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ITC Q3 Results Review — Challenging Conditions Hampered Performance; 'Buy' On Dips, Says Dolat Capital

Dolat Capital has downward revised its FY25/26/27E EPS estimates by 7.1/6.3/5.9% at Rs 15.8/17.7/19.5 to factor in ITC's Q3 performance and demerger of the hotel business.

<div class="paragraphs"><p>ITC's Ebitda margins contracted by 230 bps to 33.9% as a result of 180/10/30bps increase in raw material cost/emp cost/other exp respectively.</p><p>(Image used for representation only - Photo source: Vijay Sartape/NDTV Profit)</p></div>
ITC's Ebitda margins contracted by 230 bps to 33.9% as a result of 180/10/30bps increase in raw material cost/emp cost/other exp respectively.

(Image used for representation only - Photo source: Vijay Sartape/NDTV Profit)

The acquisition of Ample Foods Pvt Ltd., along with its subsidiary Chao Chao Foods Pvt Ltd. and Meat and Spice Pvt Ltd. will strengthen ITC's presence in high-growth categories like Pan Asian foods and deli meats, making it the first full-stack player in the segment.
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