Britannia Dividend Announcement Pulls Stock Back In Green

Britannia share price was back in the green as the markets opened on Wednesday after the company announced an interim dividend for FY23.

What Happened: The FMCG giant on Tuesday announced that its board has approved a ₹72/share interim dividend for FY23. The record date for the dividend payment is April 13. The company in a regulatory filing said that the dividend payment is “subject to deduction/withholding of applicable taxes and will be paid within the stipulated timelines as prescribed under law.”

See Also: Why Value Investor D. Muthukrishnan Is Not Convinced With Reliance’s FMCG Entry

The company’s Q3 numbers were mostly in line with market estimates. The company recorded a 17.1% year-over-year increase in its revenue at ₹4,247.55 crore. The biscuits and dairy products maker also saw profits surge 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.

Brokerages, however, have mixed opinions on the stock. Axis Direct and ICICI Securities have a positive outlook on the stock as the brokerages maintain a ‘buy’ and an ‘add’ rating for the stock respectively. However, HDFC Securities has a sell rating on the stock with a target price of ₹3,800.

Price Action: Britannia share price was up 0.06% to trade at ₹4,323.15 at market open on Wednesday.

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