c
 



For the year ended 31st March 2008, the Company achieved a sales growth of 17.5% on an expanded base arising from
27.5% growth in the previous year. Net Profit of the Company increased 77.5 % to Rs 1,910 Mn compared with Rs 1,076
Mn in 2006-07. Operating Margin increased by 307 basis points to 7.5%.

The Company witnessed all round growth in key categories with Biscuits recording sales of Rs. 23,299 Mn. Bread, Cake and
Rusk business crossed the Rs. 2,700 Mn mark during 2007-08. This business has doubled in two years.

In an intensely competitive biscuit environment, all ³Power Brands² of the Company recorded double digit growth, with
Tiger and Good Day growing in excess of 20%. The Company¹s innovation forays have successfully addressed new benefit
clusters and NutriChoice Digestive has claimed its position in the health and vitality space. The Company continues to
maintain its leadership edge in 6 out of 7 key product segments, the only exception being Glucose.

The Company introduced several new and renovated offerings in Tiger, Good Day, Treat and MarieGold. The health and
nutrition platform was buttressed by Tiger Banana with ³iron-zor², fortified Milk Bikis, renovated MarieGold and Nutrichoice
Digestive. To tap the more indulgent consumers, your Company launched Good Day Classic Cookies, while continuing to roll
out individual consumption packs at the highly affordable Rs. 5 price point.

The Bread, Cake and Rusk portfolio was strengthened with the successful relaunch of Breads, fortified with vitamins and
minerals, positioning them firmly as the healthy start to your day. This innovation combined with relevant consumer
activation in key markets has seen a 30%+ growth in the Bread, Cake and Rusk business.

As a Corporate, Britannia worked for the benefit of all stakeholders - shareholders, consumers, dealers , suppliers, bankers
and employees. It has established an excellent track record in terms of its financial performance and dividends distributed to
its shareholders. This has been adequately demonstrated with the Company's topline growing from Rs 10,301 Mn in 1999 to
Rs 26,176 Mn in 2008, a growth of 154% over the last 10 years. The net profit grew even more significantly at 382% from
Rs 396 Mn in 1998-99 to Rs 1,910 Mn in 2007-08, giving a CAGR of 19.1%. As at 31st March 2008, the issued and paid up
capital of Britannia amounts to 23, 890,163 equity shares having a nominal value of Rs 10 each. The shareholder base is
about 25,300 in number.

FINANCIAL OVERVIEW

For the year ended 31st March 2008, the Company achieved a sales growth of 17.5% on an expanded base arising from 27.5% growth in the previous year.
Net Profit of the Company increased 77.5 % to Rs 1,910 Mn compared with Rs 1,076 Mn in 2006-07. Operating Margin increased by 307 basis points to
7.5%.
 Y
The Company witnessed all round growth in key categories with Biscuits recording sales of Rs. 23,299 Mn. Bread, Cake and Rusk business crossed the Rs.
2,700 Mn mark during 2007-08. This business has doubled in two years.

In an intensely competitive biscuit environment, all ³Power Brands² of the Company recorded double digit growth, with Tiger and Good Day growing in
excess of 20%. The Company¹s innovation forays have successfully addressed new benefit clusters and NutriChoice Digestive has claimed its position in the
health and vitality space. The Company continues to maintain its leadership edge in 6 out of 7 key product segments, the only exception being Glucose.

The business continued to face inflationary pressure in key raw materials such as wheat flour, refined palm oil, skimmed milk powder and other dairy
products, as well as energy costs. These were more than offset on the cost side through operational and procurement efficiencies, productivity
improvements, cost reduction programs and on the revenue side through improved product mix and higher realisation, aided by strong consumer off take.

Y
Exceptional items for the year include Rs 130.5 Mn towards amortisation of VRS costs. Earnings per Share are Rs. 80 compared with Rs.45.1 last year.
 Y

SIGNIFICANT RATIOS
2007-08 2006-07

Measures of Investment

Return on equity Profit after tax % 26.1 18.3

Shareholdersƞ funds

Book value per share Shareholders' funds Rs. 306.6 246.6

Number of equity shares

Dividend cover Earnings per share times 3.8 2.6

Dividend (plus tax) per share

Measures of Performance

Profit margin Profit before tax & exceptional item % 9.2 5.7
Net Sales + Other Income

Debtors turnover Gross Sales times 56.5 81.0

Debtors + Bills receivable

Stock turnover Gross Sales times 8.7 10.8

Stock

Measures of Financial Status

Debt ratio Borrowed capital % 14.5 0.8

Shareholdersƞ funds

Current ratio Current assets times 1.6 1.2

Current liabilities

Tax ratio Tax provision % 17.8 9.1

Profit before tax
 TopYYYY
Y

Y
Y

TEN YEAR FINANCIAL STATISTICS : 1999 - 2008

Rs. million
YY
As at / Year ended 31st March 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
YY
Assets employed
YY
Fixed assets less Depreciation & Amortisation 1,353 1,306 1,588 1,632 1,481 1,283 1,338 1,516 2,144 2,507
YY
Investments 1,293 1,470 2,156 3,104 2,969 2,913 3,301 3,599 3,200 ,808
YY
Net current assets 18 65 257 592 747 43 (485) 309 596 2,072
YY
Miscellaneous expenditure - 122 163 217 260 463 342 161 256 22
YY
2,664 2,963 4,164 5,545 5,457 4,702 4,496 5,585 6,196 8,619
YY
Financed by
YY
Equity shares 186 279 279 269 259 251 239 239 239 29
YY
Reserves & Surplus 1,308 1,586 2,123 3,430 3,653 4,059 4,196 5,252 5,909 7,19
YY
Loan funds 1,170 1,098 1,762 1,846 1,545 392 61 94 48 1,061
YY
2,664 2,963 4,164 5,545 5,457 4,702 4,496 5,585 6,196 8,619
YY
h ofits and app op iations
YY
Sales 10,301 11,698 13,325 14,510 13,491 14,705 16,154 18,179 23,171 26,177
YY
Profit before Depreciation, Amortisation
735 962 1,369 1,630 1,722 2,251 2,645 2,218 1514 2,72
and Tax YY
Depreciation and Amortisation 159 172 189 240 261 224 190 217 253 291
YY
Profit before tax and Exceptional items 576 790 1,180 1,390 1,461 2,027 2,455 2,001 1,261 2,42
YY
Exceptional items - (19) (41) 1,201 12 (183) (252) 6 (77) ü109)
YY
Profit before tax * 576 771 1,139 2,591 1,473 1,844 2,203 2,007 1,184 2,2
YY
Taxation 180 261 434 559 482 656 715 543 108 41
YY
Profit after tax 396 510 705 2,032 991 1,188 1,488 1,464 1,076 1,910
YY
Dividends 102 125 153 201 251 272 334 358 358 40
YY
Tax on dividend 11 14 16 - 32 35 47 50 61 7
YY
Debenture Redemption Reserve - - 47 14 18 - - - - -
YY
Retained earnings 283 371 489 1,564 692 910 1,117 1,056 657 1,407
YY
Y Y Y Y Y Y Y Y Y Y Y YY
 * Includes impact on account of transfer of dairy business of Rs. 1257 Mn in 2002.
YY
Y
Y Y Y Y Y Y Y Y Y Y Y YY
Y

Top

Y Y