Shares of Britannia were muted on Monday following its first-quarter results posted last week.

What Happened: The company reported a 10.5% year-on-year jump in its net profit to ₹505.64 crore, whereas operational revenue stood at ₹4,250.29 crore in the April-June period, up from ₹4,010.70 crore in the year-ago period..

The biscuit maker, famous for brands like Good Day and Marie Gold, saw its total income increase to ₹4,306 crore, compared with ₹4,127 crore, sequentially.

See Also: Airtel Shares In Red Ahead Of Earnings: What Analysts Expect

Brokerage Views: Investec had a "hold" recommendation on the stock with a target price of ₹5,541. The firm's first-quarter margins missed the brokerage's expectations.

Gross margin improved by 147 basis points from last year but declined by 149 basis points quarter-on-quarter to 43.4%, which was below the estimates of 44.8%. EBITDA margin went up 56 basis points to 17.7% but was still below the expectations of 18.8%.

Macquarie had a "neutral" call on Britannia with a target price of ₹4,700, noting that Q1 EBITDA fell 4% below estimates. Net profit was in line with expectations as the EBITDA miss was offset by an 8% sequential decline in depreciation costs, the brokerage noted.

Morgan Stanley had an "equal-weight" call with a target price of ₹5,021. Gross margin and EBITDA margin, both missed the brokerage's estimates on a quarter-on-quarter basis.

Price Action: Britannia was trading 0.24% higher at ₹5,734.25 on Monday morning.

Read Next: ONGC To Report Earnings On Aug 5: Revenue Seen At ₹35,068 Cr