ITC Q4 Results Review - Marginal Miss On Topline; Maintain Buy: Axis Securities

Axis Securities Report

ITC Ltd.’s Q4 FY24 overall results were inline with estimates though there was marginal miss on revenue. This was on account of subdued performance in agri and paper board business.

The revenue grew by ~2% YoY to Rs 16,398 crore. Cigarettes revenue grew 8% YoY (~2-3% volume growth), fast moving consumer goods revenue grew ~7% YoY led by broad-based growth across categories, despite subdued demand conditions.

Hotel business maintained its stellar performance, with revenues up by 15% YoY led by retail and Meeting, Incentives, Conferences and Exhibitions. Gross margins stood at 59.4%, up 159 bps YoY, while Ebitda declined 1% YoY.

Ebitda margins stood at 37.6% (down by 95bps YoY) due to subdued performance in agri and paperboard business. The reported profit after tax was Rs 5,020 crore (down 1% YoY).

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