MOSL: THE CORNER OFFICE (BRITANNIA INDUSTRIES) — Growth momentum accelerating-Business prospects improving on BRIT’s robust
THE CORNER OFFICE (Britannia Industries) — Growth momentum accelerating; Business prospects improving on BRIT’s robust innovation pipeline
Mr. Varun Berry, Managing Director
Mr. Varun Berry has served as the Managing Director of Britannia Industries Limited since 1 April, 2014. A mechanical engineer from Punjab, Mr. Berry also attended a course in Strategic Management from Wharton University and the Global Leadership Program at IMD, Switzerland. He has over 27 years of experience in the consumer space having worked for FMCG giants such as Hindustan Unilever and PepsiCo.Inc. He joined Britannia in January 2013 and has served as its Chief Operating Officer and as the head of its Indian Operations. Mr. Berry has had a very successful track record in leading start-up turnarounds, joint ventures and growth businesses.
Our recent meeting with Mr. Varun Berry, Managing Director of Britannia Industries, and our subsequent visit to its R&D facility reinforced our convictions of Britannia being a strong structural investment case. Key takeaways:
- The company had promised an ‘audacious, ambitious and consistent’ pipeline in its FY18 annual report. Its current product pipeline is quite significant consisting filled croissants, cream wafers, and milkshakes (some already launched in recent months). The company plans to introduce products in the bridge space—between biscuits and chocolates and eventually, enter the salty snacks, bars and chocolates (whether niche or mainstream) segment— delivering on its stated promise.
- Apart from product development, massive distribution expansion ahead of peers should continue to drive market share gain for the company. At a direct reach of around 2.5m outlets over the next two years, BRIT will only be second to HUL among consumer peers and the largest in terms of total reach among all foods players, (listed and unlisted).
- Better utilization of expanding capacity, particularly in Ranjangaon, will also boost margins and return ratios.
Britannia Industries is a food-products corporation based in India. Co.'s principal activity is the manufacture and sale of biscuits, bread, rusk, cakes and dairy products. Co. manufactures and distributes products such as biscuits, high protein foods for children as well as digestive-aided ingredients for older adults, convenience foods such as powdered dairy creamers, breads, cookies, snack-cakes and rusk, crackers, cheese, marine products and other related food products. Co.'s brand of products include Tiger, Mariegold, Treat, 50-50, Good Day, Milk Bikis, Little Hearts, Pure Magic, NutriChoice Bread and Milkman.
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