Britannia Industries’ Shares Witness Nearly 10% Surge After Q2 Profit Beat

The company booked a profit was 4.93 billion rupees (59.97 million dollar) for the quarter ending on 30 September. Its total operations revenue from grew 21.4 per cent to 43.8 billion rupees from 36.07 billion rupees a year ago

The shares of India’s Britannia Industries Ltd went up nearly by 10 per cent on 7 November following a 28.4 per cent jump in second-quarter consolidated net profit of Good Day and Tiger biscuits maker report on late 5 November.

The company booked a profit was 4.93 billion rupees (59.97 million dollar) for the quarter ending on 30 September. The profits surpassed the analysts’ projection for a profit of 4.12 billion rupees.

Its total operations revenue from grew 21.4 per cent to 43.8 billion rupees from 36.07 billion rupees a year ago.

Britannia’s growth report came after Hindustan Unilever recorded a surge in profit. However, Dabur India’s profit was on lower side due to high commodity prices.

India’s food inflation accounts for around 40 per cent of the consumer price index (CPI) basket. It went up 8.60 per cent in September as compared to 7.62 per cent in August. Recently, the government extended curbs on sugar exports by one year till October 2023 in order to contain the rise in domestic prices following record exports.

However, palm oil prices have reduced significantly from their all-time high touched in March. This came after the Indonesia’s decision to suspend export levies in July due to a build-up of stocks. Britannia shares remained high in the NSE Nifty 50 index.