Buy Britannia Industries, target price Rs 4500: Emkay Global

Britannia Industries Ltd., incorporated in the year 1918, is a Large Cap company (having a market cap of Rs 86424.19 Crore) operating in FMCG sector.

Agencies
Promoters held 50.6 per cent stake in the company as of June 30, 2020. FIIs held 14.7 per cent while DIIs held 12.7 per cent, and public and others 22.1 per cent.
Emkay Global has given buy rating Britannia Industries with a target price of Rs 4500. The share price moved down by 0.34 per cent from its previous close of Rs 3624.45. The stock’s last traded price is Rs 3612.30.

Britannia Industries Ltd., incorporated in the year 1918, is a Large Cap company (having a market cap of Rs 86424.19 Crore) operating in FMCG sector.

Financials
For the quarter ended 30-06-2020, the company reported a Consolidated sales of Rs 3384.46 Crore, up 20.54 % from last quarter Sales of Rs 2807.78 Crore and up 26.41 % from last year same quarter Sales of Rs 2677.32 Crore. The Company reported net profit after tax of Rs 542.58 Crore in latest quarter.

brit-graph

Investment Rationale
Britannia continues to be the preferred pick benefiting from tailwinds and strong execution. Valuations at 40x FY22E EPS appear attractive given 20% earnings CAGR over FY20-23E. It reiterates buy with a TP of Rs 4,500.

Promoter/FII Holdings
Promoters held 50.6 per cent stake in the company as of June 30, 2020. FIIs held 14.7 per cent while DIIs held 12.7 per cent, and public and others 22.1 per cent.
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