Buy Britannia Industries Ltd., target Rs 3300.0 : Citigroup

Citigroup has Buy call on Britannia Industries Ltd. with a target price of Rs 3300.0. The current market price of Britannia Industries Ltd. is 3243.65. Time period given by analyst is year, when Britannia Industries Ltd. price can reach defined target. Despite lower gross margins, EBITDA margins continued to expand which is a health sign. A 10 per cent domestic revenue growth is healthy given challenging market environment and deceleration in biscuits category. Distribution tailwinds, increased focus on rural markets have helped the FMCG major. Citigroup is of the view that management is on track to execute their target of achieving double-digit volume growth. Manufacturing and supply chain efforts to control cost bode well for the business.