Motilal Oswal has maintained buy rating on Britannia Industries, in its report dated September 1, 2009.

"We believe an increase in payout ratio from 23.5% to 47% is a positive. The issue of bonus debentures will increase the interest burden and affect EPS till FY13. We are downgrading FY10 EPS estimates to Rs 92.3 from Rs 107.7 and for FY11 to Rs 114.1 from Rs120.3. The stock trades at 18.2x FY10E and 14.7x FY11E excluding the value of bonus debentures. Maintain Buy," says Motilal Oswal's report.