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.
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.
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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