332% 297%
Start 0 Value 67
Intial 30 Pointer 1
Piotroski 1: PAT >0 1 Middle 40 End 132.333333
Piotroski 2: Operating Cash Flow >0 1 End 30
Piotroski 3: Return on Assets higher than last Yr. 0 Max 100
Piotroski 4: Operating Cash Flow higher than PAT 1
A discrete score between 0-9 which reflects nine criteria used to determine the
Piotroski 5: Borrowings/Assets lower than last Yr. 1 strength of a firm's financial position.
Piotroski 6: Current Ratio than last Yr. 1
Piotroski 7: Shares Outstanding not higher than last Yr. 0
Piotroski 8: Gross Margin higher than last Yr. 1
Piotroski 9: Total Income/Total Assets higher than last Yr. 0
Piotroski F Score 6
 Altman Zscore
Altman Zscore = 1.2T1 + 1.4T2 + 3.3T3 + 0.6T4 + 0.999T5.
Input CY T1 = Working Capital/Total Assets 0.03 Altman Score Pointer
Working Capital 94.93 T2 = Reserves & Surplus/Total Assets 0.54 Start 0 Value 100
Total Assets 3096.12 T3 = EBITDA/Total Assets 0.39 Intial 30 Pointer 1
Total Liabilities 3096.12 T4 = Market Value of Equity/Total Assets 13.04 Middle 20 End 99
Reserves & Surplus 1679.02 T5 = Net Sales/Total Assets 2.57 End 50
EBITDA 1219.7 Max 100
Market Value of Equity 40368.27 0
Net Sales 7947.9

Score 6.00

How to read score

Less Chances of Bankruptcy 1.8 to 3
The output of Altman score test gauges a publicly traded company's likelihood of bankruptcy.
Not likely to be Bankrupt 3+
Likely to be Bankrupt 0 to 1.8
Britannia

COPY PASTE DATA FROM ANY FINANCIAL WEBSITE: ONLY FOR THE FIELDS MARK
COMPANY NAME Mar-07 Mar-08 Mar-09 Mar-10
CONSOLIDATED
Inventory 214.94 301.53 253.63 268.34
Debtors 28.61 46.32 49.61 39.49
Cash & Bank Balance 48.65 43.77 40.80 23.36
Current Assets 426.32 600.71 580.29 570.07
Current Liabilities 341.16 370.31 437.54 526.32
Working Capital (check) 85.16 230.40 142.75 43.75

COPY PASTE DATA FROM ANNUAL REPORTS: ONLY FOR THE FIELDS MARKED O
Operating Expenses/Capex Mar-07 Mar-08 Mar-09 Mar-10
Raw Materials 1434.57 1540.64 1930.00 2184.97
Employee cost 72.53 85.41 90.01 99.94
Advertising and sales promotion 330.49 386.78 464.16 558.28
Freight, transport and distribution
Royalty
Power and fuel 24.17 22.78 21.47 22.38
Miscellaneous expenses 62.08 79.20 139.58 129.90
R&D Cost 24.80
Capex 65.37 66.64 45.15
COMPANY NAME Mar-07 Mar-08 Mar-09 Mar-10
Total Income 2235.43 2638.17 3196.8 3454.29
Sales 2199.29 2584.1 3112.21 3403.46
Raw Materials 1434.57 1540.64 1930 2184.97
Gross Profit 764.72 1043.46 1182.21 1218.49
EBITDA 152.45 270.95 281.87 166.41
Depreciation & Amortisation 25.27 29.08 33.46 37.54
EBIT 127.18 241.87 248.41 128.87
Interest 8.9 9.73 16.01 8.21
PBT 118.28 232.14 232.4 120.66
Tax 10.63 41.14 52 4.15
PAT 107.65 191 180.4 116.51
Dividends 35.83 43 95.56 59.73
Market Cap 2,982.09 3,138.81 3,611.95 3,927.66
Current Market Cap 40,368
Current EPS 66.6
Equity 23.89 23.89 23.89 23.89
Reserves & Surplus 590.93 731.92 800.65 372.36
Networth 614.82 755.81 824.54 396.25
Secured Loans
Unsecured Loans
Borrowings 4.78 106.1 25.17 429.61
Other Liabilities 341.16 370.31 437.54 526.32
Current Asset 426.32 600.71 580.29 570.07
Current Liabilities 341.16 370.31 437.54 526.32
Total Assets 960.76 1232.22 1287.25 1352.18
Net Fixed Assets 198.36 240.99 277.84 281.5
Capital Work in Progress 16.03 9.69 6.02 9.97
Working Capital 85.16 230.4 142.75 43.75
Debtors 28.61 46.32 49.61 39.49
Inventory 214.94 301.53 253.63 268.34
Cash 48.65 43.77 40.8 23.36
Net Other Assets
Invested Capital 619.6 861.91 849.71 825.86
Capital Employed 619.6 861.91 849.71 825.86
Total Liability 345.94 476.41 462.71 955.93
Total Assets 960.76 1232.22 1287.25 1352.18

Operating Cash Flow 87 63.13 246.78 235.29

Free Cash Flow -2.24 180.14 190.14
Cash from Investing Activity 59.1 -130.3 12.3 -109.7
Cash from Financing Activity -49.1 53.1 -145.8 -184.1
Tax Rate 9% 18% 22% 3%
NOPAT 115.75 199.01 192.83 124.44

MktCap+Dividend 3174.6391 3654.9537 4023.2222

Retained Profit 71.82 148 84.84 56.78

Price 250 263 302 329

BVPS 51 63 69 33
EPS 9.01 15.99 15.10 9.75
DPS 3.00 3.60 8.00 5.00
P/E 27.70 16.43 20.02 33.71
PEG 0.21 -3.61 -0.95
Price/Book 4.85 4.15 4.38 9.91
Price/operating CashFlow 34.28 49.72 14.64 16.69
Price/Free Cashflow -1401.25 20.05 20.66
Price/Sales 1.36 1.21 1.16 1.15
EV/EBITDA 19.85 11.35 12.87 21.16
Dividend Yield 1.20% 1.37% 2.65% 1.52%
Enterprise Value 3,026.0 3,076.5 3,627.6 3,521.4

Working Capital/Total Assets 0.09 0.19 0.11 0.03

Retained Profits/Total Assets 0.07 0.12 0.07 0.04
EBIT/Total Assets 0.13 0.20 0.19 0.10
Market Cap/Total Liabilities 8.62 6.59 7.81 4.11
Sales/Total Assets 2.29 2.10 2.42 2.52
THE FIELDS MARKED GREEN BELOW
Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16

311.20 382.28 331.49 366.86 345.74 384.01

57.26 52.14 77.12 53.69 70.98 106.70
28.75 30.94 64.48 65.78 186.67 24.80
644.96 808.26 847.52 860.64 1,248.07 1,487.35
622.62 741.48 850.53 1,018.32 1,243.11 1,392.42
22.34 66.78 -3.01 -157.68 4.96 94.93

FIELDS MARKED ORANGE BELOW

Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16
2782.23 3184.54 3528.60 3822.31 4342.32 4629.45
119.93 145.87 143.50 172.45 190.65 209.21
614.60 725.00 825.68 903.47 1000.54 1070.08

29.55 40.10 52.27 65.12 67.42 57.06

103.68 156.08 173.23 195.38 196.35 222.89

68.52 190.74 178.38 126.14 48.55 226.62

Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16
4272.44 5032.72 5670.96 6342.21 7423.44 8046.11
4223.52 4974.19 5615.49 6307.39 7175.99 7947.9
2782.23 3184.54 3528.6 3822.31 4342.32 4629.45
1441.29 1789.65 2086.89 2485.08 2833.67 3318.45
280.4 337.76 427 611.44 1001.09 1219.7
44.59 47.32 57.08 63.38 117.27 86.89
235.81 290.44 369.92 548.06 883.82 1132.81
37.75 38.07 37.74 5.44 1.21 1.25
198.06 252.37 332.18 542.62 882.61 1131.56
52.77 65.63 98.31 172.79 260.2 382.47
145.29 186.74 233.87 369.83 622.41 749.09
77.64 101.53 101.66 143.91 191.88 239.95
4,497.68 6,880.61 6,438.14 10,450.45 26,429.61 33,112.85

23.89 23.89 23.91 23.99 23.99 24.00

427.41 496.15 617.32 833.75 1215.2 1679.02
451.3 520.04 641.23 857.74 1239.19 1703.02

431.44 434.5 215.48 0.45 0.97 0.68

 622.62 741.48 850.53 1018.32 1243.11 1392.42
644.96 808.26 847.52 860.64 1248.07 1487.35
622.62 741.48 850.53 1018.32 1243.11 1392.42
1505.36 1696.02 1707.24 1876.51 2483.27 3096.12
303.7 379.09 451.68 545.66 525.94 639.39
11.7 79.73 128.44 97.22 48.22 74.5
22.34 66.78 -3.01 -157.68 4.96 94.93
57.26 52.14 77.12 53.69 70.98 106.7
311.2 382.28 331.49 366.86 345.74 384.01
28.75 30.94 64.48 65.78 186.67 24.8

882.74 954.54 856.71 858.19 1240.16 1703.7

882.74 954.54 856.71 858.19 1240.16 1703.7
1054.06 1175.98 1066.01 1018.77 1244.08 1393.1
1505.36 1696.02 1707.24 1876.51 2483.27 3096.12

246.32 210.66 272.01 614.51 515.33 877.69

177.80 19.92 93.63 488.37 466.78 651.07
-156.4 -51.6 53.9 -227.3 -384.3 -659.4
-107.4 -128.6 -359.1 -325.5 -168.1 -228.3
27% 26% 30% 32% 29% 34%
172.98 214.91 260.44 373.54 623.26 749.92

4557.4115 6958.2458 6539.6685 10552.114 26573.518 33304.725

67.65 85.21 132.21 225.92 430.53 509.14

377 576 539 871 2204 2760

38 44 54 72 103 142
12.16 15.63 19.57 30.84 51.90 62.44
6.50 8.50 8.51 12.00 16.00 20.00
30.96 36.85 27.53 28.26 42.46 44.20
1.25 1.29 1.09 0.49 0.62 2.18
9.97 13.23 10.04 12.18 21.33 19.44
18.26 32.66 23.67 17.01 51.29 37.73
25.30 345.41 68.76 21.40 56.62 50.86
1.06 1.38 1.15 1.66 3.68 4.17
14.60 19.18 14.72 17.20 26.59 27.17
1.73% 1.48% 1.58% 1.38% 0.73% 0.72%
4,095.0 6,477.0 6,287.1 10,515.8 26,615.3 33,137.0
Z-Weights
0.01 0.04 0.00 -0.08 0.00 1.2
0.04 0.05 0.08 0.12 0.17 1.4
0.16 0.17 0.22 0.29 0.36 3.3
4.27 5.85 6.04 10.26 21.24 23.77
2.81 2.93 3.29 3.36 2.89 1
COMPANY NAME BRITANNIA INDUSTRIES LTD
LATEST VERSION 2.10
CURRENT VERSION 2.10

META
Number of shares 12.00
Face Value 2
Current Price 3364
Market Capitalization 40368.27

PROFIT & LOSS

Report Date Mar-07 Mar-08 Mar-09
Sales 2,199.29 2,584.10 3,112.21
Raw Material Cost 1,434.57 1,540.64 1,930.00
Change in Inventory 35.60 -17.05 19.61
Power and Fuel 24.17 22.78 21.47
Other Mfr. Exp 194.74 235.36 289.32
Employee Cost 72.53 85.41 90.01
Selling and admin 330.49 386.78 464.16
Other Expenses 62.08 79.20 139.58
Other Income 36.14 54.07 84.59
Depreciation 25.27 29.08 33.46
Interest 8.90 9.73 16.01
Profit before tax 118.28 232.14 232.40
Tax 10.63 41.14 52.00
Net profit 107.65 191.00 180.40
Dividend Amount 35.83 43.00 95.56

Quarters
Report Date Mar-14 Jun-14 Sep-14
Sales 1,653.05 1,634.23 1,817.41
Expenses 1,508.41 1,476.45 1,620.96
Other Income 11.42 19.57 178.44
Depreciation 16.40 24.55 25.10
Interest 0.38 0.28 0.35
Profit before tax 139.28 152.52 349.44
Tax 47.75 44.71 96.40
Net profit 91.53 107.81 253.04
Operating Profit 144.64 157.78 196.45

BALANCE SHEET
Report Date Mar-07 Mar-08 Mar-09
Equity Share Capital 23.89 23.89 23.89
Reserves 590.93 731.92 800.65
Borrowings 4.78 106.1 25.17
Other Liabilities 341.16 370.31 437.54
Total 960.76 1,232.22 1,287.25
Net Block 198.36 240.99 277.84
Capital Work in Progress 16.03 9.69 6.02
Investments 320.05 380.83 423.1
Other Assets 426.32 600.71 580.29
Total 960.76 1,232.22 1,287.25
Receivables 28.61 46.32 49.61
Inventory 214.94 301.53 253.63
Cash & Bank 48.65 43.77 40.8
No. of Equity Shares 23890163 23890163 23890163
New Bonus Shares
Face value 10 10 10

CASH FLOW:
Report Date Mar-07 Mar-08 Mar-09
Cash from Operating Activity 87.00 63.13 246.78
Cash from Investing Activity 59.05 -130.31 12.27
Cash from Financing Activity -49.07 53.08 -145.77
Net Cash Flow 96.98 -14.10 113.28

PRICE: 249.65 262.77 302.38

DERIVED:
Adjusted Equity Shares in Cr 11.95 11.95 11.95
 PLEASE DO NOT MAKE ANY CHANGES TO THIS SHEET

Mar-10 Mar-11 Mar-12 Mar-13 Mar-14

3,403.46 4,223.52 4,974.19 5,615.49 6,307.39
2,184.97 2,782.23 3,184.54 3,528.60 3,822.31
21.35 17.89 4.79 10.16 12.58
22.38 29.55 40.10 52.27 65.12
313.76 359.94 448.16 530.84 584.62
99.94 119.93 145.87 143.50 172.45
558.28 614.60 725.00 825.68 903.47
129.90 103.68 156.08 173.23 195.38
50.83 48.92 58.53 55.47 34.82
37.54 44.59 47.32 57.08 63.38
8.21 37.75 38.07 37.74 5.44
120.66 198.06 252.37 332.18 542.62
4.15 52.77 65.63 98.31 172.79
116.51 145.29 186.74 233.87 369.83
59.73 77.64 101.53 101.66 143.91

Dec-14 Mar-15 Jun-15 Sep-15 Dec-15

1,852.33 1,872.02 1,799.82 2,032.93 2,049.74
1,670.21 1,654.81 1,540.65 1,730.55 1,758.28
20.52 29.00 22.93 30.01 26.04
25.52 42.10 20.87 20.60 21.34
0.32 0.26 0.30 0.30 0.34
176.80 203.85 260.93 311.49 295.82
56.28 62.81 90.19 107.81 102.37
 120.52 141.04 170.74 203.68 193.45
182.12 217.21 259.17 302.38 291.46

Mar-10 Mar-11 Mar-12 Mar-13 Mar-14

23.89 23.89 23.89 23.91 23.99
372.36 427.41 496.15 617.32 833.75
429.61 431.44 434.5 215.48 0.45
526.32 622.62 741.48 850.53 1018.32
1,352.18 1,505.36 1,696.02 1,707.24 1,876.51
281.5 303.7 379.09 451.68 545.66
9.97 11.7 79.73 128.44 97.22
490.64 545 428.94 279.6 372.99
570.07 644.96 808.26 847.52 860.64
1,352.18 1,505.36 1,696.02 1,707.24 1,876.51
39.49 57.26 52.14 77.12 53.69
268.34 311.2 382.28 331.49 366.86
23.36 28.75 30.94 64.48 65.78
23890163 119450815 119450815 119525815 119925800

10 2 2 2 2

Mar-10 Mar-11 Mar-12 Mar-13 Mar-14

235.29 246.32 210.66 272.01 614.51
-109.69 -156.42 -51.56 53.89 -227.34
-184.05 -107.39 -128.55 -359.11 -325.46
-58.45 -17.49 30.55 -33.21 61.71

328.81 376.53 576.02 538.64 871.41

11.95 11.95 11.95 11.95 11.99

THIS SHEET

Mar-15 Mar-16
7,175.99 7,947.90
4,342.32 4,629.45
25.48 7.12
67.42 57.06
650.55 644.84
190.65 209.21
1,000.54 1,070.08
196.35 222.89
247.45 98.21
117.27 86.89
1.21 1.25
882.61 1,131.56
260.20 382.47
622.41 749.09
191.88 239.95

Mar-16 Jun-16
1,959.31 1,984.91
1,692.29 1,686.37
34.81 37.59
24.08 21.76
0.31 0.29
277.44 314.08
85.47 103.69
 191.97 210.39
267.02 298.54

Mar-15 Mar-16
23.99 24
1215.2 1679.02
0.97 0.68
1243.11 1392.42
2,483.27 3,096.12
525.94 639.39
48.22 74.5
661.04 894.88
1248.07 1487.35
2,483.27 3,096.12
70.98 106.70
345.74 384.01
186.67 24.8
119925800 119975815

2 2

Mar-15 Mar-16
515.33 877.69
-384.29 -659.37
-168.11 -228.29
-37.07 -9.97

2,203.83 2,759.96

11.99 12.00
Company
Sector
Business Summary
Current Price

5 Yrs Back Promoter Holding

Promoter Holding
Pledged Promoter Holding
Promoter Salary/PAT
FII Holding
DII Holding

Assumptions Max
Conservative furture growth in EPS/BVPS
Discount Rate

Scorecard
Comparison with industry peers 5%
Increase in production capacity and sales volume 2%
Conversion of sales growth into profits 2%
Creation of value for shareholders from the profits retained 4%

Background check of promoters & directors 8%

Management succession plans 2%
Salary of promoters vs. net profits 4%
Project execution skills 2%
FII shareholding 3%

Product diversification 3%

Govt. influence 2%
Labor Problems 2%
Pricing Power 3%

Free Cash Flow (FCF) 4%

Britannia
FMCG
ZZ
3482.85

50.96%
50.74%
0%
0
28%
0%

Current
20%
8%

4
2
2
4

4
2
4
1
2

1
2
2

2
The Company must show sales growth higher than peers. If its sales growth is similar to peers, then there is no Moat
Company must have shown increased market penetration by selling higher volumes of its product/service
A Moat would result in increasing profits with increasing sales. Otherwise, sales growth is only a result of unnecessary expan
aggressive marketing push, which would erode value in long term.
Otherwise, company is destroying wealth of shareholders

There should not be any information questioning the integrity of promoters & directors
Salary being paid to potential successors should be in line with their experience
promoter should not have a history of seeking increase in remuneration when the profits of the company declined in past
The company should have shown good project execution skills with cost and time overruns.Exclude capacity increase by mer
acquisitions.
Higher the better

The company should be either a pure play (only one business segment) or related products. Pure play model ensures that th
management is specialized in what they are doing.Entirely different unrelated products/services are a strict NO. An investor
rather buy stocks of different companies if she wants such diversification.
No cap on profit returns or pricing of the product.No compulsion to supply to certain clients.

That's what is called "pricing power". Companies with moat (as seen from other screening metrics as suggested above (like h
ROE, high grow margins, low debt etc.) are able to adjust prices to inflation without the risk of losing significant volume sales

Companies that consistently need capital to grow their sales and profits are like bank savings account, and thus bad for an in
long term portfolio. Seek companies that don't need high capital investments consistently. Retained earnings must first go to
maintaining current operations at competitive levels, so the lower the amount needed to maintain current operations, the be
Here, more than just an absolute assessment, a comparison against competitors will help a lot. Seek companies that consist
generate positive and rising free cash flows.