Whalesbook
Profit mein toh tagda jump!
Britannia ne March quarter ke liye jo numbers dikhaye hain, woh kaafi zabardast hain. Net profit 21.1% badhkar ₹678.34 Crore par pahunch gaya, jabki company ka revenue 6.5% badhkar ₹4,718.9 Crore hua hai. Asal mein, is profit jump ka ek bada reason hai ₹95.39 Crore ke tax provisions ka reversal. Yaani, purane tax cases mein company jeet gayi, jiska fayda ab mila hai. Iske saath hi, board ne FY26 ke liye ₹90.50 per share ka final dividend dene ka bhi proposal rakha hai. Yeh sab dekh kar stock toh thoda 1.77% badh kar ₹5,885.50 par band hua tha NSE pe.
Par margins ka kya scene hai?
Abhi jo sabse badi chinta wali baat hai, woh hai company ke operating margins. Q4 mein EBITDA margin lagbhag flat raha, matlab 18.07% pe, jo pichhle saal ke 18.17% se thoda kam hi hai. Iska seedha matlab hai ki sales toh badhi, par raw materials, employee expenses aur dusre operating costs badhne ki wajah se, profit badhane mein zyada fayda nahi hua. Yeh thoda disappointing hai kyunki baaki FMCG companies jaise Hindustan Unilever (HUL) aur Dabur India ne apne margins ko improve kiya hai.
Stock performance aur analysts kya bol rahe hain?
Ek saal mein Britannia ka stock sirf 9.99% bhaga hai, jabki Nifty Next 50 toh 12.03% upar gaya. Aur agar 2026 ki shuruaat dekhein toh stock toh -14% tak gir gaya tha. Analysts abhi bhi positive hain, aur 12 mahine ka price target ₹6,597 se ₹6,797 ke beech de rahe hain. Par haan, company ka P/E ratio 57-64 times earnings hai, jo kaafi high mana jaata hai, khaas kar jab margins itne flat hain. Naye labor codes ki wajah se bhi company ko ₹48.56 Crore ka extra kharcha karna pada hai gratuity aur compensated absence liabilities pe, jisne costs ko aur badha diya hai.