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IDBI Capital Report
ITC Ltd. reported in-line results. Overall business witnessed strong recovery in discretionary and out of home products which grew 23%YoY (versus 5% decline in Q3 FY21) while health, hygiene and food portfolio grew 13%YoY.
Cigarettes business also witnessed continued recovery (volumes reached pre-Covid-19 levels towards the end of March 2021) driven by progressive easing of restriction and increased mobility.
Revenue growth of agri and paperboards, paper and packaging segment also remained very strong.
Hotel business after breaking even in Q3 FY21 recorded positive Ebitda of Rs 250 million in Q4 FY21 driven by cost interventions and business recovery.
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