Shares of Britannia Industries gained 3 percent intraday as investors cheered its March quarter performance.
Its net profit rose 24.8% on year to Rs 263.2 crore for the quarter ended March 31, beating estimates.
Reuters poll of analysts had expected the company to post net profit of Rs 260 crore.
The biscuit-maker's total revenue rose 13.14 percent at Rs 2,537.5 on the back of double digit volume growth.
Earnings before interest, tax, depreciation and amortisation (EBITDA) rose 29 percent year-on-year to Rs 397.1 crore.
Brokerages are upbeat regarding the results, while Jefferies and Nomura raised targets to up to Rs 5,500.
Brokerage: Nomura | Rating: Neutral | Target: Raised to RS 5,539 from Rs 5,379
The global research firm said growth outlook is strong, while long term fundamentals are in place. It also said that risk reward still remains favourable.
Brokerage: Jefferies | Rating: Hold | Target: Raised to Rs 5,500 from Rs 5,300
The brokerage house said that 11 percent YoY volume growth is strong, but has come on a low base. It expects growth to accelerate further in FY19. Current valuations capture the strong growth expectations
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