Neutral Britannia Industries Ltd For Target Rs. 6,500 by Motilal Oswal Financial Services Ltd

* We expect 8% revenue growth YoY, led by volume growth of 4% and rest by price mix.
* We believe ~90% of BRIT’s portfolio benefits from GST cuts, and given ~60% share of LUPs, BRIT to see volume growth in coming quarters.
* GP margin is expected to contract 70bp YoY to 40.8%, while EBITDA margin is expected to improve by 60bp YoY to 17.4%, backed by cost efficiencies.
* BRIT continues to focus on innovation and distribution channels to gain market share.
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