The shares of Britannia Industries Limited shined on Thursday’s session after it zoomed by more than 4 percent to reach a 52-week high of Rs 4,595 in the early hours. It gained after the FMCG giant posted robust results.
In Q3FY23, Britannia reported a total revenue of Rs 4,247.55 Crore, an increase of 17 percent Year on Year from Rs 3,630.11 Crore but a marginal decline from Rs 4,432.85 Crore Quarter on Quarter.
Its net profit in the period stood at Rs 932.40 Crore, a 153 percent increase from Rs 369.18 Crore in the same quarter a year earlier. On a sequential basis, their profits jumped by 90 percent from Rs 490.58 Crore.
The net profit includes an exceptional gain of Rs 359 crore, with respect to a JV with Bel SA for the cheese business and the consequent sale of a 49% equity stake in its subsidiary and a fair valuation of the residual stake of 51%.
During the quarter, the company made investments in the digital and mass media space, as well as expanding the footprint in a few of its adjacent categories, such as croissants and cakes, by entering new categories.
Part of the Wadia Group, Britannia Industries Limited is one of India’s oldest existing FMCG companies and is best known for its biscuit products. It owns brands like Good Day, Tiger, NutriChoice, Milk Bikis, and Marie Gold. It also produces Bread, Cakes, Rusk, and Dairy products including Cheese, Beverages, Milk, and Yoghurt.
The company has a market capitalization of Rs 1,10,173 Crore and a dividend yield of 1.24%. The promoters hold a 50.55 percent stake in the company while the Foreign Institutional Investors (FIIs) hold 18.46 percent.
Written by Anoushka Roy
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