February 18, 2024
Britannia Industries Shares Rise 3% Despite Muted Q3 Performance
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Britannia Industries Shares Rise 3% Despite Muted Q3 Performance

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.

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