Britannia Industries shares rose on Monday following the company’s announcement of its fourth-quarter results after market hours on Friday.
Britannia Q4 Earnings Scorecard: Britannia reported a 3.76% decline in consolidated net profit for the quarter ending March 2024, totalling ₹536.61 crore compared to ₹557.60 crore in the same quarter the previous year, according to a regulatory filing.
The popular biscuit maker, known for brands like Good Day and Marie Gold, saw a slight increase in its revenue from operations, up 1.14% to ₹4,069.36 crore from ₹4,023.18 crore a year ago. Total expenses for the quarter rose 1.98% to ₹3,388.28 crore.
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Britannia’s total income for the quarter slightly increased by 1.15% to ₹4,126.70 crore. Over the full fiscal year 2024, the company’s net profit decreased by 7.76% to ₹2,134.22 crore, while its total income grew by 2.82% to ₹16,983.45 crore.
What analysts think: Brokerage firms responded to Britannia’s financial performance with varying ratings. CLSA maintained an ‘outperform’ rating with a target price of ₹5,636, while Morgan Stanley also kept an ‘overweight’ rating, setting a target of ₹5,243. Macquarie held a ‘neutral’ stance with a target price of ₹4,500.
Price Action: Britannia Industries shares were trading 3.91% higher at ₹4,930.00 on Monday morning.
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