Britannia Industries Shares Rise 3% Despite Muted Q3 Performance

Britannia Industries Shares Rise 3% Despite Muted Q3 Performance

VoM News Desk | February 7, 2024 | 06:01 PM IST | Breaking News | Follow on Google News

Britannia Industries Shares Rise 3% Despite Muted Q3 Performance

Britannia Industries Shares Rise 3% Despite Muted Q3 Performance

Britannia Industries witnessed a 3% surge in its share price during Wednesday’s trading session, despite reporting subdued growth in Q3FY24. Key highlights include:

• Q3 Performance: Britannia reported a 40.4% decline in consolidated net profit at ₹555.66 crore compared to ₹932.40 crore in the year-ago period.
• Revenue from Operations: Despite challenges, revenue from operations slightly increased to ₹4,256 crore from ₹4,196 crore in the same quarter of the previous fiscal year.
• Management Commentary: Varun Berry, Vice-Chairman & MD of Britannia, mentioned that the company’s performance in Q3 reflects resilience and competitiveness in a recovering demand environment with heightened competition. Over the last 24 months, Britannia achieved a robust 19% growth in revenue and a commendable 52% increase in operating profit.
• Challenges: The subdued growth in Q3 is attributed to factors like a challenging comparison base, price reductions, intensified competition, and modest single-digit volume expansion.
• Market Reaction: Despite the muted performance, Britannia’s share price opened at ₹5115.10 on the BSE, touched an intraday high of ₹5180.00, and settled 1.42% higher at ₹5,077.05 apiece.

Investors seem to have reacted positively to Britannia’s management commentary highlighting resilience and competitiveness, contributing to the share price rise.

VoM News Desk

VoM News is an online web portal in jammu Kashmir offers regional, National & global news.