Britannia Industries shares trim most of early gains; close nearly 2 pc higher

Shares of Britannia Industries on Wednesday trimmed most of its early gains on profit-booking and closed nearly 2 per cent higher. During the morning trade, it gained over 7 per cent after the company posted a 26.53 per cent increase in consolidated net profit for March 2020 quarter.

On the BSE, the stock which jumped 7.36 per cent to Rs 3,704.55--52-week high--during the day, later gave up most of the early gains on fag-end selling and closed at Rs 3,510.25, up 1.74 per cent. It settled at Rs 3,511, up 1.73 per cent, on the NSE. Intra-day, it advanced 7.44 per cent to its 52-week high of Rs 3,708.

FMCG player Britannia Industries on Tuesday posted a 26.53 per cent increase in consolidated net profit at Rs 372.35 crore for the fourth quarter ended on March 31, 2020. The company had reported a net profit of Rs 294.27 crore in January-March quarter of 2018-19.

Total revenue from operations rose to Rs 2,867.70 crore during the quarter under review as compared with Rs 2,798.96 crore in the fourth quarter of 2018-19, Britannia Industries said in a regulatory filing. For the financial year 2019-20, the company posted a net profit of Rs 1,393.60 crore, up 20.6 per cent from Rs 1,155.46 crore in 2018-19.