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Dolat Capital Report
We have attended ITC Ltd.'s analyst meet. The management refrained from making any firm comments on the potential demerger of its IT and fast moving consumer goods business, but guided that they may consider the option if the businesses is scaled beyond a certain threshold, sustain independently as this would in long run it would be beneficial for the investors.
In cigarette business ITC continues to witness issues from illicit cigarettes. Hence we believe that volume growth would remain under pressure in the category.
The management would continue to invest higher in FMCG business and expect 35-40% of the capex diversion towards this category.
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