Investec Securities has a hold rating on Britannia Industries in the long term and revised target price to Rs 3,090 from Rs 3,191. Shares of Britannia Industries ended flat at Rs 3,090.65 on Tuesday while the BSE sensex closed 181.40 points down at 41,461.26.
For the quarter ended 30-09-2019, the company has reported consolidated sales of Rs 3022.91 crore, up 12.91% from last quarter sales of Rs 2677.32 crore and up 5.89% from last year same quarter sales of Rs 2854.81 crore. The company has reported net profit after tax of Rs 402.72 crore in the latest quarter.
The company’s top management includes Dr.Ajai Puri, Dr.Ajay Shah, Dr.Y S P Thorat, Mr.A K Hirjee, Mr.Avijit Deb, Mr.Jeh N Wadia, Mr.Keki Dadiseth, Mr.Keki Elavia, Mr.Ness N Wadia, Mr.Nimesh N Kampani, Mr.Nusli N Wadia, Mr.Varun Berry, Mrs.Ranjana Kumar, Mrs.Tanya Arvind Dubash. Company has B S R & Co. LLP as its auditors. As on 30-09-2019, the company has a total of 240,318,294 shares outstanding.
The brokerage has trimmed its estimates and target price by 3% to factor lower revenue growth in FY20 and FY21, factoring delay in biscuit category growth recovery, more realistic incremental growth from new categories and higher interest payments on the issue of bonus debentures.
Source: Economic Times