Britannia Industries Ltd.'s third-quarter net profit rose on gain from exceptional items, beating analyst estimates.
The biscuit-maker reported 152.56% year-on-year gain in net profit at Rs 932.40 crore, according to the exchange filing. It compares to the Rs 469.61 crore consensus estimate of analysts tracked by Bloomberg.
Britannia Industries FY23 Q3 (Consolidated, YoY)
Revenue from operations increased 16.17% to Rs 4,101.49 crore vs Rs 3,530.70 crore, as compared to an estimate of Rs 4,230.22 crore.
Net profit surged 152.56% to Rs 932.40 crore vs Rs 369.18 crore, as against a forecast of Rs 469.61 crore. Profit is up on Rs 375.60 crore gain from exceptional items.
Ebitda down 8.1% at Rs 722.27 crore vs Rs 538.74 crore, and compared to an estimate of Rs 683.39 crore.
Operating margin is at 18.14% vs 13.67%. Analysts had forecast it at 16.20%.
Shares of the company closed 1.19% higher on Wednesday, compared to a 0.26% decline in the benchmark NSE Nifty 50 Index.
Of the 40 analysts tracking the company, 25 maintain a 'buy', 12 recommend a 'hold' and three suggest a 'sell', according to Bloomberg data. The 12-month consensus price target implies an upside of 3.5%.
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