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IDBI Capital Report
ITC Ltd. reported above expected result. The company reported strong all-around top-line performance led by robust recovery across markets due to rise in mobility and efficient distribution system.
Value growth in cigarette, branded fast moving consumer goods, paper board business is highly encouraging (8%/12%/15% two-year compound annual growth rate).
ITC's revenue from agri-business doubled driven by strong export demand. Hotel business recovered to 86% pre-Covid-19. Input cost inflation impacted gross margin. Positively, hotel business turned Ebit positive at Rs 51 crore.
Also, paper board business recorded maximum expansion in Ebit margin at 262 basis point YoY followed by 40 plus bps improvement in cigarette and other FMCG business.
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