Most analysts bullish on Britannia post Q4

Mumbai: Most brokerages have retained a bullish stance on Britannia Industries as the company reported better-than-expected earnings for the March quarter despite concerns around inflation.

Shares of Britannia Industries ended down 3.1% at ₹3,277.10 on Thursday.

Several brokerages have raised the target price on the stock after the quarterly result but a few brokerages have cut the target price as commodity inflation remains a concern for them.


Jefferies has raised the target price on Britannia to ₹3,950 from ₹3,850 with a buy rating.

Replacing Colgate with Britannia in its list of top picks, Jefferies said that while raw material inflation is a near term headwind, Britannia's volume growth transaction is encouraging.

Centrum has increased the target price to ₹4,183 from ₹4,110 while retaining a buy rating. CLSA has increased the target price to ₹3,850 from ₹3,700.

However, Macquarie has revised the target price down to ₹3,200 from ₹3,400 with a neutral rating due to persistent commodity inflation concerns.

Citi has also lowered the target price to ₹4,000 from ₹4,120 but retained a buy stance.

JP Morgan has remained neutral on the stock with a target price of ₹3,600.

"Post share price underperformance YTD (year-to-date) and limited downside risk to earnings, we believe the stock could hold out well in a volatile market," said JP Morgan.