Britannia manufactures diary products from its plants located in Kolkata, Delhi, Chennai, Mumbai, and Rudrapur.

The company has a total installed capacity of 163,500 MT of biscuits and protein foodstuffs. Key brands include Tiger, Good Day, Milk Bikis, Treat, and Marie. In FY07 the company launched new brands; 50:50 Chutkule, Treat Fruit, Rollz, NutriChoice Digestive, and renovated Milk Bikis, Chota Tiger, and Chocolate Cream in the Tiger range. Today, more than a century after those tentative first steps, Britannia's fairy tale is not only going strong but blazing new standards, and that miniscule initial investment has grown by leaps and bounds to crores of rupees in wealth for Britannia's shareholders. Registered Office 5/1/A Hungerford Street, Kolkata - 700 017 West Bengal Ph: 033 - 2287 0505 / 2287 2439 / 2287 2057 Fax: 033 - 2287 2501 Executive Office Britannia Gardens, Airport Road (old), Vimanapura Bangalore - 560 017 Ph: 080 - 3940 0080 Fax: 080 - 2526 3265 / 2526 6063

Annual Performance 2009-10 | History of Growth rates | Quarterly Results |

Annual Reports |

Annual Accounts-Subsidiaries

The year witnessed unprecedented commodity inflation, particularly in sugar, wheat and milk products, in the latter half of the year, coupled with a fiercely competitive environment. This restrained your Companys ability to correct selling prices and had a high adverse impact on margins and profitability. Consequently, whilst your company added Rs 2817 MM to gross sales, Profit from Operations declined by Rs 778 MM, excluding provisions for certain one-off items aggregating Rs 258 MM for certain disputes relating to a long term lease, excise duty demand and obligation arising from a past acquisition. Net cash flow from operating activities was Rs 2353 MM, achieved by a disciplined approach to managing working capital. Exceptional items for the year include Rs 329 MM towards amortization of VRS costs and provision of Rs 200 MM for losses arising from Sri Lanka operations and closure. Earnings Per Share was Rs 48.77. The tables below show trends in performance across key parameters:

SIGNIFICANT RATIOS 2009-10 Measures of Investment Return on equity Profit after tax Shareholders funds % 29.40 2008-09 22.6

Book value per share

Shareholders' funds Number of equity shares

Rs.

165.9

334.0

Dividend cover

Earnings per share Dividend (plus tax) per share

times

1.7

1.6

Measures of Performance

Profit margin

Profit before tax & exceptional item Net Sales + Other Income

5.0

8.0

Debtors turnover

Gross Sales Debtors + Bills receivable

times

86.7

63.3

Stock turnover

Gross Sales Stock

times

12.8

12.4

Measures of Financial Status

Debt ratio

Borrowed capital Shareholders funds

108.4

3.2

Current ratio

Current assets Current liabilities

times

1.1

1.3

Tax ratio

Tax provision Profit before tax

3.5

22.4

Top

TEN YEAR FINANCIAL STATISTICS : 2001 - 2010 Rs. million As at / Year ended 31st March Assets employed Fixed assets less Depreciation & Amortisation 1,588 Investments Net current assets Miscellaneous expenditure 2,156 257 163 4,164 Financed by Equity shares Reserves & Surplus Loan funds 279 2,123 1,762 4,164 Profits and appropriations Sales Profit before Depreciation, Amortisation and Tax Depreciation and Amortisation Profit before tax and Exceptional items Exceptional items 13,325 1,369 189 1,180 (41) 14,510 1,630 240 1,390 1,201 13,941 1,722 261 1,461 12 14,705 2,251 224 2,027 (183) 16,154 2,645 190 2,455 (252) 18,179 2,218 217 2,001 6 23,171 1,514 253 1,261 (77) 26,170 2,536 291 2,245 78 31,429 2,866 335 2,531 (206) 34,246 2,112 275 1,737 (529) 269 3,430 1,846 5,545 259 3,653 1,545 5,457 239 4,059 392 4,702 239 4,196 61 4,496 239 5,252 94 5,585 239 5,909 48 6,196 239 7,319 1,061 8,619 239 8,006 252 8,497 239 3,723 4,296 8,258 1,632 3,104 592 217 5,545 1,481 2,969 747 260 5,457 1,283 2,913 43 463 4,702 1,338 3,301 (485) 342 4,496 1,516 3,599 309 161 5,585 2,144 3,200 596 256 6,196 2,507 3,808 2,072 232 8,619 2,839 4,231 1,161 266 8,497 2,931 4,906 421 8,258 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

Profit before tax * Taxation Profit after tax Dividends Tax on dividend Debenture Redemption Reserve Retained earnings

1,139 434 705 153 16 47 489

2,591 559 2,032 201 14 1,564

1,473 482 991 251 32 18 692

1,844 656 1,188 272 35 910

2,203 715 1,488 334 47 1,117

2,007 543 1,464 358 50 1,056

1,184 108 1,076 358 61 657

2,323 413 1,910 430 73 1,407

2,325 521 1,804 956 162 686

1,208 43 1,165 597 99 469

* Includes impact on account of transfer of dairy business of Rs. 1257 Mn in 2002.