Britannia shares jump most since November 2022 to near record levels

Britannia share price: Britannia Industries share price gained over 9% today (May 6) making it one of the largest gainers in the Nifty-50 stocks. The share price is also trading near 52- week highs seen during the month of December'2024. This comes as Britannia board recommended the final dividend for the financial year ended 31st March, 2024 @ 7350% - Rs. 73.5/ per equity share of Re. 1 /- each.

Read more: PSU stocks crash today: PFC, REC, IREDA, PNB, others decline up to 13%. Here's why

Britannia Q4 results

Britannia’s consolidated net profit declined 3.8% year-on-year to ₹536.61 crore as compared to ₹557.60 crore in the same period last year, it said. The company’s revenue is up a percent to ₹4,069.36 crore from ₹4,023.18 crore reported in the corresponding period of the previous fiscal year.

Read more: Elon Musk says ‘obvious move’ for Warren Buffett is to invest in Tesla

Brokerages on Britannia

Global brokerage firms Morgan Stanley and CLSA  maintained their overweight and outperform ratings, respectively, on Britannia. CLSA set a target price of ₹5,636 on Britannia shares- a potential upside of 18% from the closing price of ₹4,744.60 on May 3. The brokerage noted that revenue growth of the company was 2% below its expectation while absolute EBITDA and profit after tax (PAT) came in at 3% and 1% lower than its projection.

Read more: Akshaya Tritiya 2024: What are the auspicious timings to buy gold. Details as per your city here

Morgan Stanley said that the stock might rise to ₹5,243- a potential upside of 10.5%. 

Motilal Oswal called Britannia’s Q4 results an “uninspiring show” and said that the company’s market share revived due to the pricing action taken to remain competitive and higher investments in brands.