ITC Q4 Review - Healthy Overall Performance: Axis Securities

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..Axis Securities Report.ITC Ltd. reported a healthy set of numbers in Q4 FY22 with revenue of Rs 15,331 crore (our estimate – Rs 16,205 crore), down 2.2% QoQ but up ~16.5% YoY, led by a strong 8% volume growth in cigarettes (in line with our estimates).Gross margins at 52.5% was 132 basis points lower YoY on account of unprecedented raw material inflation. Ebitda grew 16.8% YoY at Rs 5,224 crore (our estimate – Rs 5,373 crore) with Ebitda margin of 34.1%,up 9 bps YoY and ~156 bps QoQ. Recurring profit after tax grew 11.8% YoY to Rs 4,191 crore (our estimate – Rs 4,315 crore).ITC's board of directors recommended a final dividend of Rs 6.25/share (taking the total dividend for FY22 to Rs 11.50 per share).Robust broad-based recovery was observed in cigarettes despite Covid 3.0 disruption as volumes surpassed pre-pandemic levels. .Click on the attachment to read the full report:.DISCLAIMERThis 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.

ITC Q4 Review - Healthy Overall Performance: Axis Securities

ITC Q4 Review - Healthy Overall Performance: Axis Securities

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