Analyst Meet

13th February 2013

Disclaimer

This presentation may contain statements which reflect

Management’s current views and estimates and could be

construed as forward looking statements. The future involves

risks and uncertainties that could cause actual results to differ

materially from the current views being expressed. Potential

risks and uncertainties include factors such as general

economic conditions, commodities and currency fluctuations,

competitive product and pricing pressures, industrial relations

and regulatory developments.

Food is a USD 240 billion

opportunity

Branded food growing

faster than overall food

and non-food

Biscuit is the largest

category in branded

foods ( ~ USD 2.2 billion)

Growth driven by rising

income, quality

consciousness and

convenience seekingBakery, other than biscuits,

is a growth opportunity for

Britannia

Dairy branded but

generic, growing fast and

providing scope for

differentiation

Quick Recap

3

3.0%

3.5%

4.0%

4.5%

5.0%

5.5%

6.0%

1,000

1,100

1,200

1,300

1,400

1,500

Q1 11-12 Q2 11-12 Q3 11-12 Q4 11-12 Q1 12-13 Q2 12-13 Q3 12-13

% N

SV

Rs.

Crs

NSV Profit from operations

Business Performance

NSV (% Gr over PY) 21.4% 18.2% 15.6% 16.8% 10.8% 8.7% 16.8%

A & SP (% to NSV) 7.5% 7.8% 7.0% 8.4% 8.1% 8.4% 8.4%

4

YTD December 12 Performance

Stand Alone

Nine Months ended FY 12-13

Growth Dec 12 Q1 Q2 Q3

Sales 12.1% 10.8% 8.7% 16.8%

PAT 9.2% 3.9% 20.5% 5.3%

Consolidated

Growth

Sales 12.6% 11.9% 9.5% 16.4%

PAT 21.0% 18.4% 36.4% 11.0%

5

Our Business other than Domestic Biscuit is Significant and Growing

~ Rs 15,000 MM*

Dairy Cake Bread Rusk International

‘*’ Annualized

6

Two Significant and Discontinuous Changes in Q3

Applies to Biscuits,

Bread, Rusk and Some

Dairy Products

Pack sizes are

standardized

Packs below certain price

points exempted

from standards

7

Implementation of

Legal Metrology Rules

Unexpected and steep

jump in commodity prices

Sudden And Unexpected Increase In Flour & Sugar Prices

100

9593

117

125

2010-11

2011-12

Q1 12-13

Q2 12-13

Q3 12-13

Flour – Market Price(2010-11=100)

100 103

108

126 125

2010-11

2011-12

Q1 12-13

Q2 12-13

Q3 12-13

Sugar – Market Price(2010-11=100)

Market Prices8

While moderate inflation in other key commodities was not adequate to off-set

100 100 100 100

111

127122

128128

113 115

141

118

102

115

133

97 98

114

134

RPO SMP Butter Mfg Fuel

(In

dex

20

10

-11

= 1

00

)

2010-11 2011-12 Q1 12-13 Q2 12-13 Q3 12-13

Market Prices9

3 Key Areas Drive Business Operations

Revenue Management

Newness & Innovation

Restructuring Cost Base

OperationalExcellence

• Comprehensive projects from design to delivery

• Continuous improvement in operations

• New delightful offerings

• Higher value realization

• Differentiated brands

• Differential Pricing

Significant New Initiatives…Strengthening The Tiger Proposition

11

Significant New Initiatives…Celebrating 25 Years Of Good Day With Consumers

12

Key Brands On Strong Growth Trajectory

100

143

Marie Gold Sales(Apr-11 = 100)

100

156

Ap

r-1

1

Jun

-11

Au

g-1

1

Oct

-11

Dec

-11

Feb

-12

Ap

r-1

2

Jun

-12

Au

g-1

2

Oct

-12

Milk Bikis Sales(Apr-11 = 100)

Source: Nielsen

13

Key Brands On Growth Trajectory

100

224

Ap

r-1

1

Jun

-11

Au

g-1

1

Oct

-11

Dec

-11

Feb

-12

Ap

r-1

2

Jun

-12

Au

g-1

2

Oct

-12

BIL NutriChoice Sales(Apr-11 = 100)

100

124

Ap

r-1

1

Jun

-11

Au

g-1

1

Oct

-11

Dec

-11

Feb

-12

Ap

r-1

2

Jun

-12

Au

g-1

2

Oct

-12

BIL 50-50 Sales(Apr-11 = 100)

Source: Nielsen

14

7.0

8.4 8.1 8.4 8.4

Q311-12

Q411-12

Q112-13

Q2 12-13

Q312-13

A&SP(% of NSV)

…. Backed by Consistent Brand Investment…

15

…..And Incremental Investment in the Back-end

BiharOrissa

New Greenfield Factory coming up in Jhagadia - Gujarat

16

Projects from Design

to Delivery

Continuous

Improvement

TQM, TPM, KaizenGreenfield

Projects

Technology

Initiatives

Managing Cost – Structured Effectiveness & Efficiency Initiatives

17

Consolidating Innovation

18

Consolidating Innovation

100

146

244

2010-11 2011-12 2012-13

Innovation SalesIndex (2010-11=100)

19

Awards & Recognition

20

Awards & Recognition

Golden Peacock Quality Award Asia-Pacific Quality Award

21

To Summarize

We operate in a large and competitive market

Brands are our business. And we continue to invest both in the front-end and back-end to strengthen them

Despite discontinuity in commodity and regulatory environment we have restored growth momentum and improved margins

Our focus is on 3 areas to drive operational excellence –Innovation, Revenue Management and Cost Management

22

invrl@britindia.com