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IDBI Capital Report
ITC Ltd. reported above expected result. Revenue growth was strong across all operating segments. Volume growth in cigarette business remained strong at ~25% plus driven by market share gains from illicit trade.
Fast moving consumer goods revenue growth accelerated to 13% three year compound annual growth rate (versus 7-9% CAGR over last five-six quarters) driven by recovery in discretionary, out-of-home and education and stationery business.
Hotel segment witnessed sharp re-bound (12% three-year revenue CAGR) while revenue from agri and paperboard business continued to grow at 27% and 14% three-year-CAGR.
ITC's operating profit margins remained stable due to cost savings despite inflationary pressure (167 basis points gross margin contraction).
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