P1 plus rating for Britannia Industries

Crisil has assigned a P1 plus rating to the Rs. 50 crore commercial paper programme of Britannia Industries.

The rating is reflective of Britannia's sustained and profitable leadership in the premium segment and its successful entry into the mass market segment of the biscuit market.

The rating also positively factors in the company's diversification into dairy based products and in particular its low fixed cost business model.

The rating also finds support in Britannia's low debt levels and its large portfolio of liquid securities.

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Section  : Business
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