Britannia Industries is expected to see muted growth in earnings due to weak volumes and rural demand, higher raw material costs, and price cuts. 1.2% YoY revenue growth and 0.1% drop in EBITDA expected. QoQ gross margin likely improve by 20 bps, while EBITDA margin may decline by 90/70 bps YoY/QoQ. Key things to watch are demand outlook, new ventures, raw material prices.