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Britannia is India’s largest biscuit company with aspirations to be a complete food company. With that goal, Britannia has been exploring several categories in the processed food industry such as bread, dairy products and salty snacks. Its performance in the past few years has been outstanding due to expansion of distribution footprint, own manufacturing and focus on the Hindi belt where it was lagging competition. After a few soft quarters, the covid related lockdown has been a shot in the arm for the company as consumers, due to absence of choice, gorged on all products of the company. However this advantage is gradually neutralizing but long term prospects are great as company’s products are in underpenetrated segments of the FMCG. High base effect which may lead to soft hear term performance but that may be transient. We have an over weight rating due to attractive valuations and good runway for long term growth – 06-08-2021 Price: 3604.15 Rating: Over Weight Recommendation: Buy

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