CONTENTS

1- Acknowledgement 2- Introduction 3- About Britannia Pvt. Ltd 4- Objectives of this project 5- Vision 6- Values 7- Our partners 8- Research objective 9- Research methodology 10- Dispatching planning system 11- Dispatching process 12- Other information Brand Name Brand Code 13- Suggestions 14- Conclusion Bibliography

BRITANNIA
Company Overview
The story of one of India's favorite brands reads almost like a fairy tale. Once upon a time, in 1892 to be precise, a biscuit company was started in a nondescript house in Calcutta (now Kolkata) with an initial investment of Rs. 295. The company we all know as Britannia today. 1. The beginnings might have been humble-the dreams were anything but. By 1910, with the advent of electricity, Britannia mechanised its operations, and in 1921, it became the first company east of the Suez Canal to use imported gas ovens. Britannia's business was flourishing. But, more importantly, Britannia was acquiring a reputation for quality and value. As a result, during the tragic World War II, the Government reposed its trust in Britannia by contracting it to supply large quantities of "service biscuits" to the armed forces. As time moved on, the biscuit market continued to grow and Britannia grew along with it. In 1975, the Britannia Biscuit Company took over the distribution of biscuits from Parry's who till now distributed Britannia biscuits in India. In the subsequent public issue of 1978, Indian shareholding crossed 60%, firmly establishing the Indianness of the firm. The following year, Britannia Biscuit Company was re-christened Britannia Industries Limited (BIL). Four years later in 1983, it crossed the Rs. 100 crores revenue mark. On the operations front, the company was making equally dynamic strides. In 1992, it celebrated its Platinum Jubilee. In 1997, the company unveiled its new corporate identity - "Eat Healthy, Think Better" - and made its first foray into the dairy products market. In 1999, the "Britannia Khao, World Cup Jao" promotion further fortified the affinity consumers had with 'Brand Britannia'. Britannia strode into the 21st Century as one of India's biggest brands and the pre-eminent food brand of the country. It was equally recognised for its innovative approach to products and marketing: the Lagaan Match was voted India's most successful promotional activity of the year 2001 while the delicious Britannia 50-50 Maska-Chaska became India's most successful product launch. In 2002, Britannia's New Business Division formed a joint venture with Fonterra, the world's second largest Dairy Company, and Britannia New Zealand Foods Pvt. Ltd. was born. In recognition of its vision and accelerating graph, Forbes Global rated Britannia 'One amongst the Top 200 Small Companies of the World', and The Economic Times pegged Britannia India's 2nd Most Trusted Brand. 2

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. The company's offerings are spread across the spectrum with products ranging from the healthy and economical Tiger biscuits to the more lifestyle-oriented Milkman Cheese. Having succeeded in garnering the trust of almost one-third of India's one billion population and a strong management at the helm means Britannia will continue to dream big on its path of innovation and quality. And millions of consumers will savour the results, happily ever after. For the year ended 31st March 2008, the Company achieved a sales growth of 17.5% on an expanded base arising from 27.5% growth in the previous year. Net Profit of the Company increased 77.5 % to Rs 1,910 Mn compared with Rs 1,076 Mn in 2006-07. Operating Margin increased by 307 basis points to 7.5%. The Company witnessed all round growth in key categories with Biscuits recording sales of Rs. 23,299 Mn. Bread, Cake and Rusk business crossed the Rs. 2,700 Mn mark during 200708. This business has doubled in two years. In an intensely competitive biscuit environment, all Power Brands of the Company recorded double digit growth, with Tiger and Good Day growing in excess of 20%. The Companys innovation forays have successfully addressed new benefit clusters and NutriChoice Digestive has claimed its position in the health and vitality space. The Company continues to maintain its leadership edge in 6 out of 7 key product segments, the only exception being Glucose. The Company introduced several new and renovated offerings in Tiger, Good Day, Treat and MarieGold. The health and nutrition platform was buttressed by Tiger Banana with iron-zor, fortified Milk Bikis, renovated Marie Gold and Nutrichoice Digestive. To tap the more indulgent consumers, your Company launched Good Day Classic Cookies, while continuing to roll out individual consumption packs at the highly affordable Rs. 5 price point. The Bread, Cake and Rusk portfolio was strengthened with the successful relaunch of Breads, fortified with vitamins and minerals, positioning them firmly as the healthy start to your day. This innovation combined with relevant consumer activation in key markets has seen a 30%+ growth in the Bread, Cake and Rusk business.

MILESTONES OF THE COMPANY

1892 1910 1921 1939 44 The Genesis - Britannia established with an investment of Rs. 295 in Kolkata Advent of electricity sees operations mechanized Imported machinery introduced; Britannia becomes the first company East of the Suez to use gas ovens Sales rise exponentially to Rs.16,27,202 in 1939 During 1944 sales ramp up by more than eight times to reach Rs.1.36 crore 1975 1978 1979 1983 1989 1992 1993 1994 1997 Britannia Biscuit Company takes over biscuit distribution from Parry's Public issue - Indian shareholding crosses 60% Re-christened Britannia Industries Ltd. (BIL) Sales cross Rs.100 crore The Executive Office relocated to Bangalore BIL celebrates its Platinum Jubilee Wadia Group acquires stake in ABIL, UK and becomes an equal partner with Groupe Danone in BIL Volumes cross 1,00,000 tons of biscuits Re-birth - new corporate identity 'Eat Healthy, Think Better' leads to new mission: 'Make every third Indian a Britannia consumer' BIL enters the dairy products market 1999 2000 2001 Britannia Khao World Cup Jao" - a major success! Profit up by 37% Forbes Global Ranking - Britannia among Top 300 small companies BIL ranked one of India's biggest brands No.1 food brand of the country Britannia Lagaan Match: India's most successful promotional activity of the year Maska Chaska: India's most successful FMCG launch 2002 BIL launches joint venture with Fonterra, the world's second largest dairy company Britannia New Zealand Foods Pvt. Ltd. is born Rated as 'One amongst the Top 200 Small Companies of the World' by Forbes Global Economic Times ranks BIL India's 2nd Most Trusted BrandPure Magic -Winner of the Worldstar, Asiastar and Indiastar award for packaging 2003 Treat Duet'- most successful launch of the year Britannia Khao World Cup Jao rocks the consumer lives yet again 2004 Britannia accorded the status of being

a 'Superbrand' Volumes cross 3,00,000 tons of biscuits Good Day adds a new variant - Choconut - in its range 2005 Re-birth of Tiger - 'Swasth Khao, Tiger Ban Jao' becomes the popular chant! Britannia launched 'Greetings' range of premium assorted gift packs The new plant in Uttaranchal, commissioned ahead of schedule. The launch of yet another exciting snacking option - Britannia 50-50 Pepper Chakkar 2007 Britannia industries formed a joint venture with the Khimji Ramdas Group and acquired a 70 percent beneficial state in the Dubai-based Strategic Foods International Co. LLC and 65.4% in the Oman-based Al Sallan Food Industries Co. SAOG 2008 Britannia launched Iron fortified 'Tiger Banana' biscuits, 'Good Day Classic Cookies', Low Fat Dahi and renovated 'MarieGold'

KEY EMPLOYEES OF THE COMPANY

Name Mr. Nusli Neville Wadia Ms. Vinita Bali Mr. A.K.Hirjee Dr. Ajai Puri Mr. Avijit Deb Mr. Jeh N Wadia Mr. Keki Dadiseth Mr. Nimesh N Kampani Mr. Pratap Khanna Mr. S.S.Kelkar

Designation Chairman Managing Director Director Director Director Director Director Director Director Director

VISION OF BRITANNIA
The story of one of India's favourite brands reads almost like a fairy tale. Once upon a time, in 1892 to be precise, a biscuit company was started in a nondescript house in Calcutta (now Kolkata) with an initial investment of Rs. 295. The company we all know as Britannia today. The beginnings might have been humble-the dreams were anything but. By 1910, with the advent of electricity, Britannia mechanised its operations, and in 1921, it became the first company east of the Suez Canal to use imported gas ovens. Britannia's business was flourishing. But, more importantly, Britannia was acquiring a reputation for quality and value. As a result, during the tragic World War II, the Government reposed its trust in Britannia by contracting it to supply large quantities of "service biscuits" to the armed forces. As time moved on, the biscuit market continued to grow and Britannia grew along with it. In 1975, the Britannia Biscuit Company took over the distribution of biscuits from Parry's who till now distributed Britannia biscuits in India. In the subsequent public issue of 1978, Indian shareholding crossed 60%, firmly establishing the Indianness of the firm. The following year, Britannia Biscuit Company was re-christened Britannia Industries Limited (BIL). Four years later in 1983, it crossed the Rs. 100 crores revenue mark. On the operations front, the company was making equally dynamic strides. In 1992, it celebrated its Platinum Jubilee. In 1997, the company unveiled its new corporate identity "Eat Healthy, Think Better" - and made its first foray into the dairy products market. In 1999, the "Britannia Khao, World Cup Jao" promotion further fortified the affinity consumers had with 'Brand Britannia'. Britannia strode into the 21st Century as one of India's biggest brands and the pre-eminent food brand of the country. It was equally recognised for its innovative approach to products and marketing: the Lagaan Match was voted India's most successful promotional activity of the year 2001 while the delicious Britannia 50-50 Maska-Chaska became India's most successful product launch. In 2002, Britannia's New Business Division formed a joint venture with Fonterra, the world's second largest Dairy Company, and Britannia New Zealand Foods Pvt. Ltd. was born. In recognition of its vision and accelerating graph, Forbes Global rated Britannia 'One amongst the Top 200 Small Companies of the World', and The Economic Times pegged Britannia India's 2nd Most Trusted Brand.

VALUES
It is said that without theory, practice is blind and without practice theory is meaningless. Hence practical training has been made integral part of the management education in India. The summer training programmers are designed to give a manager the future of the corporate happenings and work culture. It exposes the potential of the manager of the future to the actual tune of the working environment present is dynamic organization. Personnel management is that part of management concerned with the people at work and with their relationships within the organization. Training is the process of increasing the knowledge and skill for doing a particular job. Itis an organized procedure by which people learn knowledge and skill for a definite purpose. The purpose of training is basically to bridge the gap between job requirements and present competency of an employee. I am fortunate project I tried to find out the working methods and techniques, which is enough to get the opportunity of vocational training at J. B. Mangharam Foods Pvt. Ltd., Gwalior.

PRODUCTS & SERVICES

Tiger, launched in 1997, became the largest brand in Britannia's portfolio in the very first year of its launch and continues to be so till today. Tiger has grown from strength to strength and the re-invigoration in June 2005 and more recently, in Apr 2008 has further helped bolster its growth in the highly competitive glucose biscuit category .

Tiger is a Glucose biscuit, which comes with the added goodness of wheat and milk. It is for modern mothers who play an enabling role for their children to compete in today's world and thus want the best. Now Tiger Glucose has been fortified with "Iron Zor" with an attempt towards addressing the Iron Deficiency crisis the children of India face. Over the years, Tiger has become the mass-market face of Britannia symbolising fun and energy in both urban and rural India, and transcending glucose biscuits. Tiger Coconut : Delicious Coconut Flavoured Energy Biscuits, launched in 2001 Tiger Creams : Was Introduced in 2002 at just Rs 5 per pack. Tiger Cream is now available in Orange, Elaichi, Chocolate, Pineapple, Strawberry and Butterscotch flavours, and promises to bring more fun and more energy to children across the country.

Chota Tiger : Is an extension of brand Tiger launched nationally in May, 2007. It is mini sized poppable glucose biscuit with coloured sugar sprinkling. It comes in two variants: Milk Sparkies and Choco Sparkies Tiger Banana : Britannia is committed to help secure every child's right to Growth & Development through good food everyday. Purposefully taking forward the credo of 'Eat Healthy, Think Better ', we have launched a new variant under our power brand TIGER TIGER BANANA - power packed with IRON ZOR & and with the delightful taste of banana. Britannia Good Day was launched in 1986 in two delectable avatars Good Day Cashew and Butter. Over the years, new variants were introduced - Good Day Pista Badam in 1989, Good Day Chocochips in 2000 and Good Day Choconut in 2004. 9

This rich biscuit enjoys a fan following of consumers across all ages, loyal to the brand promise of a great taste evident from the visibly abundant ingredients. Good Day is amongst the fastest growing brands in Britannia's portfolio and is today the market leader with almost 2/3 share of the market. The brand is synonymous with everyday treats that infuse happiness into people's daily lives. After two decades of magnificent success; it was time to give the nation yet another reason to have a good day. Abundance, goodness, indulgence and now unrestrained joy - that is the message of this new campaign. The new TT ad is the uncontrollable expression of the ticket collector's happiness and joy that is stimulated by consumption of the cookie, that spreads cheer amongst the people around him creating an atmosphere of shared joy that's unorchestrated and straight from the heart. The celebration was taken to the IPL as Good day cheered along with a million cricket fans in the stadiums, each screaming and proclaiming "Ho gaya re Good Day". The dazzling brilliance of this endeavour, the contagious rhythm needs to be lived and spread through the nation, making 'Iska toh ho Gaya Re Good Day' a part of the common lingo and a way of life. Good Day truly believes laughter and happiness are infectious, it transcends race, caste creed unifying humanity in an inclusive emotion. The brand perseveres to infuse cheer, hearten the nation and enliven lives. With its rightful place on the front page of The Times of India, Good Day gifts the nation a priceless treasure, that of spreading JOY! With a brand name like 50-50, can the product be anything but fun? Launched in 1993, 50-50 belongs to the family of crackers and is considered the "very very tasty tasty" snack.

Britannia 50-50 is the leader in its category with more than one-third of market share. The versatile and youthful brand constantly aims to provide a novel and exciting taste experience to the consumer. As a result, in 2001, the delicious Maska Chaska was launched as a variant of the original brand and became an instant success.

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Kids may dislike drinking milk, but they love Britannia Milk Bikis! Milk Bikis has been trusted by mothers as a source of growth energy of milk and their loyalty to the brand has made it an integral part of their children's nutrition regimen In 1996, Milk Bikis launched a variant called Milk Cream. These round biscuits come with smiley faces and are full of milk cream that makes them very popular with children. Milk Cream also promoted the idea of 'eating milk' in a yummy way, which makes mothers happy as well . To keep pace with the demands of the new generation and to bring milk nutrition to the masses in a delightful form, Milk Bikis, went one step further in the last quarter of 2006 in providing not just energy but developmental fuel for children. With a unique and attractive honeycomb design and an enhanced product experience, the new biscuit is now fortified with SMART NUTRIENTS 4 vital vitamins, iron and iodine, proven to aid mental and physical development in growing kids. Britannia's oldest brand enjoys a heritage that spans the last 50 years and going strong. In a market swamped with me-too products and where even the name 'Marie' has become generic, Britannia Marie Gold has maintained its stronghold. Today, the ever-popular Marie Gold is synonymous with the 'Tea Time Biscuit'. Its taste, crispiness and lightness make it a must for every tea break. It is the #1 brand in its category by a long shot.

11

Need For Study:In India brittania is one of biggest brand & preminent food brand of the country. The main aspect or need for study to know about the present financed position of the company. To know about the employee relations & their commitment towards the company. To gather the information regarding distribution of its products. To determine global expansion of the company.

OBJECTIVES OF THE STUDY: To know about the status of the competitors. To analyse the business level strategy of the company. To analyse the financial performance of the company To know about the experts view of the company. To determine sales activities by understanding customers business. To analyse strengths and weakness of the company. To know about the key employees of the company.

Data sources
The source of study is secondary data. The company information is collected from various websites related to BRITANNIA retail. www. BRITANNIA.com

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www.moneycontrol.com www.financialexpress.com. www.wikipedia.com www.indianfinancelevel.com www.webindia.com www.businesstimes.com

Company website: www.BRITANNIAretail.net Limitations Of Study: Reliability is not guaranteed. Secondary data can be general and vegue and maynot really help companies with decision making. The data may be old and out of data. The company publishing the data may not be reputable.

13

RESEARCH METHODOLOGY
Rs. in Crores Particulars Year ended 31 March 12 5,005.66 27.15 58.53 231.91 Year ended 31 March 11 4,230.59 25.20 48.92 186.89

Sale of Products Other Operating Revenues Other Income Profit from Operations (PBT before other income and finance costs) Profit Before Tax Less: Tax Net Profit Add: Profit brought forward Profit available for Appropriation Less: Proposed Dividend Less: Tax on Proposed Dividend Less: Transfer to General Reserve Balance carried forward to Balance Sheet Net Cash Flow from Operating Activities

252.37 65.63 186.74 185.29

198.06 52.77 145.29 144.77

372.03 101.53

290.06 77.64

16.47

12.60

18.68

14.53

235.35

185.29

210.66

246.32

14

RESEARCH METHODOLOGY
1. PROBLEM IDENTIFICATION: This is the first an important step in any research this is a very significant step. On the Other hand if the problem is well defined regularly than the research may be useless for the management of the organization for which the research is being conducted. As the researcher has opted finance as her specialization field, her decision of undertaking this research is genuine. One more thing which supports the researchs decision for design is that the finance is the life for any organization so it is also in favor of the organization to do each possible effort in the direction of maintaining a healthy financial position.

2. Type of Research:
The research work being undertaken by the researcher is purely analytical work becausethe research is an attempt to analyze the financial position of the organization on thebasis of the annual reports.

3. Objective of the study:

There are various objective of the study which is as follows: I. II. Primary objectives Secondary objectives.

The primary objectives of the study are to prepare the project report successfully was necessary to create some objective so that it helps task to get complete easily and correctly. 1. To highlight the policies and procedure of analysis of working capital & byanalyzing various ratios. 2. To make a detailed analysis of the strategies adopted by the company forplanning monitoring and financing working capital. 3. To identify the vertical areas where greater attention is needed for bettermanagement. 4. To give the feedback to the company for improvement in their strategies. ii. The secondary objectives of this study are as follows: a. To get some experience of working in an organization. b. To know the deficiencies in the area of the finances.

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4. Research Design: Before starting the research every researcher should know the objective of the study. The objective is already given to attain it various data is analyzed. Research design is analytical. 5. Sample size: A sample size cannot be given here because this study is purely based on secondary data and no field study is necessary for this analysis. 6. Analysis: Analysis of data is most essential and difficult task in the present report an attempt has been made to analyze each & every financial statement of the company effectively so that proper analysis can be made of financial condition of the company.

OBJECTIVE OF THE STUDY :

Objective is must for any study being done. It is an instrument for understanding thingbetter. Without an object it would be difficult to know how to proceed with the project.The objective gives a direction to the study. 1. To have knowledge about the inventory control measures and it management. 2. To study the problem & future prospect of J. B. Mangharam through inventorycontrol and disposal of scrap / obsolete items PROBLEM INDENTIFICATION: J. B. Mangharam is a contract packer of Britannia. Britannia has 100% equity of J. B. Mangharam. J. B. Mangharam is a subsidiary of Britannia and it does the job work for Britannia. Britannia provide all the raw material, packing material whether it is engineering material, ingredients like Maida, sugar, Chemical, Oil, Ghee or Packing Papers etc to J. R. Mangharam. J. B. Mangharam converts it into finished goods and gives it to Britannia; J. B. Mangharam cannot sell any of its Biscuits. Britannia has this right while J. B. Mangharam has to work out the order of Britannia. The staff of the department is from J. B. Mangharam and material provider is Britannia. I met the unit head Mr. S.K. Pandey and Commercial & Finance. Manager Mr. AldrinPashana

16

furnished me with complete information of the company and told me that the company has been suffering loss since last Two Years. I was given the task to reduce Inventory Cost and Engineering Cost that the company heads. They gave me all the documentary articles related to the task and asked to reduce the Inventory Cost. There are basically two types of Inventory cost: 1. Raw and packing material 2. Engineering store

RESEARCH METHODOLOGY
Research means a careful investigation or inquiry especially through search for new facts in any branch of knowledge. Thus it is an original contribution to the existing stock of knowledge making for its advancement and research methodology is a way to systematically solve the research problem. An appropriate methodology is an essence of any research work. The success of any project depends upon the method chosen. The project is about the inventory management. NEED OF THE STUDY : To manage the inventory level of J. B. Mangharam Food Pvt. Ltd. to ascertain its financial performance. Here the problem is to ascertain the financial performance with minimal expenditure of efforts, Time and Money in terms of long profitability, efficiency of operations, cost utilization, stability of incomes, growth. OBJECTIVE OF THE STUDY : In this project the objective of the study is inventory management in J. B. Mangharam Identification of the areas or details, which have no more relevance in the report. Identification of the key area on which company performance is dependent. Include all detail which reflects the position of company in current situation. To make someone criteria to fight with the competition. RESEARCH DESIGN: Research design facilitates the smoothness of various research operations there by making research as efficient as possible, yielding maximal information with minimal expenditure of efforts, time and money. Data has been collected through observation

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18

DATA ANALYSIS
Balance sheet
(Rs crore)

Mar ' 08 Mar ' 07 Mar ' 06 Mar ' 05 Mar ' 04 Sources of funds Owner's fund Equity share capital Share application money Preference share capital Reserves & surplus Loan funds Secured loans Unsecured loans Total Uses of funds Fixed assets Gross block Less : revaluation reserve Less : accumulated depreciation Net block Capital work-in-progress Investments Net current assets Current assets, loans & advances Less : current liabilities & provisions Total net current assets Miscellaneous expenses not written Total Notes: Book value of unquoted investments Market value of quoted investments Contingent liabilities Number of equity sharesoutstanding 23.89 731.92 1.94 104.16 861.91 453.18 212.19 240.99 9.69 380.83 554.84 347.67 207.17 23.23 861.91 380.81 2.93 169.55 238.90 23.89 590.93 1.53 3.25 619.60 392.12 193.75 198.37 16.03 320.05 382.61 323.03 59.58 25.58 619.60 352.55 2.12 102.63 238.90 23.89 525.20 1.62 7.74 558.45 315.37 174.81 140.56 11.08 359.86 349.10 318.22 30.88 16.06 558.45 392.33 2.88 67.24 238.90 23.89 419.63 6.14 449.66 250.35 154.39 95.95 31.70 330.08 278.07 320.37 -42.30 34.24 449.66 228.56 2.02 61.24 238.90 25.11 405.91 39.19 470.21 273.51 146.07 127.44 0.86 291.32 239.96 235.67 4.29 46.30 470.21 291.28 1.41 58.55 251.12
(Rs crore)

Cash flow
Mar ' 08 Mar ' 07 Mar ' 06 Mar ' 05 Mar ' 04 232.26 118.41 200.71 220.24 184.39 63.13 87.08 64.90 192.46 82.59 -130.31 59.05 -37.41 -45.18 39.47 53.08 -49.15 -36.17 -140.51 -185.96 -14.10 96.98 -8.68 6.77 -63.90 238.91 141.93 150.61 9.86 73.76 224.81 238.91 141.93 16.63 9.86

Profit before tax Net cashflow-operating activity Net cash used in investing activity Netcash used in fin. activity Net inc/dec in cash and equivlnt Cash and equivalnt begin of year Cash and equivalnt end of year

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Profit loss account

(Rs crore)

Mar ' 08 Mar ' 07 Mar ' 06 Mar ' 05 Mar ' 04 Income: Operating income Expenses Material consumed Manufacturing expenses Personnel expenses Selling expenses Adminstrative expenses Expenses capitalised Cost of sales Operating profit Other recurring income Adjusted PBDIT Financial expenses Depreciation Other write offs Adjusted PBT Tax charges Adjusted PAT Non recurring items Other non cash adjustments Reported net profit Earnigs before appropriation Equity dividend Preference dividend Dividend tax Retained earnings 2,587.86 1,563.79 244.96 90.53 363.20 93.06 2,355.54 232.32 24.07 256.39 9.73 29.08 217.57 41.26 176.31 -3.95 18.64 191.00 251.00 43.00 7.31 200.69 2,199.32 1,404.58 212.30 76.71 303.67 73.37 2,070.62 128.70 15.67 144.37 8.90 25.27 110.20 10.76 99.44 5.89 2.32 107.65 157.65 35.84 6.09 115.73 1,713.34 1,008.64 162.42 73.07 209.75 58.50 1,512.38 200.96 13.38 214.34 5.09 21.72 187.53 54.29 133.25 8.90 4.28 146.43 196.43 35.84 5.03 155.57 1,587.57 899.46 204.39 71.64 157.64 70.51 1,403.63 183.94 19.49 203.43 2.10 18.97 182.35 57.95 124.40 34.44 -8.99 149.85 199.85 33.45 4.69 161.71 1,439.61 767.10 194.39 82.06 167.39 67.24 1,278.18 161.44 15.81 177.24 6.05 22.40 9.72 139.07 65.59 73.48 38.93 6.39 118.80 168.80 27.23 3.49 138.08

Capital structure
(Rs crore)

From Year 2007 2006

To Year

Class Of Authorized Share Equity Share Equity Capital 50.00 50.00

Issued Capital

Paid Up Shares (Nos)

Paid Up Face Value 10 10

Paid Up Capital 23.89 23.89

2008 2007

23.89 23890163 23.89 23890163 20

2005 2004 2003 2002 2001 1999 1989 1988

2006 2005 2004 2003 2002 2001 1999 1989

Share Equity Share Equity Share Equity Share Equity Share Equity Share Equity Share Equity Share Equity Share

50.00 50.00 50.00 50.00 50.00 50.00 50.00 20.00

23.89 23890163 23.89 23890163 25.11 25112050 25.90 25904276 26.85 26850450 27.85 27850450 18.57 18566967 12.38 12378000

10 10 10 10 10 10 10 10

23.89 23.89 25.11 25.90 26.85 27.85 18.57 12.38

Ratios
(Rs crore)

Mar ' 08 Mar ' 07 Mar ' 06 Mar ' 05 Mar ' 04 Per share ratios Adjusted EPS (Rs) Adjusted cash EPS (Rs) Reported EPS (Rs) Reported cash EPS (Rs) Dividend per share Operating profit per share (Rs) Book value (excl rev res) per share (Rs) Book value (incl rev res) per share (Rs.) Net operating income per share (Rs) 73.80 85.98 79.95 92.12 18.00 97.24 306.65 306.65 1,083.23 21 41.62 52.20 45.06 55.64 15.00 53.87 246.65 246.65 920.60 55.78 64.87 61.29 70.38 15.00 84.12 223.12 223.12 717.17 52.07 60.01 62.27 70.21 14.00 76.99 171.32 171.32 664.53 29.26 42.05 47.31 60.10 11.00 64.29 153.20 153.20 573.28

Free reserves per share (Rs) Profitability ratios Operating margin (%) Gross profit margin (%) Net profit margin (%) Adjusted cash margin (%) Adjusted return on net worth (%) Reported return on net worth (%) Return on long term funds (%) Leverage ratios Long term debt / Equity Total debt/equity Owners fund as % of total source Fixed assets turnover ratio Liquidity ratios Current ratio Current ratio (inc. st loans) Quick ratio Inventory turnover ratio Payout ratios Dividend payout ratio (net profit) Dividend payout ratio (cash profit) Earning retention ratio Cash earnings retention ratio Coverage ratios Adjusted cash flow time total debt Financial charges coverage ratio Fin. charges cov.ratio (post tax) Component ratios Material cost component (% earnings) Selling cost Component Exports as percent of total sales Import comp. in raw mat. consumed Long term assets / total Assets Bonus component in equity capital (%)

294.86 8.97 7.85 7.31 7.86 24.06 26.07 29.99 0.14 87.69 5.73 1.60 1.23 0.72 9.98 26.34 22.85 71.47 75.51 0.51 26.34 23.61 59.76 14.03 0.44 0.09 0.53 91.82

234.99 5.85 4.70 4.86 5.63 16.87 18.26 19.32 0.01 99.22 5.63 1.18 1.17 0.51 12.88 38.94 31.54 57.84 66.39 0.03 16.22 15.94 65.41 13.80 0.66 0.20 0.58 91.82

211.46 11.72 10.46 8.48 8.97 24.99 27.47 34.97 0.01 98.32 5.43 1.10 1.07 0.47 11.79 27.90 24.30 69.34 73.64 0.06 42.14 34.06 59.58 12.24 0.65 0.19 0.59 91.82

159.66 11.58 10.39 9.25 8.92 30.39 36.34 41.58 0.01 98.63 6.34 0.86 0.83 0.40 14.13 25.63 22.73 69.35 73.40 0.04 96.71 80.74 56.04 9.92 2.51 5.03 0.62 91.82

142.11 11.21 9.65 8.16 7.25 19.09 30.87 33.66 0.09 91.66 5.93 1.02 0.76 0.44 14.69 25.86 20.35 58.19 70.91 0.37 29.32 25.96 54.20 11.62 0.37 1.69 0.61 92.22

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Annual Performance 2007-08 For the year ended 31st March 2008, the Company achieved a sales growth of 17.5% on an expanded base arising from 27.5% growth in the previous year. Net Profit of the Company increased 77.5 % to Rs 1,910 Mn compared with Rs 1,076 Mn in 2006-07. Operating Margin increased by 307 basis points to 7.5%.

Exceptional items for the year include Rs 130.5 Mn towards amortisation of VRS costs. Earnings per Share are Rs. 80 compared with Rs.45.1 last year The Company witnessed all 23

round growth in key categories with Biscuits recording sales of Rs. 23,299 Mn. Bread, Cake and Rusk business crossed the Rs. 2,700 Mn mark during 2007-08. This business has doubled in two years. In an intensely competitive biscuit environment, all Power Brands of the Company recorded double digit growth, with Tiger and Good Day growing in excess of 20%. The Companys innovation forays have successfully addressed new benefit clusters and NutriChoice Digestive has claimed its position in the health and vitality space. The Company continues to maintain its leadership edge in 6 out of 7 key product segments, the only exception being Glucose. The business continued to face inflationary pressure in key raw materials such as wheat flour, refined palm oil, skimmed milk powder and other dairy products, as well as energy costs. These were more than offset on the cost side through operational and procurement efficiencies, productivity improvements, cost reduction programs and on the revenue side through improved product mix and higher realisation, aided by strong consumer off take. britannia has an excellent track record of rewarding its shareholders. The company has an uninterrupted record of distributing dividends for several decades. The dividends declared over the last 10 years are as under: Year 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 Dividend Percentage 40.00 40.00 50.00 55.00 45.00 55.00 75.00 100.00 110.00 140.00 150.00 150.00 180.00

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BONUS Year 1961 1966 1968 1971 1976 1984 1987 1990 2000 Bonus Particulars 1 equity share for every 2 shares held 4 equity shares for every 10 shares held 2 equity shares for every 3 shares held 2 equity shares for every 3 shares held 7 equity shares for every 10 shares held 2 equity shares for every 5 shares held 2 equity shares for every 5 shares held 1 equity share for every 2 shares held 1 equity share for every 2 shares held

Comparison with Competitors

Last Price GlaxoSmith Con Britannia Lotte India Heritage Foods SKM Egg Product Agro Dutch Ind Sita Shree Food 930.95 1,565.55 525.00 81.65 18.10 11.45 10.35 Market Cap.
(Rs. cr.)

Sales Turnover 1,592.30 3,127.11 170.96 588.03 123.90 143.47 95.08

Net Profit 188.33 180.40 -2.14 0.94 10.50 -32.05 1.39

Total Assets 646.36 861.92 77.67 272.44 82.15 482.41 56.82

3,915.16 3,740.12 197.99 94.14 47.66 38.43 22.81

Balance sheet
------------------- in Rs. Cr. ------------------GlaxoSmith Kwality Britannia Nestle Mavens Biotech Con Dairy Mar '08 Dec '08 Dec '07 Mar '08 Mar '07 Sources Of Funds 25

Total Share Capital Equity Share Capital Share Application Money Preference Share Capital Reserves Revaluation Reserves Networth
Secured Loans

Unsecured Loans Total Debt Total Liabilities

23.89 96.42 23.89 96.42 0.00 0.00 0.00 0.00 731.92 376.93 0.00 0.00 755.81 473.35 1.94 0.82 104.16 0.00 106.10 0.82 861.91 474.17 Britannia Nestle Mar '08 Dec '08

42.06 42.06 0.00 0.00 604.29 0.00 646.35 0.00 0.00 0.00 646.35 GlaxoSmith Con Dec '07 523.68 297.65 226.03 17.31 297.84 194.82 27.36 32.17 254.35 62.15 61.50 378.00 0.00 243.65 29.17 272.82 105.18 0.00 646.36 7.03 153.69

10.99 10.99 0.00 0.00 3.39 0.00 14.38 0.00 0.00 0.00 14.38 Mavens Biotech Mar '08 4.52 0.39 4.13 0.53 0.37 5.95 2.84 0.10 8.89 1.17 0.00 10.06 0.00 0.02 0.69 0.71 9.35 0.00 14.38 0.00 13.09

18.20 18.20 0.00 0.00 1.99 0.00 20.19 13.79 0.85 14.64 34.83 Kwality Dairy Mar '07 17.18 10.28 6.90 0.00 0.00 17.91 24.02 0.51 42.44 16.96 0.68 60.08 0.00 31.43 0.69 32.12 27.96 0.00 34.86 11.78 11.09

Application Of Funds Gross Block Less: Accum. Depreciation Net Block Capital Work in Progress Investments Inventories Sundry Debtors Cash and Bank Balance Total Current Assets Loans and Advances Fixed Deposits Total CA, Loans & Advances Deffered Credit Current Liabilities Provisions Total CL & Provisions Net Current Assets Miscellaneous Expenses Total Assets Contingent Liabilities Book Value (Rs) 453.18 212.19 240.99 9.69 380.83 301.53 46.33 43.54 391.40 163.22 0.23 554.85 0.00 247.02 100.65 347.67 207.18 23.23 861.92 169.55 316.37 1,404.8 5 651.85 753.00 109.17 34.90 434.91 45.59 12.66 493.16 162.67 181.03 836.86 0.00 582.44 677.32 1,259.7 6 -422.90 0.00 474.17 84.90 49.09

26

Profit & Loss account

------------------- in Rs. Cr. ------------------GlaxoSmith Mavens Kwality Britannia Nestle Con Biotech Dairy Mar '08 Dec '08 Dec '07 Mar '08 Mar '07 Income Sales Turnover Excise Duty Net Sales Other Income Stock Adjustments Total Income Expenditure Raw Materials Power & Fuel Cost Employee Cost Other Manufacturing Expenses 1,546.74 2,153.8 5 22.78 159.76 90.53 314.58 222.18 73.46 27 471.61 30.44 154.94 113.41 0.00 0.02 0.14 19.71 141.75 3.22 0.86 0.64 2,617.66 4,472.0 4 29.80 143.39 4,328.6 2,587.86 5 20.12 29.88 -17.05 31.11 4,389.6 2,590.93 4 1,429.97 122.09 1,307.88 31.67 27.34 1,366.89 20.77 0.00 20.77 0.12 0.25 21.14 149.61 0.00 149.61 0.07 6.81 156.49

Selling and Admin Expenses Miscellaneous Expenses Preoperative Exp Capitalised Total Expenses

382.26 736.73 74.00 81.40 0.00 0.00 3,519.7 2,338.49 8 Britannia Nestle Mar '08 232.32 252.44 9.73 242.71 29.08 0.00 213.63 18.64 232.27 41.26 191.00 791.74 Dec '08 839.98 869.86 1.64 868.22 92.36 0.00 775.86 0.00 775.86 238.74 534.08 1,365.9

270.50 32.03 0.00 1,072.93 GlaxoSmith Con Dec '07 262.29 293.96 4.61 289.35 43.49 0.00 245.86 0.02 245.88 82.46 162.68 601.32 0.00 50.47 8.58 420.56 38.68 120.00 153.69

0.27 0.06 0.00 20.20 Mavens Biotech Mar '08 0.82 0.94 0.00 0.94 0.09 0.00 0.85 0.00 0.85 0.30 0.54 20.21 0.00 0.39 0.00 109.92 0.49 3.00 13.09

1.11 0.37 0.00 147.95 Kwality Dairy Mar '07 8.47 8.54 1.91 6.63 0.89 0.08 5.66 0.00 5.66 1.93 3.73 6.20 0.00 0.00 0.00 182.00 2.05 0.00 11.09

Operating Profit PBDIT Interest PBDT Depreciation Other Written Off Profit Before Tax Extra-ordinary items PBT (Post Extra-ord Items) Tax Reported Net Profit Total Value Addition Preference Dividend Equity Dividend Corporate Dividend Tax Per share data (annualised) Shares in issue (lakhs) Earning Per Share (Rs) Equity Dividend (%) Book Value (Rs)

2 0.00 0.00 43.00 409.77 7.31 69.64

238.90 964.16 79.95 55.39 180.00 425.00 316.37 49.09

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TEN YEAR FINANCIAL STATISTICS : 1999 - 2008 Rs. million As at / Year ended 31st March Assets employed Fixed assets less Depreciation & Amortisation Investments Net current assets Miscellaneous expenditure Financed by Equity shares Reserves & Surplus Loan funds Profits and appropriations Sales Profit before Depreciation, Amortisation and Tax Depreciation and Amortisation Profit before tax and 10,301 11,698 13,325 14,510 13,491 14,705 16,154 18,179 23,171 26,177 186 279 279 269 259 251 392 239 61 239 94 239 48 239 7,319 1,061 8,619 1,308 1,586 2,123 3,430 3,653 4,059 4,196 5,252 5,909 1,170 1,098 1,762 1,846 1,545 2,664 2,963 4,164 5,545 5,457 4,702 4,496 5,585 6,196 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008

1,353 1,306 1,588 1,632 1,481 1,283 1,338 1,516 2,144 1,293 1,470 2,156 3,104 2,969 2,913 3,301 3,599 3,200 18 65 122 257 163 592 217 747 260 43 463 (485) 342 309 161 596 256

2,507 3,808 2,072 232 8,619

2,664 2,963 4,164 5,545 5,457 4,702 4,496 5,585 6,196

735

962

1,369 1,630 1,722 2,251 2,645 2,218 1514

2,723

159 576

172 790

189

240

261

224

190

217

253

291 2,432

1,180 1,390 1,461 2,027 2,455 2,001 1,261

29

Exceptional items Exceptional items Profit before tax * Taxation Profit after tax Dividends Tax on dividend Debenture Redemption Reserve Retained earnings 576 180 396 102 11 283 (19) 771 261 510 125 14 371 (41) 434 705 153 16 47 489 1,201 559 2,032 201 14 1,564 12 482 991 251 32 18 692 (183) (252) 656 272 35 910 715 334 47 6 543 358 50 (77) 108 358 61 657 (109) 2,323 413 1,910 430 73 1,407 1,139 2,591 1,473 1,844 2,203 2,007 1,184 1,188 1,488 1,464 1,076

1,117 1,056

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COMPANY PERFORMANCE For the year ended 31st March, 2008, your Company achieved a sales growth of 17.5% on an expanded base arising from 27.5% growth in the previous year. Net Profit of the Company increased 77.5% to Rs. 1,910 Mn compared to Rs. 1,076 Mn in 2006-07. Operating margin increased by 307 basis points to 7.5%. The Company witnessed all round growth in key categories with Biscuits recording sales of Rs. 23,299 Mn. Bread, Cake and Rusk business crossed the Rs. 2,700 Mn mark during 200708. This business has doubled in two years. In an intensely competitive biscuit environment, all Power Brands of the Company recorded double digit growth, with Tiger and Good Day growing in excess of 20%. Your Companys innovation forays have successfully addressed new benefit clusters and Nutri Choice Digestive has claimed its position in the health and vitality space. Your Company continues to maintain its leadership edge in 6 out of 7 key product segments, the only exception being Glucose. DIVIDEND The Board of Directors is pleased to recommend a dividend of 180% onthe paid up equity share capital of the Company, which works out to Rs.18 per share, for consideration and approval by the shareholders at theAnnual General Meeting. The total payout amounts to Rs. 503 Mnncluding dividend distribution tax of Rs. 73 Mn. BUSINESS OUTLOOK After several years of strong GDP growth, the Indian economy is witnessing a slowdown. We enter the new financial year, in the midst of a serious food crisis globally, which has led to high inflation in all staples like wheat, rice, corn, pulses etc. We expect this supply constrained inflationary environment to dampen industry growth in the coming year. In this scenario, your Company will continue to pursue a strategy to identify and exploit profitable growth opportunities by increasing the consumer preference and consumption of Britannia brands, leveraging the three growth vectors of brand, geography and channel. The key themes pursued by your Company are to increase brand relevance and differentiation, improve availability, structurally building capability and efficiencies to be cost competitive. 31

BRAND INVESTMENT All Power Brands - Tiger, Good Day, Milk Bikis, Treat, MarieGold, 50:50 and NutriChoice saw significant investment in increasing preference and purchase and secured double digit growth. Your Company also introduced several new and renovated offerings in Tiger, Good Day, Treat and MarieGold. The health and nutrition platform was buttressed by Tiger Banana with iron-zor, fortified Milk Bikis, renovated MarieGold and NutriChoice Digestive. To tap the more indulgent consumers, your Company launched Good Day Classic Cookies, while continuing to roll out individual consumption packs at the highly affordable Rs. 5 price point. INTELLECTUAL PROPERTY RIGHTS (IPR) Last year we reported the creation of the IPR Committee of the Board to monitor and direct the Companys IPR. The key issue addressed by the Committee was the unauthorised use by Generate Biscuit, a subsidiary of Groupe Danone, of your Companys Tiger brand in five countries and registration in a large number of other countries. Based on legal advice, your Company initiated proceedings against Generale Biscuit, and its Associates in Singapore and Malaysia. Further, during the year, Groupe Danone divested its biscuit business worldwide (with the exception of India and Latin America) including Generale Biscuit, in favour of M/s Kraft Inc. USA and your Company continues to pursue the return of its Tiger IPR under the direction of the Committee. 7. MANUFACTURING OPERATIONS Following the significant addition to manufacturing capacity in the previous year, the focus in 2007- 08 was to increase responsiveness and cost effectiveness of the supply chain. Several technology innovation projects to secure cost and quality advantages and support introduction of differentiated products were completed. New technology based products were successfully manufactured using equipment designed internally. During the year your Company filed for 2 patents.

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QUALITY STANDARDS Notable progress was made in quality, the drive for ongoing quality training, including the development of an e-learning portal. The vendor quality improvement program was intensified and the continuous grinding in of quality practices at all manufacturing units formed a key plank of building a quality culture. A retail audit system was rolled out to monitor quality of products at point of sale. INFORMATION TECHNOLOGY Several initiatives were undertaken to enhance business performance, enabled by IT infrastructure and processes. These included availability of timely and granular information to improve planning and performance measurement in manufacturing, logistics, distribution, sales and quality. CORPORATE SOCIAL RESPONSIBILITY The partnership your Company has created with Global Alliance for Improved Nutrition (GAIN) and the Naandi Foundation to supply iron fortified Tiger biscuits to supplement the Mid-Day Meal program in schools, has been recognised as a unique program globally by GAIN. This prompted the World Bank Institute to write a case study and your Company was invited to make a commitment to the Clinton Global Initiative, a non-partisan catalyst for action that brings together a community of global leaders to devise and implement solutions for some of the worlds pressing challenges like nutrition. PENSION The Britannia Industries Limited Covenanted Staff Pension Fund (Trust) received a Show Cause Notice from the Commissioner of Income Tax, Kolkata, asking the Trust to show cause why the recognition granted to the Trust should not be withdrawn for refund of excess contribution of Rs. 121.2 Mn to the Company. The matter has been dealt with in note No. 29 of Schedule T to the Accounts, which is self explanatory.

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ENERGY, TECHNOLOGY AND FOREIGN EXCHANGE Details of energy conservation, technology absorption, foreign exchange earnings and outgoings in accordance with the provisions of clause (e) of sub-section (1) of Section 217 of the Companies Act, 1956, read with the Companies (Disclosure of the Particulars in the Report of Board of Directors) Rules, 1988, are given as an annexure to the Directors Report. CONSOLIDATED FINANCIAL RESULTS Your Company has prepared Consolidated Financial Statements in accordance with Accounting Standard 21(AS-21) issued by the Institute of Chartered Accountants of India. The Consolidated Statements reflect the results of the Company with that of its Subsidiaries, Joint Ventures and Associates. As required by Clause 32 of the Listing Agreement with the Stock Exchanges, the Audited Consolidated Financial Statements together with the Auditors Report thereon are annexed and form part of this Annual Report. The Consolidated turnover and net profits of the Company for the year ended 31st March, 2008 were Rs. 28,099 Mn and Rs. 1,774 Mn respectively. SUBSIDIARIES, JOINT VENTURES AND ASSOCIATES Your Directors present herewith a broad overview of the operations and financials of its Subsidiaries, Joint Ventures and Associates. Subsidiaries Investment and Holding Companies M/s Boribunder Finance and Investments Private Limited (Boribunder), M/s Flora Investments Company Private Limited (Flora) and M/s Gilt Edge Finance and Investments Private Limited. Name of Subsidiary Gross Net Profit/ Income (Loss) Rs.Mn International Bakery Products Limited, TC Balam, Tamil Nadu J B Mangharam Foods 34 98 (7.4) 106 Rs.Mn 3.5

Private Limited, Gwalior Manna Foods Private Limited, Bangalore Ganges Vally Foods Private Limited, Kolkata Sunrise Biscuit Company Private Limited, Guwahati Britannia and Associates (Mauritius) Private Ltd. Britannia and Associates (Mauritius) Private Ltd, (BAMPL) a Company formed in Mauritius is the holding Company of Britannia and Associates (Dubai) Private Co. Ltd, (BADCO) a Jebel Ali Free Zone Company, which in turn holds strategic investments in Strategic Food International Co. LLC, Dubai and Al Sallan Food Industries Company SAOG, Oman. Welfare Companies M/s Britannia Employees General Welfare Association Private Limited, M/s Britannia Employees Educational Welfare Association Private Limited and M/s Britannia Employees Medical Welfare Association Private Limited are the three other associates of your Company. These are companies limited by guarantee and have no share capital. These have been set up for general, educational and medical welfare of the employees of your Company. CORPORATE GOVERNANCE In accordance with Clause 49 of the Listing Agreement with the Stock Exchanges, a separate report on Corporate Governance along with the Auditors Certificate on its compliance is attached to this Report. 83 (0.3) 96 0.6 30 1.6

STATUS OF THE COMPETITORS

Last Price Market Cap.
(Rs. cr.)

Sales Net Profit Turnover 1,592.30 3,127.11 170.96 588.03 123.90 143.47 95.08 188.33 180.40 -2.14 0.94 10.50 -32.05 1.39

Total Assets 646.36 861.92 77.67 272.44 82.15 482.41 56.82

GlaxoSmith Con Britannia Lotte India Heritage Foods SKM Egg Product Agro Dutch Ind Sita Shree Food

930.95 1,565.55 525.00 81.65 18.10 11.45 10.35

3,915.16 3,740.12 197.99 94.14 47.66 38.43 22.81

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Generally all organizations have competitors in the market. A particular organization always comprises with other same business and according to market share we clarify the brand of product is giving more challenge to my product. BRITANNIA PRIYAGOLD PARLE-G PURE FOOD OTHERS 48% 20% 16% 8% 8%

When we compared with other businesses then we follow the quality, price, distribution system, promotional strategy etc. of the competitors Britannia in this area is doing well.

Expert views:
Britannia Industries-the market leader in the biscuits industry with a 34% share in value terms-is back on the stock market analysts radar. After having been through uncertain times, especially at the management level, analysts seem to be glad at the emerging clarity. This is despite the biscuit industry facing intense competition and players like ITC and Priyagold taking the battle to Britannia. Overall, in volume terms, the company was impacted as there were supply constraints in the second half of FY08. Hence, when the industry grew by around 7% (in volume terms) in FY08, Britannia recorded a 2.8% growth. This was largely due to reduction in pack sizes across brands. PRODUCT NEWS

19 June 2009
We've made some changes to our mortgage range this week. Visit our mortgage section to get a clear idea of what we can do for you. We've also introduced two new fixed rate ISAs to expand our ISA range. Please be aware that the products are limited issues and may be withdrawn at any time. Of course it's not just our new products we're proud of! We're very proud of our continuing range. Why not take a look at what we have to offer in

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SWOT ANALYSIS

Strength Fulfill one of our Basic Requirement among Air , Water , Food, Shelter Widely accepted in all Generations Easily available in various forms Provide good Instant Remedy for hunger in the form of readymade food Preserves the non seasonal food and makes it available all

Weakness Decreases nutritional value Increases the cost of food product Industry and technology requires high investment Regular usage of processed food can cause alteration in health

throughout the year Opportunities Increase economy of India Generate employment opportunity Good quality of Goods Provide competition to foreign companies Improve living standard Provide goods to nation at cheaper rate Inflow of foreign reserve and funds for the govt.(taxes) Threats Many companies are result oriented Increase in pollution Sometimes provide poor quality of product for more profit Lack of technology Unable to utilize all the resources efficiently

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EXPORTS OF THE COMPANY

USA GHANA SAUDI ARABIA KUWAIT BAHRAIN OATAR SEYCHELLES SINGAPORE OMAN UAE

38

39

BRANDS Brands are the fountainhead of your Company''s profitable growth and during the year, significant investments were made in product development, supply chain and advertising and promotion to make Britannia brands relevant and distinctive. Your Company invests a lot of time and effort in talking with consumers and crafting different, better and special products to delight and satisfy a vast array of their consumption occasions. As mentioned earlier, several new and renovated offerings were successfully introduced across the entire portfolio that include: NutriChoice Multigrain Thins and Roasty, Pure Magic, Treat Fruit Creams, Marie with Honey and Oats, 50-50-Snackuits, Good Day Fresh Bake Butterscotch and Chocolate Ecstasy, etc. Additionally, the Britannia bread range was augmented with Multigrain, HoneyOats, 100% Whole Wheat and Multifiber breads. A Gourmet cheese range consisting of slices and spreads, as well as the Tiger-Zor chocolate and almond milk provided significant impetus to the Dairy business. Your Company has and will continue to invest aggressively in brand building programs, including the capability for establishing a continuous pipeline of innovations and renovations. Your Company has also collaborated with reputed academic institutions and other companies to complement its efforts and build strong platforms for sustained and significant product categories and businesses. Your Company is commited to building a competitive edge at the front-end, driving effectiveness by using technology powerfully and is the only food company that has introduced a ''Hand-Held'' device for its sales people to book orders, enabling the capture of real time and accurate information to service demand with speed and precision.

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BIBLIOGRAPHY
www. BRITANNIA.com www.moneycontrol.com www.financialexpress.com. www.wikipedia.com www.indianfinancelevel.com www.companyreviews.com www.webindia.com www.businesstimes.com

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