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Shares of Jubilant Foodworks Ltd extended gains to rise as much as 2.1 per cent to Rs 2,614.4 on robust earnings.
The company, which operates Domino's Pizza brand, had on Tuesday, reported over 10-fold increase in standalone net profit at Rs 68.06 crore for the quarter ended March 31, 2018, owing to strong same-store growth and product upgrades.
The standalone net profit stood at Rs 6.71 crore in the corresponding quarter of the previous fiscal. Operating revenues grew 27.25 per cent to Rs 779.82 crore in the fourth quarter.
After opening the session at Rs 2,593.35 against the previous close of Rs 2,560.30, the stock touched an intraday high of Rs 2,643.20 and a low of Rs 2,560. In terms of equity volume, 1.16 lakh shares exchanged hands in the morning trade.
HSBC Global Research has upgraded the stock rating to “buy”, raised the target price to Rs 2,950 from 2,605, stating growth momentum will continue in FY19.
Citi Research states the company’s focus on innovation and customer experience augur well for medium- to long-term prospects. It has retained “buy” rating, and raised the target price to Rs 2,950 from Rs 2,500.
Deutsche Bank has raised the price target to Rs 2,975 from Rs 2,600, and retained “buy” rating. Of the 31 brokerages covering the stock, 20 have a “buy” or higher rating, eight have “hold” rating and three have “sell” or lower rating; their median target price is Rs 2,647.50, according to Thomson Reuters Eikon.
(With inputs from Reuters)
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