Sharekhan is bullish on Britannia Industries has recommended buy rating on the stock with a target price of Rs 3670 in its research report dated February 10, 2019.
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Sharekhan's research report on Britannia Industries
Britannia Industries’ (Britannia’s) net revenue grew by ~4% driven by a 2% volume growth and a 2% rise in realisations. Despite 3-4% inflation in raw material costs, the company saw gross margins dip by just 44 bps. OPM improved by 94 bps, led by operating efficiencies and cost-saving initiatives. New products/ categories continue to perform well and contributed close to a 2% revenue growth.
Outlook
The stock is currently trading at 45.6x and 38.7x its FY2021E and FY2022E earnings; we maintain Buy with a revised PT of Rs. 3,670.
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Read MoreFirst Published on Feb 12, 2020 04:00 pm
