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Feb 16, 2017, 01.21 PM | Source: Moneycontrol.com

Buy Britannia Industries; target of Rs 3529: Edelweiss

Edelweiss is bullish on Britannia Industries has recommended buy rating on the stock with a target price of Rs 3529 in its research report dated February 14, 2017.

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Buy Britannia Industries; target of Rs 3529: Edelweiss

Edelweiss is bullish on Britannia Industries has recommended buy rating on the stock with a target price of Rs 3529 in its research report dated February 14, 2017.

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Edelweiss' research report on Britannia Industries

Britannia Industries’ (Britannia) 5.6% and 0.5% YoY revenue and EBITDA growth, respectively, came in line, while 4.6% PAT spurt slightly surpassed estimates. Overall volumes grew at 2% YoY (7% YoY in Q2FY17) dragged by demonetisation (November revenue fell 10% MoM), but was ahead of category growth leading to market share (MS) gains.

Outlook

Though input price inflation (up 10% YoY) continued to pinch gross margin (down 229bps YoY), it was mitigated to some extent via price hikes (YTD 5.5%). Britannia will benefit from pickup in biscuit market, rise in MS, entry in new categories and demand recovery led by good monsoon and government initiatives. Maintain ‘BUY’.

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Disclaimer:
The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

To read the full report click here

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Buy Britannia Industries; target of Rs 3529: Edelweiss

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