Moneycontrol
Feb 17, 2017 10:50 AM IST | Source: Moneycontrol.com

Hold Britannia Industries; target of Rs 3291: KR Choksey

KR Choksey recommended hold rating on Britannia Industries with a target price of Rs 3291 in its research report dated February 14, 2017.

Hold Britannia Industries; target of Rs 3291: KR Choksey


KR Choksey's research report on Britannia Industries


Britannia Industries Ltd. India’s leading food company reported its Q3FY17 results with Net revenue of INR 23552.7 Mn with growth of 6.1% yoy and de-growth of 4.1% qoq was due to effect of demonetization. EBITDA for Q3FY17 remained at INR 3125.5 Mn with margins of around 13.3% with an decrease of 74bps yoy and 53bps qoq.


Outlook


With positive move on the plans we assume the revenue growth to be around 10-12% for FY18E-FY19E and margins to be Stable at around 13-14%. At CMP of INR 3220, we recommend “HOLD” rating on the stock with a target of INR 3291 with a potential upside of 2.2%.

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