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Systematix Research Report
ITC Ltd.'s overall Q2 FY22 performance was largely in-line but revenue growth in key businesses of cigarette and fast moving consumer goods was slightly below our estimates. Key takeaways:
cigarette volumes/Ebit are on the path to recovery to pre-Covid-19 levels,
FMCG two-year compound annual growth rate remained robust at 10.8%; Ebitda margin at 10% was impressive despite sharp raw material inflation,
increased mobility led to a recovery in the hotels business – delivered positive Ebitda; Q2 FY22 revenues at 69% are indexed to Q2 FY20 levels led by cost-saving measures,
robust Ebit margin performance in the agri business was driven by ITC's efforts to drive higher growth in its value-added portfolio,
paperboard division also witnessed topline recovery with stable Ebitda margin despite sharp raw material inflation.
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