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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