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Motilal Oswal Report
While a better than expected performance in the agri business led to a beat on sales, Ebitda and profit before tax were in line with our estimates.
Volume and sales growth in cigarettes, sales growth in fast moving consumer goods – others, as well as a full year dividend payout were broadly in line with our expectations.
Unlike other discretionary categories, which have reported a strong rebound, two-year average growth in cigarette volumes as well as Ebit declined by ~2% each in Q4 FY21.
While the impact of lockdowns in Q1 FY22 may not be as severe as that in Q1 FY21, there will be a further sequential impact compared to Q4 FY21.
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