Britannia share price rises 7% after gain in Q4 profit
Published On: Wednesday, June 3, 2020 | By: Team KnowMyStock
Shares of Britannia Industries gained over 7 per cent to hit a new high of Rs 3,704.55 apiece on the BSE on Wednesday after the company reported a consolidated profit of Rs 374.75 crore for March quarter, an increase of 26.1 per cent year-on-year growth driven by lower tax cost, largely in-line numbers despite the lockdown hitting revenue and profit growth by 7-10 per cent. It had posted profit at Rs 297.23 crore in the corresponding period last fiscal. Britannia's profit before tax (PBT) stood at Rs 457.27 crore for Q4 — a marginal rise of 1.6 per cent year-on-year (YoY). Revenue from operations for the quarter grew by 2.5 per cent year-on-year to Rs 2,867.7 crore as sales volumes took a beating due to the nationwide lockdown. The stock has gained 13 per cent in the last 5 days.
After 9 months of moderate growth, we started to see growths coming back in the first 2 months of this quarter which was then hit by COVID-19 & lockdown in March impacting the revenue & net profit growth by an estimated 7-10 percent," said Managing Director, Varun Berry.
Source: Money Control, Business India
We are on Telegram!
JOIN our telegram channel to receive updates on Financial News and Stock and FNO Tips.
Click Here!
Follow Us On:
