Britannia shares rallied around 5% to hit its 52-week high of ₹4,596.65 on Thursday.
What Happened: The company's profit surged to ₹932.4 crore in the third quarter of the current financial year, a 151.2% increase from the profits reported in the year-ago period.
This enormous increase in profit also includes proceeds from the 49% stake sale in its subsidiary Britannia Dairy Private Limited (BDPL) as it entered a joint venture agreement with the Bel Group of France.
The Biscuits and dairy products maker also saw a 17.1% year-over-increase in its revenue to ₹4,247.55 crore.
The company's CEO Varun Berry said that the company saw positive growth momentum over the last few quarters. "Our go-to-market strategy and investments in brands and innovation have helped us register robust topline growth," he added.
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Going forward — the company said — while inflation may have slowed down, wheat prices continue to remain high. The company also remains vigilant of the competitive pricing in the space and will look to employ necessary pricing strategies to drive market share.
Price Action: Britannia shares shot up 4.72% to close at ₹4,575.70 on Thursday.
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