Technology

Britannia Industries (Britannia) is a dominant player in the Indian biscuits market
with ~35% market share. The company has a balanced portfolio with seven super
brands namely Tiger, Milk Bikis, Good Day, Treat, Marie Gold, 50-50 and
NutriChoice. The stock currently trades at 0.8x its FY2013 EV/sales, which is at
~27% discount to its five-year average EV/Sales of ~1.1x and hence, is attractive.
We Initiate Coverage on the stock with a Buy recommendation.

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