An Assignment

On

“Britannia Industries”

Submitted By
Suleman Ali Rejaffar Rehman Sheikh
(BBA I Sem I 2024 - 2025)

To

SANT GADGE BABA AMRAVATI UNIVERSITY,

AMRAVATI

In Partial Fulfillment of the

Requirements For the Award of Degree of
BACHELOR OF BUSINESS ADMINISTRATION

Department of Management
College Of Management and Computer Science,
Yavatmal – (445-001)

2
 COLLEGE OF MANAGEMENT AND COMPUTER
SCIENCE
DEPARTMENT OF MANAGEMENT
YAVATMAL-445001
TEL: - 07232-255575/255595 Website: www.hjes.in

Institute’s Certificate

“This is to certify that the investigation described in this report titled

“Britannia Industries” has been carried out by Suleman Ali Rejaffar

Rehman Sheikh during the project. The study was done in the organisation, in

partial fulfillment of the requirement for the degree of Bachelors of Business

Administration of S. G. B. Amravati University, Amravati. This work is the

own work of the candidate, complete in all respects and is of sufficiently high

standard to warrant its submission to the said degree. The assistance and

resources used for this work are duly acknowledged.”

Prof. Ritesh D. Chandak Prof. Pooja B. Bende Prof. Tanvi S. Papalkar

(Principal) (HOD, BBA Dept) (HOD, BBA Dept)

Date:-
Place: Yavatmal

2
 INDEX

Sr. No. Title Page No.

5
1 Executive Summary

2 Introduction 6

Organization Profile 7
3
Economic Analysis
 Demand for the product/ Service
4  Supply Management 13-15
 Production of that Product/ Services

Legal Formalities & applicability

 Different Laws Applicable to specific
Industry
5
 Government Rules & Regulations 21-23
 Government License
 Required Certificates from Authorities

Accountancy
 Sales Accounts, Purchase Account
 Sales Return Account, Purchase return
Account 8-12
6
 Trading Account, P & L Account,
Balance sheet

Statistics & Logics

 Collection of Statistical Data
 Graphical representation of statistical
16-20
7 data (Bar graph, Pie chart, Histogram,
Exponential graph)

8 Management Activities
 Basic planning
 Resources required
 Project execution
2
 9 Conclusion

10 Chapterization

11 Appendices

12 References

Executive Summary

2
Britannia Industries one of India’s legacy brands that made India into what it is today in the
international market. In this project we take a glimpse into the company’s history and its
importance to us as citizens and to India as a country. Its rough start from a small town to one
of the leading brands in the FMCG sector and how the company has been doing during the
rough times after COVID-19 and somewhat downfall of the brand and will be looking into
some of its controversies.

This projects mainly focuses on in-depth study of Britannia industries, focusing on its
operational, economical, legal and management dimensions. I asses the demand for
Britannia’s products in the domestical and international market, explore its supply and
demand in those market & how the company handle the operational challenges with some its
highly demanded products. Also, on the say studding the efficiency of the supply chain.

We will also be taking a look at some its controversies in the past regarding violation of laws,
rules and regulations. How they handled the situation and changes they brought after such
legal battle. During which, we will have an overview of legal framework affecting the food
industry, including the government policies & regulations, mandatory licenses & certificates
required for running such business in the FMCG sector and how they fulfill the compliance
for it.

We will also be looking at Britannia’s 2023 consolidated financial results, which includes the
analyzing the trading account, profit & loss account and balance sheet of the company. This
project also emphases on data-driven insights through the collection of graphs and chats
about statical data. Bar graphs, pie charts, histogram & exponential graphs are used to convey
the market trend of Britannia Industries.

At last, we will be having a look into key management practices such as strategic planning,
resource allocation, project execution. This part of the project will highlight the management
of Britannia Industries, on how they approach sustainability, growth and in what ways are
they approaching to enhance operational excellence throughout their effective management.

In conclusion, this project provides a multifaced view of how Britannia Industries function in
the FMCG sector, while demonstrating the professionalism in analyzing the logistics &
statistics, legal formalities and applicability, economic, management and accountancy side of
a business.

2
 Introduction

Britannia Industries

Britannia Industries Limited, founded in 1892, is one

of India’s oldest and well renowned food product
companies. Headquartered in Kolkata, it is part of the
Wadia Group and is led by Chairman Nusli Wadia. As
of 2023, about 80% of its revenues came from biscuit
products.

The company was established in 1892 by a group of

British businessmen with an initial investment
of ₹295.
Initially, biscuits were manufactured in a small house in
central Kolkata. Later, the enterprise was acquired by
the Gupta brothers, mainly Nalin Chandra Gupta, an
attorney, and operated under the name, V.S. Brothers.

In 1918, C.H. Holmes, an English businessman based in Kolkata, was taken on as a

partner and The Britannia Biscuit Company Limited (BBCo) was launched. Britannia
industries’ key businesses are in bakery, dairy, and adjacent snacking categories and our
operations span over 80 countries in the world.
 Organization Profile

Name of Organization: Britannia Industries

Address: Kolkata, West Bengal

Services offered: The company is in the FMCG(fast moving consumer goods)

sector while primarily offering its biscuits, cakes as well as rusks under the
Toastea brand and center filled croissants under the Treat brand. It also exports
its products to approximately 70 countries worldwide.

1
 Accountancy

BRITANNIA INDUSTRIES LIMITED

(Corporate Identity Number:
L15412WB1918PLC002964) Registered
Office: 5/1A, Hungerford Street, Kolkata - 700
017 Tel: +91 33 22872439/2057, +91 80
37687100
Website: www.britannia.co.in; E-mail id:
investorrelations@britindia.com
Consolidated Financial Results
PART I
Statement of Consolidated Financial Results for the quarter and year ended 31 March 2024
S.No PARTICULARS QUARTER ENDED YEAR ENDED
. 31.03.20 31.12.202 31.03.202 31.03.202 31.03.202
24 3 3 4 3
(Audited
7
(Unaudite (Audited)7 (Audited) (Audited)
) d)
I Revenue from operations
Sale of goods
Other operating revenues 4,014.07 4,191.83 3,892.0 16,546.21 15,984.90
Total revenue from operations 55.29 64.50 2 223.06 315.65
Other income 131.1
6
4,069.36 4,256.33 4,023.18 16,769.27 16,300.55
I
I 57.34 50.56 56.37 214.18 215.86
II Total income (I+II) 4,126.70 4,306.89 4,079.55 16,983.45 16,516.41
I
IV Expenses
Cost of materials consumed 2,055.85 2,129.00 2,023.15 8,546.89 8,326.70
Purchases of stock-in-trade 193.34 238.61 189.55 941.48 1,337.13
Changes in inventories of finished goods, stock-in-trade and (6.68) 21.47 3.22 3.66 (72.53)
work-in-progress Employee benefits expense 162.03 198.46 170.58 708.70 658.38
Finance costs 26.44 31.09 34.86 164.00 169.10
Depreciation and amortisation expense 79.93 78.09 65.33 300.46 225.91
Other expenses 877.37 847.70 835.79 3,398.70 3,219.96

Total expenses 3,388.28 3,544.42 3,322.48 14,063.89 13,864.65

V Profit before share of profit / (loss) of associates and joint 738.42 762.47 757.07 2,919.56 2,651.76
venture (III-IV)
VI Share of (loss) / profit in associates and joint venture (3.80) (1.34) 4.03 (3.19) 5.41
VII Profit before exceptional items and tax (V+VI) 734.62 761.13 761.10 2,916.37 2,657.17
VIII Exceptional items [Expense/(Income)] (Refer note 8) - 2.90 - 2.90 (375.60)
IX Profit before tax (VII-VIII) 734.62 758.23 761.10 2,913.47 3,032.77
X Tax expense :
(i) Current tax 186.6 200.05 204.6 765.6 720.97
(ii) Deferred tax charge/ (credit) 7 2.52 5 9 (4.52)
11.3 (1.1 13.5
4 5) 6
Total tax expense 198.01 202.57 203.50 779.25 716.45
XI Net profit for the period / year (IX-X) 536.61 555.66 557.60 2,134.22 2,316.32

2
 X Other comprehensive income / (loss) (net of tax)
II A (i) Items that will not be reclassified subsequently to
profit or loss
- Remeasurements of the net defined benefit plans (2.3 - (0.1 (2.3 (0.1
(ii) Income tax relating to items that will not be 9) - 6) 9) 6)
reclassified subsequently to profit or loss 0.6 0.0 0.6 0.0
B Items that will be reclassified subsequently to profit or 4 4 4 4
loss
- Foreign currency translation reserve
0.4
2
0.0 (1.8 2.8 15.4
6 9) 7 3
Total other comprehensive (loss) / income (net of tax) (1.69) 0.42 (2.01) 1.12 15.31
XIII Total comprehensive income for the period /year 534.92 556.08 555.59 2,135.34 2,331.63
(XI+XII)
X Profit / (loss) attributable to:
I Owners of the
V Company Non- 538.2 556.3 558.6 2,139.81 2,321.77
controlling interests 8 9 6 (5.59) (5.45)
Profit for the (1.6 (0.7 (1.0
7) 3) 6)
period / year 536.61 555.66 557.60 2,134.22 2,316.32
X Other comprehensive income / (loss) attributable to:
V Owners of the
(1.7 0.6 (2.0 1.69 15.38
Company Non- (0.57) (0.07)
6) 2 1)
controlling 0.0 (0.2 -
interests 7 0)
(1.69) 0.42 (2.01) 1.12 15.31
Other comprehensive income / (loss) for the period /
year
X Total comprehensive income / (loss) attributable to:
V Owners of the
I 536.5 557.0 556.6 2,141.50 2,337.15
Company Non- (6.16) (5.52)
2 1 5
controlling (1.6 (0.9 (1.0
interests 0) 3) 6)
534.92 556.08 555.59 2,135.34 2,331.63
Total comprehensive income for the period /year
XVII 24.09 24.09 24.09 24.09 24.09
XVII Other equity 3,917.43 3,380.91 3,510.18 3,917.43 3,510.18
I
XIX Net worth (Refer note 9) 3,941.52 3,405.00 3,534.27 3,941.52 3,534.27
XX Capital redemption reserve 3.96 3.96 3.96 3.96 3.96
XXI Securities premium account 244.98 244.98 244.98 244.98 244.98
XXII Paid-up debt capital (Refer note 9) 2,064.96 1,793.81 2,997.37 2,064.96 2,997.37
XXII
I 22.3 23.1 23.1 88.8 96.3
5 0 9 4 9
22.3 23.1 23.1 88.8 96.3
5 0 9 4 9
XXI Ratios (Refer note 9)
V
a. Debt equity ratio 0.52 0.53 0.85 0.52 0.85
b. Debt service coverage ratio 9.46 24.20 8.51 11.03 2.94
c. Interest service coverage ratio 28.78 25.48 22.83 18.78 16.71
d. Current ratio 1.19 1.04 1.15 1.19 1.15
e. Long term debt to working capital 1.10 1.65 2.31 1.10 2.31
f. Current liability ratio 0.80 0.81 0.71 0.80 0.71
g. Total debt to total assets 0.23 0.22 0.32 0.23 0.32
h. Debtors turnover 40.37 39.99 46.98 45.32 47.89
i. Inventory turnover 38.52 38.50 36.74 38.12 40.02
j. Operating margin (%) 17.29 17.42 18.38 17.09 16.01
k. Net profit margin (%) 13.00 12.90 13.67 12.57 14.02
l. Bad debts to accounts receivable ratio - - - - 0.02
See accompanying notes to the consolidated financial results Continued

3
 Consolidated Balance Sheet

S.No. PARTICULARS 31.03.20 31.03.20

24 23
(Audit
ed)
I Assets

(1) Non-current assets

(a) Property, plant and equipment 2,602.94 2,472.19
(b) Capital work-in-progress
187.54 105.00
(c) Investment property 27.48 40.63
(d) Goodwill
129.82 128.16
(e) Other intangible assets
10.90 14.24
(f) Investment in associates and joint venture
491.96 495.16
(g) Financial assets

(i) Investments
578.25 1,028.09
(ii) Loans receivable - 150.00
(iii) Other financial assets 25.50 23.57
(h) Deferred tax assets (net) 43.88 57.25
(i) Tax assets (net) 67.95 43.64
(j) Other non-current assets
58.68 48.56
Total non-current assets 4,224.90 4,606.49
(2) Current assets
(a) Inventories
1,181.22 1,193.26
(b) Financial assets
1,696.51 1,800.99
(i) Investments

(ii) Trade receivables 393.33 328.94

(iii) Cash and cash equivalents 322.80 102.38
(iv) Bank balances other than (iii) above 123.55 95.60
(v) Loans receivable 460.00 560.00
(vi) Other financial assets
531.13 451.96
(c) Other current assets 133.71 180.74
(d) Asset held-for-sale 6.41 32.36
Total current assets 4,848.66 4,746.23
Total assets 9,073.56 9,352.72

4
Consolidated Statement of Cash Flows

Particulars
Year ended
31.03.2024 31.03.2023

(Audited)
Cash flows from operating activities
Profit before tax and share of profits / (loss) of associates and joint venture and after exceptional items 2,916.66 3,027.36
Adjustments for :
Depreciation and amortisation expense 300.46 225.91
Net gain on financial asset measured at fair value through Statement of Profit and Loss (25.17) (42.08)
Profit on sale of property, plant and equipment (0.45) (0.83)

Gain on sale of investments (including fair valuation gain) [Refer note 8] - (375.60)
Interest income from financial assets carried at amortised cost (178.75) (163.15)
Bad debts - 5.59
Finance costs 164.00 169.10
Changes in
Inventories 12.60 177.15
Trade receivables (63.65) 1.29
Other financial assets and other assets (24.52) (64.82)
Trade payables, other financial liabilities, other liabilities and provisions 236.67 292.04
Cash generated from operating activities 3,337.85 3,251.96
Income-tax paid, net of refund (764.87) (725.75)
Net cash generated from operating activities 2,572.98 2,526.21
Cash flow from investing activities
Acquisition of property, plant and equipment, capital work-in-progress and other intangible assets (561.52) (711.46)
Consideration paid under business combination - (1.45)
Proceeds from sale of property, plant and equipment and assets held-for-sale 64.52 78.43
Purchase of non-current investments (190.90) (400.82)
Proceeds from sale of non-current investments 294.22 443.27
Proceeds from sale of current investments, net 476.87 (1,067.32)

Investment in joint venture - (214.91)

- 261.80
Proceeds from sale of equity shares in subsidiary (net of cash and cash equivalent) [Refer note 8]
Derecognition of net asset on loss of control [Refer note 8] - (138.59)
Inter-corporate deposits placed (610.00) (850.00)
Inter-corporate deposits redeemed 860.00 938.00
Change in other bank balances (27.95) (28.69)
Interest received 170.26 174.68
Net cash generated from /(used in) investing activities 475.50 (1,517.06)
Cash flow from financing activities
Principal payment of lease liabilities (1.95) (2.76)
Proceeds from lease labilities 8.65 2.69
Interest paid on lease liabilities (0.62) (0.63)
Interest paid (164.28) (195.66)
(Repayment of) / Proceeds from working capital borrowing, net* (1,027.48) 299.40
Repayment of bonus debentures - (720.95)
Proceeds from non-current borrowings 200.84 1,010.00

Repayment of non-current borrowings (113.60) (70.23)

Contribution from non-controlling interest 0.43 9.01
Dividends paid (1,732.47) (1,359.24)
Net cash used in financing activities (2,830.48) (1,028.37)
Net change in cash and cash equivalents 218.00 (19.22)
Effect of exchange rate changes on cash and cash equivalents 1.29 10.06
Cash and cash equivalents at beginning of the year (net of bank overdraft) 100.16 109.32
Cash and cash equivalents at end of the year (net of bank overdraft) 319.45 100.16
Cash and cash equivalents 322.80 102.38
Bank overdraft (3.35) (2.22)
Cash and cash equivalents at end of the year (net of bank overdraft) 319.45 100.16
5
* Bank overdraft is shown under cash and cash equivalent as per requirement of IND AS 7. Hence, proceeds from borrowings under financing activity does
Notes:
1. The audited standalone financial results for the quarter (refer note 7 below) and year ended 31 March 2024 can be viewed on the website of the
Company, National Stock Exchange of India Limited (NSE) and BSE Ltd (BSE) at www.britannia.co.in, www.nseindia.com and www.bseindia.com
respectively. Information of audited standalone financial results of the Company in terms of Regulation 47(1)(b) of the Securities and Exchange
Board of India ('SEBI') (Listing Obligations and Disclosure Requirements) Regulations, 2015 is as under:

QUARTER ENDED YEAR ENDED

PARTICULA
31.03.2024 31.12.2023 31.03.2023 31.03.2024 31.03.2023
RS
(Audited) 7 (Unaudited) (Audited) 7 (Audited) (Audited)
Total revenue from operations 3,924.24 4,102.36 3,894.73 16,186.08 15,618.42
Profit before tax 727.01 739.64 760.82 2,855.44 2,840.07
Net profit for the period / year 530.15 538.36 558.16 2,082.05 2,139.30
Total comprehensive income 528.72 538.36 558.38 2,080.62 2,139.52
2. The audited consolidated financial results for the quarter (refer note 7 below) and year ended 31 March 2024 ('the results') of Britannia Industries
Limited ('the Company') and its subsidiaries ('the Group') and its associates and its joint venture have been prepared in accordance with Indian
Accounting Standards (Ind AS) prescribed under Section 133 of Companies Act, 2013 ('The Act') read with the relevant rules thereunder and in
terms of Regulation 33 and Regulation 52 read with Regulation 63 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations,
2015.
3. The operating segment of the Group is identified to be "Foods", as the Chief Operating Decision Maker reviews business performance at an overall
Group level as one segment. Therefore, the disclosure as per Regulation 33(1)(e) read with Clause (L) of Schedule IV of the SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015 is not applicable to the Group.
4. The results have been reviewed and recommended by the Audit Committee of the Board and approved by the Board of Directors on 3 May 2024.
5.

ended 31 March 2024.

6. The consolidated results of the Company for the quarter and year ended 31 March 2024 have been audited by the Statutory Auditor and they have
issued an unmodified audit report on the same. The audit report of the statutory auditors is being filed with the National Stock Exchange of India
Limited ('NSE') and BSE Ltd ('BSE') and is also available on the Company's website.
7. The figures for the quarter ended 31 March 2024 and 31 March 2023 are the balancing figures between the audited figures in respect of the full
financial years and the published unaudited year to date figures upto third quarter of the respective financial years. Also the figures upto the end of
the third quarter were only reviewed and not subject to audit.
8. Exceptional item for the year ended 31 March 2024 and quarter ended December 2023 pertains to Voluntary Retirement cost incurred in one of the
factories of the Company. Exceptional item for the year ended 31 March 2023 relates to gain on sale of 49% equity stake held by Britannia
Industries Limited ("BIL") in Britannia Dairy Private limited ("BDPL") to Bel SA ("BEL") and fair valuation of balance 51% stake held in BDPL
pursuant to a Joint Venture Agreement ("JVA") entered into between BIL, BEL and BDPL to undertake the development, manufacturing, marketing,
distribution, trading and selling etc., of cheese products in India and certain other countries.
9. Formulae for computation of ratios are as follows:
(a) Debt equity ratio = Debt / Net worth
[Debt or Paid up debt capital: Non - current borrowings + Non-current lease liabilities + Current borrowings + Current lease
liabilities] [Net worth: Paid-up equity share capital + Other equity]
(b) Debt service coverage ratio = Profit before exceptional items, tax and finance costs / (Finance costs + Principal repayment made for Non-current
borrowings (including current maturities of long-term debt) and Non-current lease liabilities)
(c) Interest service coverage ratio = Profit before exceptional items, tax and finance costs / Finance costs
(d) Current ratio = Current assets / Current liabilities
(e) Long term debt to working capital = (Non-current borrowings (including current maturity of non-current borrowings) + Non-current lease
liabilities (including current maturity of non-current lease liabilities)) / (Current assets less current liabilities (excluding current maturity of
Non- current borrowing and non-current lease liabilities))
(f) Current liability ratio = Total current liabilities / Total liabilities
(g) Total debt to total assets = Debt / Total assets
(h) Debtors turnover = Annualised sale of goods / Average Gross Trade receivables (before Provision)
(i) Inventory turnover = Annualised sale of goods / Average Inventories of Finished stock
(j) Operating margin = (Profit before exceptional items & tax - Other income + Finance cost) / Total revenue from operations
(k) Net Profit margin = Net Profit for the period / Total Income
(l) Bad Debts to Account receivable ratio = Bad Debts / Average Gross Trade Receivables (before provision)

On behalf of the Board of

Directors For Britannia Industries
Limited

Place: Mumbai Nusli N Wadia

Date: 3 May 2024 Chairman

Subject Teacher ____________

6
 Economic Analysis
Demand for Product/service
 In terms of demand volume, biscuit production by the organized segment is estimated
to be 1.30 million tons.

 In the organised sector, the industry is dominated by Britannia and Parle, which account
for 70 per cent of the industry's volumes.

 In 2015-2016, the cookie segment, which includes brands such as Bournvita Biscuits
and Britannia Good Day, witnessed a rising number of health-conscious consumers, an
expanding working population and increasing urbanisation. These are boosting the
country's biscuit market.

 In terms of centre-filled biscuits, the segment is majorly dominated by the urban

population. Further, non-premium biscuits accounted for majority of the revenue share
in 2016. Nevertheless, premium biscuits are gaining huge acceptance in Tier-I and II
cities.

 The growth in biscuit marketing has been achieved also due to improvement in rural
market penetration.

 India's biscuit market stands at ` 32,000 Crores and is projected to grow at a CAGR of
11.27% in value terms, during 2018-2022

 Rising number of health-conscious consumers, expanding working population and

increasing urbanization are boosting the country's biscuit market.

 Moreover, augmenting disposable income along with changing lifestyle, increasing

health and hygiene awareness and change in food consumption patterns are expected to
propel demand for biscuits over the next five years.

7
Supply Management
Supply chain of Britannia can be divided into 2 categories:

1. Imported Products

2. Domestic Products

Imported Products: Products that are brought from countries outside India are imported
products. In this case we take an example of Wheat.

Britannia imports Wheat from Philippines, and Malaysia

Shipped to Kolkata Port

Imported Goods are shipped to respected Factories to be Processed/Refined

Refining of Wheat and other imported goods take place in multiple factories across India

Britannia then uses them as raw material to Produce the likes of Biscuits, cookies etc.

Domestic Products: A domestic product is a measure of the value of goods and services
produced within a country over a specific period of time.

Britannia produces a variety of domestic products, including:

 Biscuits: Some of Britannia's popular biscuit brands include Good Day, Marie Gold,
Tiger, NutriChoice, and Milk Bikis. Britannia's NutriChoice Digestive Biscuits are high
in fiber and made with wheat flour and bran. Milk Bikis are milk-based biscuits that are
known for their unique flavor and nutritional value.

 Bread: Britannia produces a wide variety of breads such as Whole Wheat Bread,
Brown bread, Gourmet Breads & Buns etc.

 Cakes: Britannia makes cakes like Chocolate cake, Plum cake, Cream cake, Fruit cake,
Theme cake, Christmas cake, Banana cake, Butterscotch cake, Apple cake, and Black
currant cake.

 Rusk: Britannia also brings out rusks like Premium Bake Rusk, Milk Rusk, Butter
Rusk, Doodh and Atta Milk Rusk, Multigrain Rusk, Elaichi Bake Rusk.

 Dairy products: Britannia produces dairy products such as cheese, milk, butter, ghee,
and yogurt.
8
Production Management:
Britannia Industries Limited's production management includes the following:

 Raw materials

Britannia sources raw materials such as wheat flour, water, fats, sugar, and leavening agents
from suppliers. They ensure that the raw materials meet quality standards and food safety
compliance.

 Manufacturing process

Britannia's manufacturing process for biscuits involves six steps:

1. Mixing ingredients to make dough

2. Fermenting the dough

3. Shaping the dough into biscuits

4. Baking the biscuits

5. Testing and cooling the biscuits

6. Packaging and distributing the biscuits

 Production planning, control, and quality control

Britannia uses these processes to ensure efficiency, product consistency, and timely delivery.

 Food Safety and Quality Management system

Britannia has a Food Safety and Quality Management system that includes stringent checks and
standards at every stage of the process.

 Packaging and distribution

Britannia ensures that the packaging and distribution of their products are safe and attractive.

All the listed above processes and tasks are overlooked by sub-regional production managers,
these sun-regional production regional managers then report to the Group of Production
managers:

1. Kunal Venkatraman

2. Apoorv Raj

3. Yamini Gupta

4. Rajat Sharma

5. Tripti Bhatia

Subject Teacher ____________

9
 Statistics & Logics
Collection of statistical data:
Britannia Industries is a leading Indian food company known for its diverse range of products,
including biscuits, bread, cakes, and dairy items. For my assignment, I explored how statistical
data related to Britannia Industries is collected and represented graphically.

I gathered the statistical data of Britannia industries from various sources like financial
statements, from 3rd party market firms & financial outlets. This data includes the financial
performance of the company on stock exchanges like BSE and NSE.

With the company vision in mind, I also gather information about the growth of the overall
FMCG sector, its growth in the healthy consumption scenario and its rural growth. Also
compared Britannia Industries performance to the second largest competitor.

Britannia Industries’ Share Price Performance in comparison to BSE Sensex and Nifty 50
During FY 2023-24 (based on closing price at the end of the month)

Britannia v/s BSE Sensex

Britannia Share Price

80000
5400

BSE Sensex
5200
75000
5000
4800 70000
4600
4400 65000
4200
May-23

Nov-23
Aug-23

Dec-23
Sep-23

Feb-24
Jan-24
Jun-23

Jul-23

Mar-24
Apr-23

Oct-23

4000 60000

Britannia Share Price BSE Sensex

Britannia v/s Nifty 50

23000
5400
5200 22000

5000 21000
4800 20000
4600
19000
4400
4200 18000

4000 17000

Britannia Share Price Nifty 50

10
Macro Environment:
FMCG Sector Growth%

Healthy Consumtion Scenario

Value
14.00% Volume
12.20%
12.00%
10.20%
10.00%
9.00%
8.60%
8.00% 7.30%
6.40% 6.60%6.50%
6.00%
6.00%

4.00%
3.10%

2.00%

0.00%
JFM'23 AMJ'23 JAS'23 OND'23 JFM'23

FMCG Volume Growth% in Rural & Urban

Rural Growth ahead of Urban in Q4FY24

Rural
12.00% Urban

10.10% 10.20%
10.00%
8.90%

8.00% 7.60%

6.40%
6.00% 5.80% 5.70%
5.20%

4.00%
4.00%

2.00%

0.30%
0.00%
JFM'23 AMJ'23 JAS'23 OND'23 JFM'23

11
Market Share – Rebounding Post Challenges in FY24

Britannia Largest Competitor 2nd Largest Competitor

Biscuit Market Share%

2012- 2013- 2014- 2015- 2016- 2017- 2018- 2019- 2020- 2021- 2022- 2023- 2024-
13 14 15 16 17 18 19 20 21 22 23 24 25

Leverage Manufacturing:

12
 Factory Locations

Britannia Industries
Own
30% owns 54 Factories all
over India.
Out of which they own
16 and have leverage on
38.

Third
Party
70%

Manufacturing Lines
Britannia Industries has
154 Manufacturing lines
out of which they own
81 and leverage 73.

Third Party
47% Own
53%

Financial Performance FY2023-24(all figures in ₹Crores):

Financial performance is a measure of how well a company uses its resources to generate
revenue and manage its assets, liabilities, and financial health. It's a key indicator of a
company's overall success and stability.

13
 Conslidated Revenue
16769
16301

14136
13136
11600
11055
9990
9324
8526
7858

14-15 15-16 16-17 17-18 18-19 19-20 20-21 21-22 22-23 23-24

Consolidates Net Profit FY2023-24 (all figures in ₹Crores):

Consolidated net profit is the total profit of a business group, which is calculated by combining
the revenues and expenses of the parent company and its subsidiaries.

14
 Conslidated Net Profit
2316
2134

1851

1516
1394

1155
1004
885
825
699

14-15 15-16 16-17 17-18 18-19 19-20 20-21 21-22 22-23 23-24

Market Capitalization FY2023-24 (all figures in ₹Crores):

Market capitalization represents the total market value of a company's outstanding shares of
stock.

As on 31st March

118296

104107

87316

74150 77232
64661
59577

40488
32232
25887

14-15 15-16 16-17 17-18 18-19 19-20 20-21 21-22 22-23 23-24

Subject Teacher ____________

Legal Formalities & applicability

Different Laws Applicable to specific Industry

15
As a food manufacturing and FMCG (Fast-Moving Consumer Goods) company, Britannia
Industries is subject to various laws and regulations in India some of them are as follows:

 The Food Safety and Standards Act, 2006 (FSSA): An Act that aims to ensure the
safety of food for human consumption. The Act was passed by the President of India
on August 23, 2006. It established the Food Safety and Standards Authority of India
(FSSAI) to regulate the food sector and enforce food safety standards.

 The Companies Act, 2013: The Companies Act, 2013 passed by the Parliament has
received the assent of the President of India on 29th August, 2013. The Act
consolidates and amends the law relating to companies. The Companies Act, 2013
has been notified in the Official Gazette on 30th August, 2013. Some of the
provisions of the Act have been implemented by a notification published on 12th
September, 2013. The provisions of Companies Act, 1956 is still in force. The Legal
Metrology Act, 2009: Regulates product labelling, weight, and measurement
standards for packaged goods.

 The Environmental Protection Act, 1986: The Environment Protection Act was
enacted in 1986 with the objective of providing for the protection and improvement of
the environment. It empowers the Central Government to establish authorities [under
section 3(3)] charged with the mandate of preventing environmental pollution in all
its forms and to tackle specific environmental problems that are peculiar to different
parts of the country. The Act was last amended in 1991.

 The Competition Act, 2002: The Competition Act, 2002 was created to establish a
commission to promote competition, protect consumers, and prevent anti-competitive
practices. It replaced the Monopolies and Restrictive Trade Practices Act, 1969
(MRTP Act) on September 1, 2009.

 The Factories Act, 1948: The Factories Act, 1948 is a comprehensive piece of
legislation covering all aspects relating to factories including approval, licensing and
registration of factories, the inspecting authorities under the Act, health, safety,
welfare, working hours, employment of adults and young children, annual leave and
penalties

Government Rules & Regulations

Britannia must comply with the following government rules:

 FSSAI Regulations: All products must be registered with the Food Safety and
Standards Authority of India (FSSAI) and comply with food labeling, packaging, and
safety standards.

 GST Compliance: GST compliance refers to adhering to the rules and regulations set
forth under the Goods and Services Tax (GST) law. This includes timely registration,
accurate invoicing, regular filing of returns, and maintaining proper records to ensure
legal and efficient business operations.

 Labour Laws: Labour code or Employment laws are those that mediate the
16
 relationship between workers, employing entities, trade unions, and the government.
Collective labor law relates to the tripartite relationship between employee, employer,
and union. Compliance with minimum wages, employee welfare schemes (e.g., EPF,
ESI), and workplace safety laws.

 Environmental Laws: Regulations for the disposal of solid waste, e-waste (from
packaging equipment), and water treatment under the Pollution Control Board norms.

 Import and Export Regulations: Britannia must comply with customs laws for
importing ingredients or exporting products.

Government Licenses:
To operate legally, Britannia Industries must obtain various licenses:

 FSSAI License: An FSSAI license is a legal document that authorizes food business
operators to carry out their food-related activities. The FSSAI stands for Food Safety
and Standards Authority of India, an independent body under the Ministry of Health
& Family Welfare, Government of India.

 Factory License: Issued by the respective State Factory Inspectorate for operating
manufacturing plants. The license ensures that the factory complies with safety,
health, and welfare standards for workers. It also regulates working conditions and
ensures that owners and employees are taken care of.

 Trade License: A trade license is a certificate issued by the Municipal Corporation of

a state that permits a business to operate in a specific area. It ensures that the business
complies with safety standards and protects residents from health hazards.

 Pollution Control Board License: Includes consent to establish (CTE) and consent
to operate (CTO) licenses for emission and discharge compliance.

 Fire Safety Clearance: Also known as a Certificate of Conformity to the

Requirements of Fire Safety, this document is given to a building after a fire safety
audit. It shows that the building meets the required fire safety standards and ensures
the safety of occupants.

17
Required Certificates from Authorities:
There are several certificates are necessary for regulatory and operational purposes in the
FMCG sector, Some Certificates that Britannia Industries have to ensure regulatory
compliance to for the smooth running of operations are:

 HACCP Certification: Hazard Analysis and Critical Control Points. This certificate
ensures that the company follows stringent measures to identify, evaluate, and control
hazards that could compromise food safety.

 ISO Certification: ISO certifications demonstrate Britannia’s commitment to quality,

safety, and environmental standards.

o ISO 9001 (Quality Management System): This Certificate ensures that

Britannia’s ability to consistently provide products that meet customer and
regulatory requirements. It Ensures Britannia’s manufacturing processes align
with global standards of excellence.

o ISO 22000 (Food Safety Management System): This Certificate Addresses

food safety hazards through preventive controls, ensuring safe products for
consumption. It is essential for a company like Britannia that caters to a vast
consumer base across diverse geographies.

o ISO 14001 (Environmental Management System): This Certificate Establishes

a framework for improving environmental performance, including waste
management and resource utilization. This Certificate is Important for
maintaining sustainability and adhering to environmental laws at
manufacturing plants.

 Bureau of Indian Standards (BIS) Certification: This Certificate Ensures that

products obey to specific Indian standards in terms of quality, safety, and reliability.
It is mandatory for a company like Britannia for certain products to be sold in the
Indian market.

 Export-Import Code (IEC): Issued by Directorate General of Foreign Trade

(DGFT), is another mandatory Certificate Required for engaging in international
trade.

These certifications are more than regulatory obligations; they emphasize Britannia
Industries’ dedication to quality, safety, environmental responsibility, and employee
welfare. Together, they enable Britannia to maintain its leadership position in the
competitive FMCG market while ensuring compliance with national and international
standards, laws, rules and regulations.

18
 Subject Teacher ____________
Management Activities
Basic Planning
Planning is the foundation of any company’s management activities not just Britannia, It
ensures alignment with long-term goals while adapting to market dynamics.

Varun Berry the Managing Directing of Britannia Industries has to decide what to do, when
to do, how, and who is to do it. Basically, involves the following points:

 Identifying what you want to achieve

 Considering the steps needed to get there

 Organizing those steps in a logical order

There are many types of planning to be done and Britannia has setup many directors for the
same. The types of planning they have to go through are:

Strategic Planning:

 Strategic planning is an organizational management activity that is used to set

priorities, focus energy and resources, strengthen operations, ensure that employees
and other stakeholders are working toward common goals.

 This makes Britannia’s vision on achieving sustained growth in the competitive

FMCG sector more in line with actual work being performed.

 Strategic Plans include introducing new products, expanding market presence, and
diversifying offerings (e.g., fortified foods and health-conscious products). Which can
be done with marketing.

Operational Planning:

 Operational planning is the process of creating a detailed plan to guide an

organization's day-to-day activities and processes. It's a way to turn a strategic plan
into a roadmap for how to achieve the organization's goals and objectives.

 This involves setting short-term goals, such as quarterly sales targets or production
benchmarks. Ensuring the quality of products and services, which can include testing
products, reviewing manufacturing processes new products.

 Britannia’s emphasis on efficiency in production lines, inventory management, and

supply chain logistics help them with proper utilization of resources and raw
materials minimize wastage and savings in monitory terms.

19
Market Analysis and Forecasting:

 Market analysis helps Britannia Industries identify opportunities, challenges, and

trends within the FMCG sector, particularly in the food and bakery product
categories.

 Rising demand for healthier snacks and products with low sugar, gluten-free, or high-
fiber content. Increasing consumption of fortified foods, such as biscuits with added
vitamins and minerals.

 Forecasting involves predicting future market trends, sales growth, and consumer
demands using historical data, market trends, and statistical tools.

 Forecasting will help Britannia’s revenue to grow at a steady rate, driven by

increasing product diversification and penetration into rural markets

Resources Required
To sustain its position as a leading FMCG brand and ensure efficient operations, Britannia
Industries relies on optimizing a variety of resources. These resources are broadly
categorized into human, financial, technological, material, and infrastructural components,
each playing a critical role in the company’s success. Some effective management at
Britannia relies on optimizing key resources:

 Human Resources:

o Workforce Composition: Britannia employs a diverse workforce across

departments such as manufacturing, quality control, marketing, logistics,
R&D, and corporate management. The workforce includes factory workers,
skilled professionals, and executives.

o Britannia prioritizes hiring individuals with expertise in food technology,

marketing, and supply chain management. Retaining talent is supported by
offering competitive compensation, career development opportunities, and
fostering an inclusive work culture.

 Financial Resources:

o Capital Investment: Britannia’s iinvestments are directed toward modernizing

manufacturing plants, enhancing R&D capabilities, and expanding distribution
networks as well as allocation of funds for marketing campaigns and digital
transformation.

o Revenue Allocation: A portion of revenue is reinvested into product

development, marketing campaigns, and infrastructure improvement.
Financial resources are also used to comply with legal regulations, such as
obtaining necessary certifications and licenses.

20
 Technological Resources:

o Advanced Manufacturing Equipment: High-speed production lines ensure

consistency, scalability, and cost-efficiency in manufacturing. Automation
technologies are employed to reduce manual intervention and enhance
accuracy.

o Digital Infrastructure: Britannia leverages Enterprise Resource Planning

(ERP) systems to integrate processes like procurement, inventory
management, and sales forecasting. Predictive analytics tools help Britannia in
understanding market trends and consumer behaviour.

o R&D Facilities: Equipped with cutting-edge technology for product

innovation, quality testing, and the development of health-focused offerings.
Supports initiatives like reducing sugar content, introducing gluten-free
options, and ensuring the longevity of products without compromising quality.

 Material Resources:

o Raw Materials: Key ingredients include flour, milk, sugar, edible oils, and
other food-grade additives. Britannia sources these materials from trusted
suppliers to maintain consistent quality. The company also focuses on ethical
sourcing and sustainability, including the procurement of certified organic and
non-GMO ingredients when required.

o Packaging Materials: Britannia uses high-quality, food-grade packaging

materials that ensure product freshness and safety. Incorporates eco-friendly
options to align with sustainability goals, reducing environmental impact
while maintaining consumer appeal.

 Infrastructure:

o Manufacturing Plants: Britannia operates state-of-the-art manufacturing

facilities strategically located across India to minimize logistics costs and
meet regional demand effectively. Each plant adheres to stringent safety,
quality, and environmental standards.

o Warehousing and Storage: Robust storage facilities ensure proper inventory

management, reducing wastage and spoilage. Warehouses are equipped with
temperature-controlled environments for perishable items.

o Distribution Network: A widespread distribution system ensures products are

available across urban and rural markets. Collaboration with third-party
logistics providers enhances supply chain efficiency, enabling Britannia to
deliver products to over 5 million retail outlets in India.

21
Project Execution
Project execution is a critical phase for Britannia Industries, where plans are transformed into
tangible outcomes. The company applies structured methodologies and leverages its resources
to ensure the successful implementation of projects, whether it’s launching a new product,
setting up a new manufacturing unit, or expanding market reach.

Planning and Initiation

Every project begins with clear planning and defined objectives that align with Britannia’s
strategic goals.

 Setting Objectives: Objectives are aligned with business priorities, such as launching a
new health-conscious product or improving supply chain efficiency. Measurable
outcomes are established, such as market penetration rates, revenue targets, or cost
reductions.

 Forming the Project Team: Multidisciplinary teams are created, consisting of members
from R&D, marketing, production, and logistics. Responsibilities and roles are clearly
defined to ensure accountability and smooth collaboration.

Resource Mobilization

Resource mobilization is the process of acquiring resources to advance Britannia’s mission. It

can involve securing financial, human, or material resources.

 Human Resources: Experts from various departments, including engineers, food

technologists, and marketers, are assigned specific roles. Third-party contractors may
be brought in for specialized tasks like plant construction or software implementation.

 Financial Resources: Budgets are allocated, and financial tracking mechanisms are put
in place to ensure cost control. Investments may cover procurement of raw materials,
machinery, marketing campaigns, or workforce training.

 Material and Technological Resources: Procurement teams secure the necessary raw
materials and technology to support the project. For example, a product launch may
require sourcing new ingredients or packaging materials, while a facility expansion
may involve purchasing advanced manufacturing equipment.

Implementation and Coordination

The implementation phase focuses on executing tasks according to the project plan.

 Product Development: New recipes or formulations are developed in Britannia’s R&D

22
 facilities, followed by small-scale testing for quality and consumer acceptance. Pilot
runs are conducted before scaling up production to minimize risks and refine processes.

 Manufacturing Setup: If the project involves a new plant or production line,

construction and equipment installation are carried out under strict timelines.
Compliance with safety, environmental, and quality standards is ensured throughout the
setup process.

 Marketing and Promotion: For product launches, marketing teams create targeted
campaigns that include digital ads, TV commercials, and in-store promotions. Britannia
leverages its strong brand equity and retail network to create buzz and ensure market
penetration.

 Supply Chain Coordination: The logistics team ensures raw materials and finished
goods are moved seamlessly across Britannia’s vast supply chain. A well-coordinated
distribution strategy ensures timely availability of products in all target markets.

Monitoring and Quality Assurance

Regular monitoring and quality checks are conducted to keep the project on track and ensure
desired outcomes.

 Performance Monitoring: Project progress is tracked against milestones and KPIs

(Key Performance Indicators) such as production efficiency, sales growth, or on-time
delivery. Real-time data and analytics tools are used to identify and address any
bottlenecks or deviations.

 Quality Assurance: Every stage of production undergoes rigorous quality checks to

ensure products meet Britannia’s high standards. Feedback from initial product testing
or market trials is used to refine the final offering.

Handover and Evaluation

Once the project is completed, it is handed over to the relevant teams for ongoing management.

 Operational Handover: For projects like new plant setups, the facility is handed over
to the operations team after thorough testing and validation. For product launches,
marketing and sales teams take over to manage distribution and promotional activities.

 Performance Review: Post-completion reviews assess the project’s success in meeting

its objectives. Learnings from the project are documented to improve the execution of
future initiatives.

Continuous Improvement

Britannia believes in continuous improvement to enhance efficiency and effectiveness.

 Feedback Loops: Customer feedback, market responses, and distributor inputs are
collected to gauge the product’s performance. These insights help improve product
quality, marketing strategies, and supply chain operations.
23
  Innovation Focus: Learnings from completed projects often inspire innovation for
future initiatives, such as leveraging AI for demand forecasting or exploring sustainable
packaging options.

Examples of Projects at Britannia Industries

1. Launch of Health-Oriented Products
With rising consumer awareness of health and wellness, Britannia has actively developed
products that cater to this segment.

 Multigrain Biscuits:
Objective: Introduce biscuits made with multigrains like oats, barley, and ragi to target health-
conscious consumers.

Execution: R&D teams formulated recipes balancing nutrition and taste.

Marketing campaigns highlighted the product's health benefits through television commercials,
social media ads, and in-store promotions.

Distribution networks ensured availability across urban and semi-urban markets.

Outcome: The product gained popularity among health-conscious adults, enhancing

Britannia’s brand reputation as a provider of healthy snacks.

 NutriChoice Range Expansion:

Objective: Expand the NutriChoice portfolio with low-sugar, diabetic-friendly, and high-fiber
options.

Execution: Leveraged consumer insights and market data to innovate new recipes and design
attractive packaging.

Outcome: Strengthened Britannia’s position in the health-food segment.

2. Modernization of Manufacturing Facilities

To meet growing demand and improve operational efficiency, Britannia regularly invests in
upgrading its production infrastructure.

Greenfield Manufacturing Facility in Ranjangaon, Maharashtra:

Objective: Build a state-of-the-art production unit to cater to rising product demand across
western India.

24
Execution:

Designed the facility to accommodate high-speed production lines with automated systems.

Incorporated sustainable practices like water recycling and renewable energy usage.

Trained workforce on new equipment and ensured compliance with safety and quality
standards.

Outcome: Enhanced production capacity, reduced logistics costs, and supported faster delivery
to markets.

3. Digital Transformation Initiatives

Britannia has embraced digital tools to streamline its operations and enhance customer
engagement.

 Implementation of ERP Systems:

o Objective: Improve integration and visibility across supply chain, inventory,

and sales processes.

o Execution:

 Deployed advanced ERP systems to consolidate real-time data from

various departments.

 Trained employees on using these systems to optimize workflows.

o Outcome: Reduced operational inefficiencies and enabled data-driven decision-

making.

 Direct-to-Consumer (D2C) Platform:

o Objective: Create a dedicated e-commerce platform for customers to purchase

Britannia products directly.

o Execution: Developed a user-friendly website and mobile app for online orders.

o Outcome: Strengthened customer relationships and captured a share of the

growing online shopping market.

25
 Subject Teacher ____________

Conclusion

Britannia Industries stands as a symbol of excellence in the FMCG sector, driven by robust
economic analysis, adherence to legal requirements, ultra-carefull accountancy, data-driven
strategies, and effective management practices. The company's ability to understand and
respond to market demand for its products, such as biscuits, cakes, and dairy goods, ensures
consistent consumer satisfaction. This demand is seamlessly supported by an efficient supply
chain and production system, leveraging modern manufacturing facilities and strategic resource
allocation.

From a legal perspective, Britannia’s compliance with diverse industry regulations and
certifications like HACCP, ISO standards, and BIS reflects its commitment to quality and
safety. The company also ensures adherence to labour and environmental laws, highlighting its
ethical and sustainable approach to operations. Obtaining licenses, such as the Export-Import
Code and statutory registrations like EPF and ESI, further solidifies its reputation as a
compliant and socially responsible entity.

In terms of accountancy, Britannia’s financial discipline is evident in its structured handling of

sales, purchases, and returns accounts. The preparation of trading accounts, profit and loss
statements, and balance sheets demonstrates its focus on transparency and accuracy in financial
reporting, enabling informed decision-making and stakeholder trust.

The use of statistical and logical tools underpins Britannia’s strategic planning. By collecting
and analysing data, the company employs graphical representations such as bar graphs, pie
charts, and histograms to gain insights into market trends, production efficiency, and consumer
behavior. These insights are instrumental in forecasting demand, optimizing supply chains, and
ensuring consistent growth.

Management activities form the backbone of Britannia’s operations. Through thorough

planning, resource optimization, and structured project execution, the company has
successfully launched innovative products, expanded its market presence, and modernized its
facilities. The alignment of these activities with strategic objectives ensures Britannia’s
continued growth and resilience in a competitive market.

26
In conclusion, Britannia Industries exemplifies the integration of economic acumen, legal
compliance, statistical rigor, and managerial efficiency. Its holistic approach to business
operations not only drives profitability but also reinforces its position as a trusted and admired
brand in the global FMCG landscape.

Chapterization

Sr. No. Title

1 Executive Summary

2 Introduction

3 Organization Profile

Economic Analysis
4

Legal Formalities & applicability

5

Accountancy
6

Statistics & Logics

7

27
 Management Activities
8

9 Conclusion

Prof. Rahul N. Rathod

(Class Mentor)

28
Appendices

29
 References
1. https://www.glassdoor.co.in
2. https://www.indiainfoline.com
3. https://www.britannia.co.in
4. https://en.wikipedia.org
5. https://www.scribd.com
6. https://www.linkedin.com/
7. https://www.statista.com/
8. https://fssai.gov.in/
9. https://www.indiacode.nic.in/
10. https://www.mca.gov.in/
11. https://cpcb.nic.in/
12. https://www.cci.gov.in/
13. https://labour.gov.in/
14. https://alephindia.in/
15. https://www.nobroker.in/
16. https://balancedscorecard.org/
17. https://ieeexplore.ieee.org/
18. https://healthcommcapacity.org/

30