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Director's Report
Home >> Markets >> Corporate Information >> Director's Report
Britannia Industries LtdIndustry : Food - Processing - MNC
BSE Code:500825
ISIN Demat:INE216A01030
Book Value(Rs):177.57
NSE Symbol:BRITANNIA
Div & Yield %:0.92
Market Cap (Rs Cr.):91378.25
P/E(TTM):53.11
EPS(TTM):71.48
Face Value(Rs):1
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Your Directors present their Report together with the Audited Financial Statements for the year ended 31 March, 2020.

I. FINANCIAL PERFORMANCE

a. Standalone Financial Results

Rs. in Crores
Particulars Year ended 31 March 2020 Year ended 31 March 2019
Revenue from Operations 10,986.68 10,482.45
Profit before tax 1,908.26 1,716.11
Profit after tax Dividend: 1,484.30 1,122.20
Final Dividend (including tax thereon) - 422.27A
Interim Dividend* 841.64 -

*Dividend Distribution Tax is not applicable with effect from 1 April 2020

A Net of dividend distribution tax on dividend received from one of the subsidiaries

b. Consolidated Financial Performance

Consolidated Financial Statements prepared in accordance with Section 133 of the Companies Act, 2013 read with the rules made thereunder and Indian Accounting Standards (Ind AS) along with the Auditor's Report form part of the Annual Report.

Consolidated Sales of your Company for the financial year ended 31 March 2020 is Rs.11,443.99 Crores vis-a-vis Rs.10,973.46 Crores in the previous year, registering a growth of 4.3%. Consolidated Net Profit attributable to the owners of the Company for the financial year ended 31 March 2020 is Rs.1,402.63 Crores vis-a-vis Rs.1,159.12 Crores in the previous year, registering a growth of 21%.

c. Overview of Company Performance

Your Company witnessed moderate growth in the first half of the year. The last part of 4th quarter was impacted by the unforeseen development of the COVID-19 pandemic. Despite the challenging business environment during the year 2019-20, your Company was able to increase its market share and improve profitability through innovations, cost efficiency programs and expansion in distribution.

COVID-19 has had a catastrophic impact on people and economy globally. We, in Britannia focussed on the following during this crisis:

(a) Safety of employees and other stakeholders

(b) Ensuring availability of our products, which are daily essentials, across the country.

During this crisis, the Wadia Group of Companies contributed to the nation's cause by providing 1.35 crore meal & meal equivalents and 90 lacs of bakery packs to the less fortunate, especially migrants, across 19 states and 110 cities.

Your Directors wish to place on record their appreciation to the Company's employees, suppliers, customers & Government authorities for their selfless efforts which helped your Company reach normalcy in operations within few weeks of lock-down. The ownership and responsiveness shown by all the stakeholders is unparalleled and is a testimony of the spirit of this great organisation.

Your Company shall review the long term impact of the pandemic and take all steps necessary to adapt itself to emerging changes and the new normal.

d. Subsidiaries, Associates and Joint Ventures

A report on the financial performance of each of the Subsidiaries and Associates included in the Consolidated Financial Statements is provided in Form AOC-1 and forms part of this Annual Report. The audited financial statements of all the subsidiaries are available on the website of the Company www.britannia.co.in.

During the year under review, your Company incorporated a wholly owned subsidiary in Dhaka, Bangladesh under the name of Britannia Bangladesh Private Limited. Your Company sold its equity stake in Klassik Foods Private Limited, an Associate Company, during the year.

e. Dividend

The Board of Directors at their Meeting held on 23 April 2020 declared Interim Dividend @ 3500% i.e., Rs.35 per Equity Share of Rs.1/- each for FY 2019-20. The Interim Dividend was paid to the shareholders holding shares as on Record Date i.e., Saturday, 2 May 2020. The total dividend payout for FY 2019-20 stands at Rs.841.64 Crores.

f. Bonus Debentures

Your Company, on completion of 100 years, rewarded its shareholders with allotment of 24,03,18,294 3-year secured, non-convertible, redeemable, fully paid-up Bonus Debentures of face value of Rs.30/- each, bearing interest at 8% p.a., to the Members of the Company, as on the Record Date, 23 August 2019, as per the ratio stipulated in the Scheme of Arrangement i.e., 1 fully paid-up Debenture of face value of Rs.30/- each for every 1 fully paid-up equity share of face value of Re 1/- each.

g. Reserves

Your Company transferred an amount of Rs.148.43 Crores to the General Reserve and Rs.180.24 Crores to the Debenture Redemption Reserve during the financial year ended 31 March 2020.

h. Share Capital

During the year under review, your Company allotted 1,50,002 equity shares of Rs.1/- each upon exercise of options under Britannia Industries Limited Employee Stock Option Scheme. Consequently, the paid up equity share capital of your Company increased by Rs.1,50,002 during the year.

II. OPERATIONAL PERFORMANCE

a. The Britannia Promise to Spread Delight

The desire to delight consumers with products that deliver excitement and goodness in every bite is at the heart of Britannia's promise. Your Company's commitment to deliver unique and ecstatic experiences to consumers continued to be the guiding principle of operations.

b. Supply Chain & Operations

Your Company, in the quest of improving competitiveness in its operations, has been carrying out various Cost Efficiency and Operational Excellence Programs across the value chain. During the year, your Company implemented Small Group Activity Programs across all its factories to strengthen the culture of safety of workers in such programs. Further, your Company successfully commissioned 3 Biscuit Lines and 1 Snack line at the Integrated Food Park, Ranjangaon, Maharashtra and operationalized its greenfield unit in Nepal.

c. Environment, Health and Safety

EHS policy of your Company drives Zero Accident Culture and that stands out as a Key differentiator to drive workplace safety initiatives. Your Company, during the year, reduced recordable injuries by 27% over the previous year.

All our manufacturing units are certified for conformance to OHSAS 18001 standards, other than a few recently commercialized units. Your Company manages occupational health and safety by systematically assessing the hazards and mitigating risks through awareness programs and safety training for employees.

Your Company has constituted a Central Medical Council that addresses health and hygiene needs at workplace by engaging with occupational health experts and providing advice to site based medical and paramedical staff to proactively manage health and wellness of employees.

A process was put in place to manage risks related to COVID-19 by day-to-day health monitoring of all employees and sanitising the workplace with the highest standard. Social distancing measures go beyond plant boundaries and all transport vehicles adhere to stipulated needs outlined by the government.

Your Company has also constituted a Central Environment Council led by subject matter experts to enable compliance to air, water and solid waste management. Water stewardship plan is in place to move towards water conservation and recharge.

d. Quality Programs

Quality and Food Safety continue to be key priorities for your Company. Your Company's efforts to ensure delivery of superior, safe and compliant products to its consumers were further strengthened during the year.

You would be happy to know that all the existing manufacturing units of your Company including contract manufacturing units are certified by an accredited third party in accordance with ‘Hazard Analysis Critical Control Points' (HACCP)/ISO 22000 standards and operate in compliance with stringent food safety and quality standards.

Your Company has received American Institute of Baking (AIB) Certification for 13 of its manufacturing units through compliance to Global Food Safety Standards.

Your Company's "Consumer Care Cell" continues to be compliant to the ‘Global standards on customer satisfaction & Guidelines on complaint handling' and sustained the revised requirements and certification ISO 10002:2018 during the year.

You will be delighted to know that your Company was recognized as "Food Company of the Year 2019" for the second time in succession at the India Food Safety Excellence Awards 2019 organized by SYNNEX.

e. Research and Development (R&D)

In its quest to be a ‘Global Total Foods Company', your Company is leveraging its R&D capabilities and expertise to innovate & renovate, provide world class products, improve packaging and reduce wastages.

Your R&D team has been working relentlessly towards building technology capabilities to provide more nutrients in Company's product portfolio. It has successfully built capability to use alternate cereals, whole grains, super seeds and protein isolates in the product portfolio.

During the year, "Britannia Nutrition Policy" was also adopted with the objective to provide consumers with convenient, delightful food choices to meet their daily nutritional needs and thereby contribute to a better quality of life and address major country specific nutrition related public health concerns like undernutrition and iron deficiency anaemia.

As part of its continuing efforts to ‘Make a Difference' to the community, your Company continues to invest in research and development to address key nutritional deficiencies. According to National Family Health Survey 4 (2015-16), anaemia continues to be a prime health concern across India with ~53% of the women being anaemic. In order to address Iron Deficiency Anaemia (IDA), your Company has developed a tasty and affordable Iron & Folic Acid fortified biscuit delivering 50-75% RDA of these nutrients to the women.

You will be happy to know that the ‘Suphoshan' Nutrition Intervention Program undertaken by the Britannia Nutrition Foundation (BNF), Narayana Health Charitable Trust and National Health Mission, Government of Rajasthan in adolescent school going children with iron and folic acid fortified biscuits developed by your Company's R&D team has led to significant increase in the haemoglobin levels in adolescents.

You will be delighted to know that your Company is the highest scoring among Indian headquartered companies in meeting the nutrition needs of consumers declared by "Access to Nutritional Index" (ATNI) in the 2nd iteration of the India spotlight 2020. Your Company was acknowledged for significant improvement since the last index in 2016.

Your Company aims to recycle, reduce and recover used plastic for sustainability. R&D team has been continuously working to reduce usage of plastic by removing plastic trays from the portfolio and is in the process of developing 100% reusable packaging. Your Company has successfully scaled up Extended Producers' Responsibility (EPR) initiatives PAN India for multilayer and plastic packaging waste collection and energy recovery in association with IPCA (Indian Pollution Control Association).

f. Conservation of Energy, Research and Development, Technology Absorption, Foreign Exchange Earnings and Outgo

Details of energy conservation, technology absorption, foreign exchange earnings and outgo in accordance with the provisions of Section 134 (3) (m) of the Companies Act, 2013 read with Rule 8 of the Companies (Accounts) Rules, 2014 are given as Annexure-‘A' to this Report.

g. Brands

2019-20 was a challenging year due to economic slowdown in the country impacting consumer spending. However, your Company's focus on brand building, delivering superior products and creating point of view based communication ensured growth and market leadership.

This was made possible by a host of marketing strategies and interventions.

Experiential activation of Brand Britannia - Britannia Khao World Cup Jao

Your Company brought back one of its most memorable campaigns - Britannia Khao World Cup Jao in April 2019. The nostalgic campaign, which debuted in 1999, brought together your Company and ICC Men's Cricket World Cup, with the mega prize of trip to watch live match in England and Wales.

The promotion also offered a bouquet of experiences and rewards to millions of consumers. The share of voice that the campaign garnered across media was unparalleled by any other brand which was active around the sporting event.

Strengthening core brands with activation and advertising

Your Company's leading biscuit brand, Good Day strengthened its presence in the market with new campaign in November 2019 which starred Deepika Padukone, leading Bollywood Actor. The campaign "Khushiyon Ki Zidd Karo" was to encourage people to reprioritize their goals and chase happiness instead.

Britannia Marie Gold launched the 2nd season of ‘Britannia Marie Gold My Startup' initiative which provides financial assistance to homemakers with entrepreneurial ideas. This year, the brand partnered with National Skill Development Corporation (NSDC) to launch India's first-ever skill development program customized for women with entrepreneurial aspirations. 10,000 women homemakers from across the country will undergo this online certification from the comfort of their homes. The Britannia Marie Gold My Start Up initiative is designed to help India's homemakers become financially independent and transform them into job creators.

Your Company also expanded its brand Milk Bikis to North & West India with new campaigns, market visibility and intensive sales efforts.

Powerful Relaunches

Your Company has re-launched NutriChoice Cream Crackers and NutriChoice Thin Arrowroot with improved product mix, visual product differentiation and differentiated packaging which have helped these brands to grow much faster than the industry.

Innovation Leadership-Britannia has re-enforced its thought & market leadership through multiple pioneering innovations Britannia nurtured innovations that were launched at the end of FY 2018-19 - Britannia Treat Burst, Britannia Treat Stars and Britannia 50-50 Jeera during FY 2019-20. In addition, two variants were launched under Treat-Tiramisu and Red Velvet as an "in and out" during the year and these were received very well by the consumers. Little Hearts Strawberry was also launched which is under test marketing in Maharashtra.

Wooing the millennial, digital consumers through disruptive digital content Little Hearts, a digital only brand, had launched a differentiated campaign for Valentine's Day, with a first-of-its-kind Qawwali- Rap battle, featuring Kaam Bhari and Ahsaas Channa. The brand-new song released on the eve of Valentine's Day is set in a rap-meets qawwali genre and is a fresh, fun and edgy take on heartbreaks and received more than 10 million views.

Britannia Good Day, India's Most Trusted Food Brand in reputed nation-wide consumer survey

In the reputed ‘Most Trusted Brands' survey conducted every year by The Economic Times Brand Equity publication, Britannia Good Day won the coveted position of Most Trusted Food brand in the country. The brand also secured the position of the 3rd most trusted brand in the country, a testimony to the immense love and trust our consumers across diverse age groups and demographics bestow on us.

Marie Gold and Bourbon also featured in the most trusted food brands in the same survey, in 6th position and 11th position respectively.

Awards & Recognition received in FY 2019-20

Your Company was honoured with the following:

• Goodday was rated the Most Trusted Brand in the Food Category & 3rd Most Trusted Brand across categories by Brand Equity.

• Pitch Best CMO Award for Consumer Connect.

• ATNI (Access to Nutrition Index) - Britannia ranked No.1 amongst Indian headquartered companies in ATNI 2020, underlining Britannia's efforts and commitments towards making nutrition accessible to billions in the country.

• CMO Global- Star of The Industry Awards For Excellence in Branding & Marketing- Best Brand Re-vitalization Award- Britannia 50-50.

- Best Use of Social Media in Marketing- Britannia Little Heart.

- Best Marketing Campaign- Britannia 100 years campaign.

• Campaign awards for Britannia Marie Gold My Start Up campaign 2019- Sabre Awards South Asia- Diamond Sabre Award for Superior Achievement in Research & Planning category.

- Fulcrum Awards- Best use of Integrated Communication.

- PR Asia Awards 2019- Cause related- Diversity & Inclusion.

III. DIRECTORS

a. Appointment/Re-Appointment

In accordance with the provisions of Section 152 of the Companies Act, 2013 and the Articles of Association of the Company, Mr. Nusli N Wadia (DIN:00015731), Chairman and Non-Executive Director is retiring by rotation at the ensuing Annual General Meeting (AGM) and is eligible for re-appointment.

The Board of Directors at their Meeting held on 2 June 2020, on the basis of the recommendation of the Nomination and Remuneration Committee, has proposed the re-appointment of Mr. Nusli N Wadia for approval of the shareholders at the ensuing AGM of the Company.

During the year under review, Mr. Nimesh N Kampani and Mrs. Ranjana Kumar retired from the Board of Directors of the Company w.e.f. 12 August 2019.

Further, the shareholders at the 100th Annual General Meeting held on 9 August 2019 appointed Mrs. Tanya Dubash as an Independent Director for a term of 5 years w.e.f. 7 February 2019 and re-appointed Mr. Avijit Deb, Mr. Keki Dadiseth and Dr. Ajai Puri as Independent Directors for another term of 5 years w.e.f. 12 August 2019.

b. Directors' Responsibility

Pursuant to Section 134(5) of the Companies Act, 2013, the Board of Directors, to the best of their knowledge and ability, confirm that:

(i) In the preparation of the annual accounts, the applicable accounting standards have been followed;

(ii) They have selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company as on 31 March 2020 and of the profit of the Company for the year;

(iii) They have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of this Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

(iv) The Annual Accounts are prepared on a going concern basis;

(v) They have laid down internal financial controls to be followed by the Company and that such internal financial controls are adequate and are operating effectively;

(vi) They have devised proper systems to ensure compliance with the provisions of all applicable laws and these systems are adequate and operating effectively.

Based on the framework of internal financial controls and compliance systems established and maintained by the Company, work performed by the internal, statutory and secretarial auditors and external consultant(s) and the reviews made by the Management and the relevant Board Committees including the Audit Committee, the Board is of the opinion that the Company's internal financial controls were adequate and operationally effective during FY 2019-20.

IV. CORPORATE SOCIAL RESPONSIBILITY (CSR)

Pursuant to the provisions of Section 135 of the Companies Act, 2013 read with the Companies (Corporate Social Responsibility Policy) Rules, 2014, your Company as part of its CSR initiatives has undertaken projects/programs in accordance with the CSR Policy. The details of the CSR activities are given as Annexure-‘B' forming part of this Report.

V. EMPLOYEES

a. Particulars of Remuneration of Directors, KMPs and Employees

A statement containing the details of the Remuneration of Directors, KMPs and Employees as required under Section 197(12) of the Companies Act, 2013 read with Rule 5 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 is given as Annexure-‘C' to this Report.

However, as per the provisions of Section 136 of the Companies Act, 2013, the report and financial statements are being sent to the Members and others entitled thereto after excluding the disclosure on particulars of employees. The disclosure is available for inspection by the Members at the Registered Office of your Company during business hours on all working days of the Company up to the date of the ensuing Annual General Meeting. If any Member is interested in obtaining a copy thereof, such Member may write an e-mail to investorrelations@britindia.com.

b. Employee Stock Option Scheme (ESOS)

The disclosure pursuant to the provisions of Securities and Exchange Board of India (Share Based Employee Benefits) Regulations, 2014 read with SEBI Circular No. CIR/CFD/POLICY CELL/2/2015 dated 16 June 2015 and Section 62(1) (b) of the Companies Act, 2013 read with Rule 12(9) of the Companies (Share Capital and Debentures) Rules, 2014 is given as Annexure-‘D' to this Report.

c. Disclosure on Sexual Harassment of Women at Workplace

The Company has an Internal Complaints Committee for providing a redressal mechanism pertaining to sexual harassment of women employees at workplace. During the year, two complaints were received by the Company under Anti-Sexual Harassment Policy and the same were resolved.

VI. GOVERNANCE/SECRETARIAL

a. Corporate Governance

A Report on Corporate Governance for the financial year ended 31 March 2020 along with the Statutory Auditor's Certificate on compliance with the provisions of corporate governance under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (hereinafter referred to as ‘SEBI Listing Regulations, 2015') is forming part of the Annual Report.

b. Business Responsibility Report

Pursuant to Regulation 34(2) (f) of SEBI Listing Regulations, 2015 read with SEBI Circular No. CIR/ CFD/CMD/10/2015 dated 4 November 2015, the ‘Business Responsibility Report' (BRR) of the Company for FY 2019-20 is forming part of the Annual Report.

c. Extract of Annual Return

Pursuant to the provisions of Section 134 (3) (a) of the Companies Act, 2013 read with the rules made thereunder, the Extract of Annual Return of the Company has been placed on the website of the Company.

Weblink: http://britannia.co.in/investors/annual-report.

d. Whistle Blower Policy

The details of Whistle Blower Policy are given in Clause No. 8 (c) of the Corporate Governance Report.

e. Board Evaluation

The details of evaluation of Directors, Committees and Board as a whole are given in Clause No. 3 (b) of the Corporate Governance Report.

f. Remuneration Policy

The details of the Remuneration Policy are given in Clause No. 3(b) of the Corporate Governance Report. Britannia Industries Limited Remuneration Policy for Directors, Key Managerial Personnel and other Employees is disclosed on the website of the Company.

Web Link: http://britannia.co.in/pdfs/Code of conduct/policies/Remuneration-Policy-for-Directors- KMPs.pdf

g. Risk Management

Your Company has a well-defined risk management framework in place and a robust organizational structure for managing and reporting risks. Your Company has constituted a Committee of the Board to monitor and review risk management plan. Risk management process has been established across your Company and is designed to identify, assess and frame a response to threats that affect the achievement of its objectives.

h. Independent Directors

Your Company has received declarations from all the Independent Directors confirming that they meet the criteria of independence as prescribed under the Companies Act, 2013 and SEBI Listing Regulations, 2015.

i. Board and Committees

The details of Board and its Committees are given in Clause No. 2 and 3 of the Corporate Governance Report.

j. Related Party Transactions

The framework for dealing with related party transactions is given in Clause no. 8(a) of the Corporate Governance Report.

During the year, your Company did not enter into any contract/arrangement/transactions with Related Parties referred in Section 188(1) of the Companies Act, 2013 read with the rules made thereunder. In accordance with Ind AS-24, the Related Party Transactions are disclosed under Note No. 45 of the Standalone Financial Statements.

k. Public Deposits

Your Company has neither accepted nor renewed any deposits from public within the meaning of Section 73 of the Companies Act, 2013 read with Companies (Acceptance of Deposits) Rules, 2014 during the year.

l. Particulars of Investments, Loans and Guarantees

The particulars of Investments, Loans and Guarantees covered under the provisions of Section 186 of the Companies Act, 2013 read with the rules made thereunder are given in the Note No. 38, 39 and 40 of the Standalone Financial Statements.

m. Significant and Material Orders passed by the Regulators

There were no significant and material orders passed by the Regulators or Courts or Tribunals during the year impacting the going concern status and the operations of the Company in future.

n. Compliance with Secretarial Standards

During the year under review, the Company has complied with all the applicable Secretarial Standards.

VII. AUDITORS

a. Statutory Auditors

M/s B S R & Co. LLP, Chartered Accountants, (‘BSR') (ICAI Firm Registration Number 101248W/W- 100022) were appointed as Statutory Auditors at the 91st Annual General Meeting (AGM) held on 9 August 2010 and thereafter at every AGM till 12 August 2014 in accordance with Section 224 of the erstwhile Companies Act, 1956.

Consequent to enactment of Companies Act, 2013, M/s B S R & Co. LLP, were appointed as the Statutory Auditors of the Company at the 95th AGM held on 12 August 2014 for a period of 5 consecutive years, subject to ratification by Members at every AGM in accordance with Section 139 of the Companies Act, 2013 read with the rules made thereunder.

Further, M/s B S R & Co. LLP were re-appointed as Statutory Auditors at the 100th AGM held on 9 August 2019, to hold office upto the ensuing AGM.

Since M/s B S R & Co. LLP, would be completing their term of 10 years as the Statutory Auditors of the Company, they are required to mandatorily retire at the ensuing AGM as per Section 139 of the Companies Act, 2013.

Pursuant to the recommendation of the Audit Committee, the Board of Directors of the Company at its meeting held on 7 February 2020 recommended the appointment of M/s Walker Chandiok & Co, Chartered Accountants (Firm Registration No. 001076N/N500013) as Statutory Auditors of the Company, for a period of five (5) consecutive years from the conclusion of the 101st AGM till the conclusion of 106th AGM of the Company to be held in the year 2025 subject to the approval of shareholders of the Company at the ensuing AGM.

In this regard, M/s Walker Chandiok & Co, Chartered Accountants have submitted their written consent that they are eligible and qualified to be appointed as Statutory Auditors of the Company in terms of Section 139 of the Companies Act, 2013 and also satisfy the criteria provided in Section 141 of the Companies Act, 2013.

b. Secretarial Audit

Pursuant to the provisions of Section 204 of the Companies Act, 2013 read with the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, your Company appointed M/s. Parikh & Associates, a firm of Company Secretaries in Practice to undertake the Secretarial Audit of the Company for FY 2019-20. The Secretarial Audit Report submitted by them is given as Annexure-‘E' to this Report.

c. Reporting of Frauds by Auditors

During the year under review, the Auditors have not reported any instances of frauds committed in the Company by its Officers or Employees to the Audit Committee under Section 143(12) of the Companies Act, 2013.

VIII. INTERNAL FINANCIAL CONTROLS

The details of adequacy of Internal Financial Controls are given in Clause (I) of the Management Discussion and Analysis Report.

IX. ACKNOWLEDGEMENTS

Your Directors would like to thank all stakeholders viz., customers, shareholders, dealers, suppliers, bankers, employees and all other business associates for the continuous support given by them to the Company and its Management.

On behalf of the Board
Nusli N Wadia
Place : Bengaluru Chairman
Date : 2 June 2020 (DIN:00015731)

   

   
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