Firstcall Research puts a “buy” call on Britannia Industries

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Firstcall Research puts a “buy” call on Britannia Industries
Firstcall Research is bullish on Britannia Industries and has recommended buy rating on the stock with a target of Rs 596 in its June 18, 2012 research report.

"Britannia Industries Limited engages in the production and sale of bakery and dairy products in India and internationally. During the quarter ended, the robust growth of Net Profit is increased by 22.59% to Rs. 530.20 million. Britannia Industries Ltd has recommended a dividend of 425% (Rs. 8.5/- per share of face value of Rs. 8.5% per share of face value of Rs. 2).

CRISIL has assigned credit rating to Britannia Industries' as AAA rating. Britannia Industries Ltd has approved the grant of 1,00,000 stock options. Each Option granted will entitle the Employee upon exercise of the Options, to receive one share of the Company of the face value of Rs. 2/-. Net Sales and PAT of the company are expected to grow at a CAGR of 13% and 22% over 2011to 2014E respectively."

"At the current market price of Rs.522.90, the stock is trading at 27.69 x FY13E and 23.90 x FY14E respectively. Earning per share (EPS) of the company for the earnings for FY13E and FY14E is seen at Rs.18.88 and Rs.21.88 respectively," the research firm has stated.

Read more about: britannia
Story first published: Wednesday, June 20, 2012, 11:26 [IST]
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