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FMCG major can report mute-to-stable earnings, margins can see pressure

Fast-moving consumer goods (FMCG) large Britannia is scheduled to report its fourth-quarter earnings for fiscal year 2021-22 (Q4FY22). Several brokers see that the company may record mute-to-stable earnings during the quarter, but believe that margins may be under pressure.

According to Axis Securities, Britannia’s profits could slide over 4 percent year-on-year to Rs 349 crore, while revenue could rise nearly 12 percent YoY to Rs 3,398 crore in Q4FY22.

Mæglerhuset expects a volume / price-driven growth of 6 percent in Q4FY22 due to the slowdown in the consumption trend in the home and a price increase to mitigate commodity inflation. It added that gross margins fell by 256 bps YoY amid an increase in the cost of agricultural and packaging costs.

The company’s earnings before interest, tax, depreciation and amortization (EBITDA) margins to contract 160-year-on-year on gross profit contraction and cost rationalization, Axis Securities said.

While the most important that can be monitored will be the demand environment; commodity cost prospects; market share trends and updates on the core biscuit portfolio and affiliates, according to the brokerage firm.

While YES Securities expects the FMCG company’s profits to increase by over 2.5 percent YoY to Rs 373.9 crore, while its revenue will grow by Rs 3475.1 crore, an increase of 11 percent YoY in Q4FY22. Similarly, its EBIDTA margins may decrease by 54 bps YoY.

Mæglerhuset expects that 2/9 percent volume / price growth will lead to growth in the top line and sequential margin improvement.

Highest of all in expectations, IIFL Securities sees that Britannia’s profit in Q4FY22 may increase by over 7 percent YoY to Rs 391 crore, while sales may jump over 13.5 percent YoY to Rs 3452 crore in the March quarter.

The brokerage said, “FMCG volume has fallen by a single-digit high during January-February 2022, while value remained flat. Britannia is expected to report double-digit growth this quarter.”

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