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Britannia Annual Report 2007-2008

BALANCE SHEET
Rs. ’000
As at Schedule 31st March, 2008 31st March, 2007
SOURCES OF FUNDS
Shareholders’ funds
Share capital A 238,902 238,902
Reserves and surplus B 7,319,201 5,909,275
7,558,103 6,148,177
Loan funds C
Secured 19,372 15,346
Unsecured 1,041,603 32,467
1,060,975 47,813
8,619,078 6,195,990
APPLICATION OF FUNDS
Fixed assets D
Gross block 4,531,829 3,921,168
Less: Accumulated depreciation and amortisation 2,121,939 1,937,478
Net block 2,409,890 1,983,690
Capital work-in-progress and advances 96,917 160,264
2,506,807 2,143,954
Investments E 3,808,300 3,200,463
Deferred tax asset, net T(4) 23,759 12,426
Current assets, loans and advances
Inventories F 3,015,309 2,149,406
Sundry debtors G 463,255 286,070
Cash and bank balances H 437,664 486,460
Other current assets I 131,930 10,979
Loans and advances J 1,476,490 880,746
5,524,648 3,813,661
Less: Current liabilities and provisions
Liabilities K 2,470,177 2,367,195
Provisions L 1,006,517 863,071
3,476,694 3,230,266
Net current assets 2,047,954 583,395
Miscellaneous expenditure
(to the extent not written off or adjusted) M 232,258 255,752
8,619,078 6,195,990
Significant accounting policies and notes to accounts T
The schedules referred to above and the notes thereon form an integral part of the financial statements.
In terms of our report of even date

For and on behalf of


Lovelock & Lewes Chairman : Nusli N Wadia
Chartered Accountants Managing Director : Vinita Bali
Directors : Keki Dadiseth
: Avijit Deb
Usha A Narayanan : A K Hirjee
Partner : S S Kelkar
: Francois-Xavier Roger
Place: Mumbai Chief Financial Officer : Durgesh Mehta
Date: 28th May, 2008 Company Secretary : V Madan
28
Britannia Annual Report 2007-2008

PROFIT AND LOSS ACCOUNT


Rs. ’000
For the year ended Schedule 31st March, 2008 31st March, 2007
INCOME
Gross sales 26,176,594 23,172,131
Less : Excise duty 328,728 1,179,275
Net sales 25,847,866 21,992,856
Other income N 501,944 314,687
26,349,810 22,307,543
EXPENDITURE
Consumption of materials O 15,553,213 14,003,598
Staff cost P 905,267 766,680
Expenses Q 7,072,035 5,934,498
Depreciation and amortisation D 290,832 252,712
Financial expenses R 97,321 88,982
23,918,668 21,046,470
Profit before taxation and exceptional items 2,431,142 1,261,073
Exceptional items S 108,543 76,951
Profit before taxation 2,322,599 1,184,122
Income tax expense
- Current income tax 356,025 84,354
- Fringe benefit tax 66,652 51,348
- Wealth tax 1,224 1,224
- Deferred income tax, net (11,333) (29,339)
Profit after taxation 1,910,031 1,076,535
Profit brought forward 600,000 500,000
Profit available for appropriation 2,510,031 1,576,535
Appropriation
Transfer to general reserve 1,406,926 557,281
Proposed dividend 430,023 358,352
Tax on proposed dividend 73,082 60,902
Profit carried forward 600,000 600,000
2,510,031 1,576,535
Basic/diluted earnings per share (Rs.) 79.95 45.06
Significant accounting policies and notes to accounts T
The schedules referred to above and the notes thereon form an integral part of the financial statements.
In terms of our report of even date
For and on behalf of
Lovelock & Lewes Chairman : Nusli N Wadia
Chartered Accountants Managing Director : Vinita Bali
Directors : Keki Dadiseth
: Avijit Deb
Usha A Narayanan : A K Hirjee
Partner : S S Kelkar
: Francois-Xavier Roger
Place: Mumbai Chief Financial Officer : Durgesh Mehta
Date: 28th May, 2008 Company Secretary : V Madan
29
®
Annual Report
2006-2007

BALANCE SHEET
Rs. '000
As at Schedule 31st March, 2007 31st March, 2006
SOURCES OF FUNDS
Shareholders' funds
Share capital A 238,902 238,902
Reserves and surplus B 5,909,275 5,251,994
6,148,177 5,490,896

Loan funds C
Secured 15,346 16,200
Unsecured 32,467 77,383
47,813 93,583
Deferred tax liability, net T4 - 16,913
6,195,990 5,601,392
APPLICATION OF FUNDS
Fixed assets D
Gross block 3,921,168 3,153,666
Less: Accumulated depreciation and amortisation 1,937,478 1,748,063
Net block 1,983,690 1,405,603
Capital work-in-progress and advances 160,264 110,782
2,143,954 1,516,385
Investments E 3,200,463 3,598,641
Deferred tax asset, net T4 12,426 -
Current assets, loans and advances
Inventories F 2,149,406 1,851,667
Sundry debtors G 286,070 208,494
Cash and bank balances H 486,460 353,395
Other current assets I 1,709 1,847
Loans and advances J 890,016 940,316
3,813,661 3,355,719
Less: Current liabilities and provisions
Liabilities K 2,381,169 2,246,648
Provisions L 849,097 783,313
3,230,266 3,029,961
Net current assets 583,395 325,758
Miscellaneous expenditure
(to the extent not written off or adjusted ) M 255,752 160,608
6,195,990 5,601,392
Significant accounting policies and notes to accounts T
The schedules referred to above and the notes thereon form an integral part of the financial statements.
In terms of our report of even date
For and on behalf of
Lovelock & Lewes Chairman : Nusli N Wadia
Chartered Accountants
Managing Director : Vinita Bali
Directors : Keki Dadiseth
Usha A Narayanan
Partner : Pratap Khanna
: Francois-Xavier Roger
Place: Mumbai Chief Financial Officer : Durgesh Mehta
Date: 29th May, 2007 Company Secretary : V Madan

28
®
Annual Report
2006-2007

PROFIT AND LOSS ACCOUNT


Rs. '000
For the year ended Schedule 31st March, 2007 31st March, 2006
INCOME
Gross sales 23,171,135 18,179,211
Less : Excise duty 1,177,925 1,045,828
Net sales 21,993,210 17,133,383
Other income N 292,593 216,847
22,285,803 17,350,230
EXPENDITURE
Consumption of materials O 13,990,066 10,049,609
Staff cost P 767,056 730,661
Expenses Q 5,949,119 4,343,508
Depreciation and amortisation D 252,712 217,228
Financial expenses R 88,982 50,861
21,047,935 15,391,867

Profit before taxation and exceptional items 1,237,868 1,958,363


Exceptional items S 53,746 (48,765)
Profit before taxation 1,184,122 2,007,128
Income tax expense
- Current income tax 84,354 520,804
- Fringe benefit tax 51,348 23,312
- Wealth tax 1,224 582
- Deferred income tax, net (29,339) (1,834)
Profit after taxation 1,076,535 1,464,264
Profit brought forward 500,000 500,000
Profit available for appropriation 1,576,535 1,964,264
Appropriation
Transfer to general reserve 557,281 1,055,653
Dividends 358,352 358,352
Tax on dividends 60,902 50,259
Profit carried forward 600,000 500,000
1,576,535 1,964,264
Basic / diluted earnings per share
(after exceptional items) (Rs.) 44.16 59.96
Significant accounting policies and notes to accounts T

The schedules referred to above and the notes thereon form an integral part of the financial statements.
In terms of our report of even date
For and on behalf of
Lovelock & Lewes Chairman : Nusli N Wadia
Chartered Accountants
Managing Director : Vinita Bali
Directors : Keki Dadiseth
Usha A Narayanan
Partner : Pratap Khanna
: Francois-Xavier Roger
Place: Mumbai Chief Financial Officer : Durgesh Mehta
Date: 29th May, 2007 Company Secretary : V Madan

29
Annual Report
2005-2006

BALANCE SHEET

As at 31st March, 2006 31st March, 2005


Schedule
Rs. ’000 Rs. ’000
SOURCES OF FUNDS
Shareholders’ funds
Share capital A 238,902 238,902
Reserves and surplus B 5,251,994 4,196,341
5,490,896 4,435,243
Loan funds C
Secured 16,200 61,379
Unsecured 77,383 -
93,583 61,379
Deferred tax liability, net U(4) 16,913 33,516
5,601,392 4,530,138
APPLICATION OF FUNDS
Fixed assets D
Gross block 3,153,666 2,503,463
Less: Accumulated depreciation and amortisation 1,748,063 1,543,940
Net block 1,405,603 959,523
Capital work-in-progress and advances 110,782 378,876
1,516,385 1,338,399
Investments E 3,598,641 3,300,767
Current assets, loans and advances
Inventories F 1,847,956 1,341,899
Sundry debtors G 208,516 443,147
Cash and bank balances H 353,395 163,062
Other current assets I 5,558 2,185
Loans and advances J 940,652 631,468
3,356,077 2,581,761
Less : Current liabilities and provisions
Current liabilities K 2,247,006 2,059,717
Provisions L 783,313 973,431
3,030,319 3,033,148
Net current assets 325,758 (451,387)
Miscellaneous expenditure ( to the extent
not written off or adjusted ) M 160,608 342,359
5,601,392 4,530,138
Significant accounting policies and notes on accounts U
The schedules referred to above and the notes thereon form an integral part of the financial statements.
In terms of our report of even date
For and on behalf of Chairman : Nusli N Wadia
Lovelock & Lewes Directors : Georges Casala
Chartered Accountants : A.K. Hirjee
: Nimesh N Kampani
: S.S. Kelkar
Usha A Narayanan : Vijay L Kelkar
Partner : Pratap Khanna
Membership Number : 23997 : Francois - Xavier Roger
: Jeh N Wadia
Place : Mumbai Managing Director : Vinita Bali
Date : 31st May, 2006 Company Secretary : V Madan

!"
Annual Report
2005-2006

PROFIT AND LOSS ACCOUNT


For the year ended 31st March, 2006 31st March, 2005
Schedule
Rs. ’000 Rs. ’000
INCOME
Gross sales 18,179,211 16,154,485
Less : Excise duty [Refer note 11 of Schedule U] 1,045,828 1,059,008
Net sales 17,133,383 15,095,477

Other income N 216,847 791,010


17,350,230 15,886,487
EXPENDITURE
Consumption of materials O 10,049,609 8,876,269
Staff cost P 730,661 710,453
Expenses Q 4,343,508 3,637,999
Depreciation and amortisation D 217,228 189,707
Financial expenses R 50,861 51,492
15,391,867 13,465,920

Profit before taxation and exceptional items 1,958,363 2,420,567


Exceptional items S (48,765) 218,160
Profit before taxation 2,007,128 2,202,407
Income tax T 542,864 714,712
Profit after taxation 1,464,264 1,487,695
Profit brought forward 500,000 500,000
Reversal of proposed dividend of previous year - 10,777

Profit available for appropriation 1,964,264 1,998,472

Appropriation
Transfer to general reserve 1,055,653 1,117,102
Final dividend 358,352 334,462
Tax on final dividend 50,259 46,908
Profit carried forward 500,000 500,000
1,964,264 1,998,472

Basic / diluted earnings per share (Rs.) 59.96 60.59


Significant accounting policies and notes on accounts U
The schedules referred to above and the notes thereon form an integral part of the financial statements.
In terms of our report of even date
For and on behalf of Chairman : Nusli N Wadia
Lovelock & Lewes Directors : Georges Casala
Chartered Accountants : A.K. Hirjee
: Nimesh N Kampani
: S.S. Kelkar
Usha A Narayanan : Vijay L Kelkar
Partner : Pratap Khanna
Membership Number : 23997 : Francois - Xavier Roger
: Jeh N Wadia
Place : Mumbai Managing Director : Vinita Bali
Date : 31st May, 2006 Company Secretary : V Madan
!#
Britannia Annual Report 2009-10
BALANCE SHEET
Rs. ’000
As at Schedule 31 March 2010 31 March 2009
SOURCES OF FUNDS
Shareholders’ funds
Share capital A 238,902 238,902
Reserves and surplus B 3,723,620 8,006,510
3,962,522 8,245,412
Loan funds C
Secured 4,081,019 21,972
Unsecured 215,149 229,651
4,296,168 251,623
Deferred tax liability, net T (4) – 99,421
8,258,690 8,596,456
APPLICATION OF FUNDS
Fixed assets D
Gross block 5,478,331 5,115,047
Less: Accumulated depreciation and amortisation 2,663,323 2,336,654
Net block 2,815,008 2,778,393
Capital work-in-progress and advances 116,393 60,203
2,931,401 2,838,596
Investments E 4,906,389 4,230,969
Deferred tax asset, net T (4) 65,805 –
Current assets, loans and advances
Inventories F 2,683,435 2,536,331
Sundry debtors G 394,868 496,143
Cash and bank balances H 233,607 407,978
Other current assets I 144,649 137,085
Loans and advances J 1,753,611 1,815,878
5,210,170 5,393,415
Less: Current liabilities and provisions
Liabilities K 3,204,872 2,658,062
Provisions L 1,650,203 1,474,836
4,855,075 4,132,898
Net current assets 355,095 1,260,517
Miscellaneous expenditure
(to the extent not written off or adjusted) M – 266,374
8,258,690 8,596,456
Significant accounting policies and notes to accounts T
The schedules referred to above and the notes thereon form an integral part of the financial statements.
In terms of our report of even date For and on behalf of the Board of Directors
For Lovelock & Lewes Chairman : Nusli N Wadia
Firm Registration No. 301056E Managing Director : Vinita Bali
Chartered Accountants Directors : Avijit Deb
: A K Hirjee
: Nimesh N Kampani
Usha A Narayanan : S S Kelkar
Partner : Pratap Khanna
Membership No. 023997 : Nasser Munjee
: Ajai Puri
: Ness N Wadia
Place: Mumbai Chief Financial Officer : Raju Thomas
Date: 27 May 2010 Company Secretary : P Govindan
30
Britannia Annual Report 2009-10
PROFIT AND LOSS ACCOUNT
Rs. ’000
For the year ended Schedule 31 March 2010 31 March 2009
INCOME
Gross sales 34,245,793 31,428,919
Less: Excise duty 231,765 306,778
Net sales 34,014,028 31,122,141
Other income N 561,157 398,948
34,575,185 31,521,089
EXPENDITURE
Cost of materials O 21,689,064 19,103,947
Staff cost P 995,201 960,172
Expenses Q 9,696,961 8,430,867
Depreciation and amortisation D 375,434 334,560
Financial expenses R 82,059 160,071
32,838,719 28,989,617
Profit before taxation and exceptional items 1,736,466 2,531,472
Exceptional items (Profit)/Loss S 528,695 206,295
Profit before taxation 1,207,771 2,325,177
Income tax expense
- Current income tax 220,490 343,799
- Minimum alternative tax credit (13,827) –
- Fringe benefit tax – 52,973
- Wealth tax 1,224 1,224
- Deferred income tax, net (165,226) 123,180
Profit after taxation 1,165,110 1,804,001
Profit brought forward 1,095,989 600,000
Profit available for appropriation 2,261,099 2,404,001
Appropriations
Transfer to general reserve 117,000 190,000
Proposed dividend 597,254 –
Interim dividend – 955,607
Tax on Interim / Proposed dividend 99,196 162,405
Profit carried forward 1,447,649 1,095,989
2,261,099 2,404,001
Basic earnings per share of nominal value of Rs. 10 each
[Refer Note 23 of Schedule T] (Rs.) 48.77 75.51
Diluted earnings per share of nominal value of Rs. 10 each
[Refer Note 23 of Schedule T] (Rs.) 48.75 75.51
Significant accounting policies and notes to accounts T
The schedules referred to above and the notes thereon form an integral part of the financial statements.
In terms of our report of even date For and on behalf of the Board of Directors
For Lovelock & Lewes Chairman : Nusli N Wadia
Firm Registration No. 301056E Managing Director : Vinita Bali
Chartered Accountants Directors : Avijit Deb
: A K Hirjee
: Nimesh N Kampani
Usha A Narayanan : S S Kelkar
Partner : Pratap Khanna
Membership No. 023997 : Nasser Munjee
: Ajai Puri
: Ness N Wadia
Place: Mumbai Chief Financial Officer : Raju Thomas
Date: 27 May 2010 Company Secretary : P Govindan
31
Britannia Annual Report 2008-09
BALANCE SHEET
Rs. ’000
As at Schedule 31 March 2009 31 March 2008
SOURCES OF FUNDS
Shareholders’ funds
Share capital A 238,902 238,902
Reserves and surplus B 8,006,510 7,319,201
8,245,412 7,558,103
Loan funds C
Secured 21,972 19,372
Unsecured 229,651 1,041,603
251,623 1,060,975
Deferred tax liability, net T(4) 99,421 –
8,596,456 8,619,078
APPLICATION OF FUNDS
Fixed assets D
Gross block 5,115,047 4,531,829
Less: Accumulated depreciation and amortisation 2,336,654 2,121,939
Net block 2,778,393 2,409,890
Capital work-in-progress and advances 60,203 96,917
2,838,596 2,506,807
Investments E 4,230,969 3,808,300
Deferred tax asset, net – 23,759
Current assets, loans and advances
Inventories F 2,536,331 3,015,309
Sundry debtors G 496,143 463,255
Cash and bank balances H 407,978 437,664
Other current assets I 137,085 131,930
Loans and advances J 1,815,878 1,476,490
5,393,415 5,524,648
Less: Current liabilities and provisions
Liabilities K 2,658,062 2,470,177
Provisions L 1,474,836 1,006,517
4,132,898 3,476,694
Net current assets 1,260,517 2,047,954
Miscellaneous expenditure
(to the extent not written off or adjusted) M 266,374 232,258
8,596,456 8,619,078
Significant accounting policies and notes to accounts T

The schedules referred to above and the notes thereon form an integral part of the financial statements.
In terms of our report of even date

For and on behalf of Chairman : Nusli N Wadia


Lovelock & Lewes Managing Director : Vinita Bali
Chartered Accountants Directors : Keki Dadiseth
: A K Hirjee
Usha A Narayanan : S S Kelkar
Partner : Pratap Khanna
: Ajai Puri
Place: Mumbai Chief Financial Officer : Raju Thomas
Date: 27 May 2009 Company Secretary : V Madan

30
Britannia Annual Report 2008-09
PROFIT AND LOSS ACCOUNT
Rs. ’000
For the year ended Schedule 31 March 2009 31 March 2008
INCOME
Gross sales 31,428,919 26,169,773
Less: Excise duty 306,778 328,728
Net sales 31,122,141 25,841,045
Other income N 398,948 322,400
31,521,089 26,163,445
EXPENDITURE
Cost of materials O 19,103,947 15,546,196
Staff cost P 960,172 905,267
Expenses Q 8,430,867 7,079,052
Depreciation and amortisation D 334,560 290,832
Financial expenses R 160,071 97,321
28,989,617 23,918,668
Profit before taxation and exceptional items 2,531,472 2,244,777
Exceptional items (Profit)/Loss S 206,295 (77,822)
Profit before taxation 2,325,177 2,322,599
Income tax expense
- Current income tax 343,799 356,025
- Fringe benefit tax 52,973 66,652
- Wealth tax 1,224 1,224
- Deferred income tax, net 123,180 (11,333)
Profit after taxation 1,804,001 1,910,031
Profit brought forward 600,000 600,000
Profit available for appropriation 2,404,001 2,510,031
Appropriations
Transfer to general reserve 190,000 1,406,926
Interim dividend 955,607 –
Proposed dividend – 430,023
Tax on Interim / Proposed dividend 162,405 73,082
Profit carried forward 1,095,989 600,000
2,404,001 2,510,031
Basic earnings per share (Rs.) 75.51 79.95
Diluted earnings per share (Rs.) 75.51 79.95
Significant accounting policies and notes to accounts T

The schedules referred to above and the notes thereon form an integral part of the financial statements.
In terms of our report of even date

For and on behalf of Chairman : Nusli N Wadia


Lovelock & Lewes Managing Director : Vinita Bali
Chartered Accountants Directors : Keki Dadiseth
: A K Hirjee
Usha A Narayanan : S S Kelkar
Partner : Pratap Khanna
: Ajai Puri
Place: Mumbai Chief Financial Officer : Raju Thomas
Date: 27 May 2009 Company Secretary : V Madan

31

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