Brokerages see up to 32% upside on Britannia post mixed Q4 nos. What should you do?

Britannia Industries reported a 47% YoY rise in consolidated net profit for Q4FY23, resulting in several brokerages being positive on the stock. Foreign brokerage JP Morgan has maintained a neutral rating while Morgan Stanley remained a buyer with a target of Rs 5,300. Domestic brokerage houses PhillipCapital and Sharekhan have retained a buy on the counter. However, HDFC Securities has given a reduce on the stock. Challenges of low volume growth and volatility in raw materials are likely to continue, it said.