Buy Britannia Industries; target of Rs 4050: Emkay Global Financial
Emkay Global Financial’s report on Britannia Industries
Britannia reported in-line sales growth of 6% (2-year CAGR of 9%), with volumes growing by ~2%. Margins were weak, resulting in EBITDA/PAT being 11-15% below expectations. EBITDA declined 17% to Rs5.6bn…
