Devyani International shares jump over 5% despite fall in Q4 profit; can it rise more? Here's what top brokerages say
Kotak Institutional Equities raised the target price on the stock to ₹180 from ₹160 while increasing its KFC store forecast and aligning it with management guidance, also tweaking margin assumptions and EBITDA estimates.
Shares of Devyani International rose over 5 per cent in morning trade on BSE on May 18, even as a day ago the company reported a fall in its net profit for the March quarter of FY23. The company, which is the largest franchisee of KFC and Pizza Hut in India, on May 17 reported a net profit of ₹60.7 crore in the quarter ended March 2023, registering a fall of 20.4 per cent from ₹76 crore in the same quarter year.
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