Shares of Mrs Bectors Food Specialities Ltd. rose on Friday after its profit jumped nearly threefold in the fourth quarter.
Mrs Bectors Food Specialities has its foot in the biscuit segment through its brand 'Cremica' and in the bakery segment through ‘English Oven'.
The company's profit after tax surged 171.2% year-on-year to Rs 27.7 crore in the fourth quarter ended March, according to an exchange filing. Revenue rose 37.2% to Rs 346.1 crore during the same period.
The company reported a stronger year-on-year performance in terms of revenue, gross profit, PAT, and Ebitda, but on a quarter-on-quarter basis, the numbers weakened.
The board of directors has approved an investment of up to Rs 1 crore in the equity share capital of Mrs Bectors English Oven Ltd., the wholly owned subsidiary of Mrs Bectors Food Specialities Ltd., as per an exchange filing.
They also recommended a final dividend of Rs 1.75 per equity share, with a face value of Rs 10 each, for FY23.
Stock Reaction:
Shares of Mrs Bectors Food advanced 2.53% to Rs 659.55 apiece, compared to a 0.42% rise in the Nifty as of 11.00 a.m. The stock rose 3.19% intraday, rising the most since May 18.
Out of the nine analysts tracking the company, eight maintain a 'buy' rating and one recommends a 'hold', according to Bloomberg data. The average 12-month consensus price target implies a downside of 12.6%.
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