Analyst Meet

21st February 2011

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. This communication is not an

offer to sell or the solicitation of an offer to buy securities.

Will talk about

• The opportunity in food - - market, consumers, growth

• How Britannia is positioned to tap that opportunity

– Consumer & Brands

– Customers & Markets

– Go To Market Approach

• The trajectory of our performance

Food is a large and growing space

Source: Ministry of Food Processing Industries, Indiahttp://www.worldoffoodindia.com/thefair/market_data.php* Projected

Mostly unbranded --- Therefore branded food is a big opportunity

Source: Ministry of Food Processing Industries, IndiaIndustry estimates, Nielsen Retail Audit

Food Non-Food

% Contribution to total FMCG

Total Sales (Rs Billion) 669 617

Top 5 Categories by Sales (Rs Billion)

Branded, packaged biscuits dominate food

Source: Nielsen Retail Audit

Branded Food growth has outstripped Non-Food growth

Source: Nielsen Retail Audit

… Driven by

Income growth

Convenience

Higher preference for branded foods because

of better quality and sensorial experience

However there are less noticed household/individual level shifts that have an equally big impact on business

Key insights driving our business

• Affordable Delight

• Health and Taste

• Any Time, Any Where -- on-the-go consumption

• Indulgent Delight

• Morphing of Categories

Any Time, Any Where and on-the-go consumption

Delight that is affordable to all

Combining Health and Taste

Food as entertainment: Delighting through morphing

Biscuit or Chocolate?

Rusk?

Biscuit ?

Salty Snack?

A deep understanding of this phenomenon is helping us diversify our portfolio

Increasing relevance and footprint of Britannia

• Biscuits

• Rusks

• Cake

In-between meals @ home

• On-the-go Packs

• Time Pass

• Daily Bread

Anytime Anywhere • Dahi

• Butter. Cheese

• Milk

Meal Accompaniment

• Bread

• Healthy Start

Main Meal

The Bread, Cake and Rusk Growth Story

Source: BIL

The Dairy Growth Story

100

116

139

161

190

2005-06 2006-07 2007-08 2008-09 2009-10

NSV (Indexed to 2005-06)

Source: BIL

We are ideally placed to benefit from the current trends

Key Momentum Fulcrums

Strong Brands

Right Position in the delight

Chain

Rich Innovation

Funnel

Go-to-market Infrastructure

Supply Chain Infrastructure

Strong Brands (1)Consumer connect

Universality ofAppeal

Enjoyable food that is good for you;

Anytime, Anywhere, Everyday

Umpteen BritanniaSpecial Moments

Delight And Enjoyment

In every Bite

9 decades of

Credentials

Among the top 10 brands in this country for the last 10 Years. No 1 food brand

2010

Strong Pillar Brands make for a diversified consumption foot print

Strong and versatile NutriChoice our seventh pillar brand

Digestive

5 GrainNature Spice Cracker Diabetes Friendly

Innovation to drive profitable growth

Activation of the Britannia Credo

The conventional Distribution infrastructure delivers to 35 Lakhs outlets. 8.5 Lakhs outlets are serviced directly

BIL

Co

nsu

mers

AW

RPD

Urban Retailer

(Direct)

Rural Retailer

(Direct) mk mkmk

Super

Stockist

Urban Retailer

(Indirect)

Rural Retailer

(Indirect)

Wholesalers

Institutions/Chain

retailers

And our brands are where people are

Coffee Day Xpress

Kiosk Corporate Canteen

Railway Station

Britannia at the closing plenary of the CGI Annual Meeting in 2009

CSR – Integral to our business proposition

Britannia @ PDS

Britannia – India’s Most Respected FMCG Company

The trajectory of our performance

10,000

15,000

20,000

25,000

30,000

35,000

05-06 06-07 07-08 08-09 09-10

Rs. M

M

NSV - Standalone 17,133 21,992 25,848 31,122 34,014

NSV - Consolidated 22,662 27,769 34,212 37,708

YTD December 10- Growth of 25%

NSV Doubled In 4 Years

6.3 6.2

7.0

6.8

7.9

5

6

7

8

9

10

800

1,300

1,800

2,300

2,800

2005-06 2006-07 2007-08 2008-09 2009-10

% N

SV

Rs. M

M

A & SP 1,071 1,356 1,797 2,112 2,688

Sustained Investment Behind Brands

YTD Dec 10 – Increase of 14%

Inflationary And Volatile Commodity Scenario….

800

1,300

1,800

2005-06 2006-07 2007-08 2008-09 2009-10

Rs. M

M

PAT

PAT - Standalone 1,464 1,076 1,910 1,804 1,165

PAT - Consolidated 1,051 1,774 1,515 1,032

…..And Competitive Intensity - Impacted Profit….

…..Despite cost reduction of over Rs. 2,000 MM

YTD Dec 10 – Rs. 1,020 MM

To Summarize

• The opportunity is large and Britannia is well positioned to exploit it

• Subsidiary losses curtailed

• Biscuit continues to be the most affordable packaged food, registering robust growth

• Commodity inflation will stress operating margin – being addressed through fundamental cost re-structuring and revenue management

• Investing in people, brands and infrastructure will enhance overall capability & competitiveness

Investor Relations Contact:

invrl@britindia.com