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Dolat Capital Report
ITC Ltd.'s Q3 FY22 revenue, Ebitda and profit after tax exceeded our estimates. Cigarette business posted ~14% revenue growth on a base of 7% decline, was better than our estimate.
Cigarette volume growth was ~13%, however, on a two-yr basis, volumes have increased mere ~3%. Ebit margin in the cigarette business remained flat YoY but marginally declined QoQ basis. Margin continues to remain lower versus pre-Covid-19.
ITC's fast moving consumer goods business witnessed 9.2% revenue increase in Q3 FY22. Margins contracted by 50 basis points YoY to 6.0% - was in-line with most FMCG peers.
Sharp revenue growth in agri business due to wheat, rice, spices, leaf tobacco exports and robust sourcing network, was encouraging. However, agri Ebit margin declined 380 bps, due to elevated ocean freight costs and other operational challenges.
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