Revenue of the core cigarette business grew 9. However, experts are still bullish on ITC and one big reason as highlighted is valuations which are fairly attractive when compared to other large FMCG peers.
Also, stable tax policy for cigarettes hereon should act as a tailwind. Cigarette business, which contributed over 40 percent to total revenue, increased 9.
Brokerage firm Sharekhan has fine-tuned its earnings estimates for FY and FY to factor in lower-than-expected operating margins and higher depreciation charges. It has a buy rating on the stock with a target price of Rs ITC is currently trading at Improving volume trajectory in the core cigarette biz and pricing action remain key catalysts.
The cigarette volume growth of percent was ahead of estimates.
On the other hand, the cigarette EBIT growth of over 9 percent was below 11 percent estimate. The global investment bank expects a stable tax policy for cigarettes business from hereon.
The price hikes could be the next catalyst for the stock. The global investment bank is not worried by a miss in cigarette EBIT growth as the company can use pricing lever later.
The stock saw negative reaction due to another single-digit cigarette EBIT growth. Enjoy hassle free tax filing wit Visit hrblock.
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