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ICICI Securities Report
ITC Ltd.'s cigarette volume rose ~30% y-o-y in Q1 FY22 (our view) – lower disruption in the second wave and a swift recovery post normalcy (versus last year) is reassuring (two year compound annual growth rate ~down 12%).
Fast moving consumer goods revenues grew up 10% y-o-y despite pockets of weakness; performance in the health and hygiene categories continued to be strong while it lapped a high base in staples and convenience foods.
Focus continued on augmenting distribution with FMCG segment seeing steady margin expansion.
We highlight that ITC has high revenue salience from south India and hence stricter lockdowns in Kerala and Tamil Nadu has likely impacted Q1 FY22 performance (one-off).
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