Britannia Industries was trading more than a percent higher in the morning trade on May 8 after it reported a 47 percent year-on-year jump in consolidated net profit to Rs 558.6 crore, way ahead of analysts' expectations of Rs 498.4 crore.The company posted an impressive set of numbers but the stock remains a victim of high valuation that keeps some brokerages at bay.Britannia’s total revenue from operations in the March quarter increased 13.3 percent to Rs 4,023 crore from the same quarter of the previous year, the company told exchanges of May 5. The company attributed this growth to its execution strength across businesses and channels, resulting in significant distribution gains.On the operating front, Britannia’s margins improved over 400 basis points from the year-ago period to 19.9 percent but remained flat sequentially.Prices of wheat and sugar — two key raw materials for the FMCG major — still remain elevated and the situation is being closely monitored, said the company.Follow our live blog for all the market actionThe only number that was below Street expectations was volume growth. According to analysts, volume growth would be at 1-2 percent against their expectations of 3-4 percent. To bring back the volume growth, the biscuit maker may consider price reductions, as indicated in the earnings concall.Here is what brokerages have to say about the stock and the company’s Q4 performance:Morgan Stanley has given an “overweight” rating on Britannia and raised target to Rs 5,184 a share. The firm is positive about the company's growth outlook after its strong Q4 earnings and management's optimistic stance.Macquarie has maintained a “neutral” call with a target of Rs 4,250 a share. The firm expects FY24 sales to be volume-led and closer to high single-digit levels. "Britannia has guided for a YoY flattish EBITDA margin in FY24 due to the need for price cuts," it noted.CLSA, on the other hand, has a “sell” rating with a target of Rs 4,390 a share. The firm believes that price-led growth is largely in the past and that earnings per share (EPS) growth in FY24 will lag peers."Pricing-led growth is expected to taper off, and price cuts may lead to a sequential contraction in margin," it noted.Broking house Motilal Oswal Financial Services has said Britannia’s valuations at around 51 times FY24 earnings appear rich. Although it is optimistic about the company's potential in the packaged food space in the long run, the current valuation has already priced in any possible gains from a one-year perspective.Hence, it has a neutral stance on the stock with a target price of Rs 4,600.At 9.20 am, the stock was quoting at Rs 4,686 on the National Stock Exchange, up by 1.31 percent. The stock has gained over 9 percent in 2023 so far.Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.