Britannia Industries share price tanked 2% to Rs 4,702.60 today after the company posted its fiscal first-quarter profit at Rs 455.45 crore, up 35.7% in comparison to Rs 335.74 crore during the corresponding quarter of FY23, missing estimates. Its revenue from operations stood at Rs 4,010.70 crore, up 8.4% as against Rs 3,700.96 crore during the same period last year. Analysts at Nuvama and ICICI Securities have recommended ‘Buy’ and ‘Add ratings on the stock, respectively. Britannia shares have fallen over 7% in the last one month and have risen 27% in the past one year.
Should you buy, sell or hold Britannia stock?
Nuvama: Buy – Target Price: Rs 5940
“The growth was robust on a YoY basis, but the company missed expectations on profits due to price corrections undertaken during the quarter to tackle renewed local competition. Gross and EBITDA margins expanded 528bp/365bp YoY to stand at 41.3%/17.2%. Britannia continued to display diligent market practices and strong on-ground execution, which reflects in its Rural performance in an overall tepid rural demand. It witnessed robust growth in its focus states as well. Britannia continues to be one of our top picks. Maintain BUY/SO.”