BQ Prime's special research section collates quality and in-depth equity and economy research reports from across India's top brokerages, asset managers and research agencies. These reports offer BQ Prime's subscribers an opportunity to expand their understanding of companies, sectors and the economy.
Motilal Oswal Report
ITC Ltd. reported better-than-expected cigarette volume growth of ~15% (estimate: 12%) and cigarette Ebit growth of ~17% (estimate: 14%) in Q3 FY23.
With no material increase in cigarette goods and services tax/National Calamities Duty in the recent budget, the volume growth outlook remains healthy.
Thanks to consistent impressive performance in other fast moving consumer goods (18% topline growth and margin improvement despite raw material inflation) and hotels, ITC's earnings visibility is better than peers' in an uncertain operating environment for consumer companies.
ITC's net revenue was flat YoY at Rs 162.3 billion (estimate: Rs 166.9 billion). Ebitda grew 22.0% YoY to Rs 62.2 billion (estimate: Rs 60.1 billion). Profit before tax rose 21.6% YoY to Rs 66.8 billion (estimate: Rs 61.6 billion). Adjusted profit after tax grew 21% YoY to Rs 50.3 billion (estimate: Rs 46.1 billion).
Click on the attachment to read the full report:
More Research Reports On ITC's Q3 FY23 Results Review
Another Quarter Of Positive Surprise On Cigarette Volumes, FMCG: Systematix
Robust Cigarettes Volume Growth Continues: ICICI Direct
DISCLAIMER
This report is authored by an external party. BQ Prime does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of BQ Prime.
Users have no license to copy, modify, or distribute the content without permission of the Original Owner.
Essential Business Intelligence, Sharp Market Insights, Practical Personal Finance Advice, Daily Fuel, Gold and Silver Prices and Latest Stories — On NDTV Profit.
