BQ Blue’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 BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
Dolat Capital Report
ITC Ltd.’s Q2 FY22 revenue and APAT was in line with our estimates, Ebitda was ahead of estimates.
Cigarette business posted revenue growth of 10.5% on a base of 2% decline, marginally better than our estimate, with volume growth of 10%. However, on a 2-year basis, volumes are still down ~5%. Ebit margin in the cigarette business remained flat YoY but increased sequentially. However, the margin is still down from pre-covid levels.
FMCG business witnessed 2.9% revenue increase in Q2 FY22. Though margins contracted by 40 bps YoY to 6.8%, it increased 210 bps QoQ – expansion post three consecutive quarters of sequential decline.
Paper and packaging business reported strong 25% growth driven by demand across most end-user segments. However, publications, QSR and wedding card remain relatively muted.
Click on the attachment to read the full report:
DISCLAIMER
This report is authored by an external party. BloombergQuint 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 BloombergQuint.
Users have no license to copy, modify, or distribute the content without permission of the Original Owner.
As a Subscriber you get
Stories
RECOMMENDED FOR YOU
POPULAR