ITC - Broad-Based Recovery In Q4; Attractive Valuations, Strong Free Cash Flow: Systematix

ITC’s Bingo chips packets at a street stall in Kannauj, Uttar Pradesh, India. (Photographer: Udit Kulshrestha/Bloomberg).

ITC - Broad-Based Recovery In Q4; Attractive Valuations, Strong Free Cash Flow: Systematix

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Systematix Research Report

ITC Ltd. reported largely in-line Q4 FY21 results.

Cigarette sales volumes grew ~8% YoY (on a muted base of down 10% YoY) led by increased mobility in metros and large towns in H2 FY21.

Fast moving consumer goods business (excluding education and stationery products) grew 16% YoY led by a strong recovery in discretionary and out-of-home portfolio (up 23% YoY), while staples and health and hygiene portfolio saw stable growth (up 13% YoY).

To cater to consumer needs, the company launched 120 plus new products in FY21 and strengthened its distribution reach.

The e-commerce channel continued to witness robust growth and its contribution to FMCG sales grew to ~5%.

Click on the attachment to read the full report:

Systematix ITC Q4FY21 Result Update.pdf


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