Britannia’s ‘Good Day’! FMCG Major’s M-cap Is Rs. 1 Lakh Crore While The Stock Rose 10% To A Record High

Britannia’s ‘Good Day’! FMCG Major’s M-cap Is Rs. 1 Lakh Crore While The Stock Rose 10% To A Record High

November, 9, 2022: Bakery food company Britannia Industries on Friday reported a 28.47 per cent rise in consolidated net profit for the second quarter ended September 30, 2022, helped by volume growth.

A year ago, in the July-September quarter, the company posted Rs. 381.84 crores net profit was reported. Biscuit maker Britannia Industries was among the top gainers in the stock market on Monday as its shares closed at Rs. A new 52-week high of 4,181.40 zoomed 10 percent.

After its Q2 results impressed investors, the market capitalization of the FMCG major also rose to Rs. 1 lakh crore mark was touched.

Bakery food company Britannia Industries on Friday reported a 28.47 per cent rise in consolidated net profit for the second quarter ended September 30, 2022, helped by volume growth.

A year ago, in the July-September quarter, the company posted Rs. 381.84 crores net profit was reported.

Britannia Industries said it recorded its “highest quarterly revenue ever”. “We have seen positive growth momentum over the past few months.

Our go-to-market strategy and increased distribution reach have converged to deliver strong topline growth of 22 percent YoY and 19 percent QoQ, supported by mid-single.

Issue Vol. growth, as we record our highest ever quarterly revenue,” said Varun Barry, managing director of Britannia.

Meanwhile, global brokerages have given the stock a ‘buy’ rating. Nomura paid Rs. Upgraded Britannia shares to Buy with a target price of 4,600.

On the other hand, Goldman Sachs has a target of Rs. 4,000, Macquarie Rs. 3,750 and CLSA Rs. 3,890 is JM Financials raised its target price on the stock to Rs. 4,210, its Richard Liu said the resilience of biscuits despite being a segment that caters to people and with large rural sales confuses an environment where FMCG peers (particularly HPC) are signaling. Demand for low-cost goods is rather adversely affected for sustained retail inflation.

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