Results Updates - Britannia, Bajaj Consumer, Avenue Supermarts

🧵Britannia Q2 Results

🍪12.1% growth in Revenue to 3419cr✅
🍪23.1% growth in PAT to 495cr✅
🍪RM outlook favorable driven by monsoons✅
🍪Sustained efficiency gains achieved in Q1✅


🧵Bajaj Consumer Q2 Results

🌰 Revenue up 5.0% yoy from 211cr to 221cr ✅
🌰 Gross Margins remain strong at 65.8% ✅
🌰 Spike in Mustard prices offset by drop in LLP ✅
🌰 E-commerce business growing 4x on small base ✅
🌰 ~700cr of CC&E; Good dividend resumption likely ✅

🌰 Ad intensity still remains high at 18.1% ❌
🌰 Market share growth story not manifesting ❌
🌰 Down-trading - Small SKus, Cheap products ❌
🌰 Hair oil market still flat; Urban pulling down ❌


🧵Avenue Supermarts Q2 Results

🛒Revenue down 12.3% to 5218cr❌
🛒Margin declined to 4.0% from 5.5%❌
🛒Asset turns declined- 1.67x annualized❌
🛒Merchandise & Apparel at 22.7% vs 27.3%❌
🛒6 stores added; 2 changed to Ecomm fulfillment✅
🛒Lower footfall, higher basket val trend reversal✅

Read through to other sectors
🛒FMCG & Staples sales robust✅
🛒General Merchandise and Garment sales weak❌

We have covered Bajaj Consumer in detail under GSN Invest++, you can read the indepth analysis here.