Britannia net profit, revenue up for Q2FY24; stocks trade 3% higher

Earnings before interest, depreciation, taxes and amortisation (EBIDTA) for Q2FY24 was Rs 872.4 crore in the September 2023 quarter, a 22.5 percent YoY increase.

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Shares of Britannia gained 2.8 percent at open on November 2, a day after the multinational FMCG company announced its Q2FY24 earnings. At 9:20 am, the stock was trading at Rs 4,522.10.

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As per a regulatory filing, post market hours on November 1, Britannia Industries reported a 19.55 percent year-on-year increase in net profit to Rs 586.50 crore for the quarter ending September 2023. Revenue for the same period also grew 1.21 percent to Rs 4,432.88 crore. Earnings before interest, depreciation, taxes and amortisation (EBIDTA) for Q2FY24 was Rs 872.4 crore in the September 2023 quarter, a 22.5 percent YoY increase.

Analysts are expected to update their ratings post the earnings call today. Morgan Stanley has an overweight call  on Britannia with a target price of Rs 5,013 while Nomura has a buy call with a target price of Rs 5,500.. According to analysts at Nomura, while the Q2 demand remains challenging, the strong margin delivery continues. Growth, the report said was flat compared to estimate of 3-4 percent.

In the post earning’s analyst call, the company said that new initiatives have revenue potential Of Rs 200 crore. While the structured cost efficiency programmes are doing well, they will take measured pricing corrections wherever necessary.

Also read: Britannia Q2: Net profit surges 19% to Rs 586 crore, revenue up 1.2%

Varun Berry, MD and CEO, Britannia Industries said: “We delivered a good performance in a challenging environment on the back of 2 years of high inflation. We have progressed well on our digital journey with digital marketing gaining momentum and leveraging digitalization to enhance decision making & fine-tuning distribution reach.”

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