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Britannia Industries share price gains as revenues grows in December quarter

Research house Macquarie has maintained neutral rating on the stock with a target at Rs 4,000 per share.

January 31, 2022 / 12:18 PM IST
 
 
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Britannia Industries share price rose 3 percent intraday to Rs 3,629.95 after the company declared its December quarter earnings last week.

Britannia Industries on January 28 reported a consolidated net profit of Rs 371 crore for the third quarter ended December 2021, lower by 19 percent from Rs 456 crore a year ago.

The company had recorded a post-tax profit of Rs 384 crore in the previous quarter.

Consolidated revenue from operations for one of the oldest biscuit makers in the country stood at Rs 3,575 crore, up 13 percent, compared to Rs 3,165 crore reported in the year-ago period. Revenue in the preceding quarter was Rs 3,607 crore.

Its other expenses declined marginally by 40 bps on-year to 19.2 percent as percentage of operating revenues, but on a sequential basis, there was an increase of 150 bps.

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Research house Macquarie has maintained neutral rating on the stock with a target at Rs 4,000 per share.

The Q3 EBITDA was below estimate, while underlying volumes were up 6-8 percent. The gross margin was impacted despite price hikes.

At 11:58 hrs Britannia Industries was quoting at Rs 3,560.50, up Rs 53.15, or 1.52 percent.

The share touched a 52-week high of Rs 4,152.05 and a 52-week low of Rs 3,317.90 on 14 September, 2021 and 22 February, 2021, respectively.

Currently, it is trading 14.25 percent below its 52-week high and 7.31 percent above its 52-week low.



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Moneycontrol News
first published: Jan 31, 2022 12:17 pm
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