ITC - FMCG Profits On Track, Cigarettes Remain A Drag: Prabhudas Lilladher
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Prabhudas Lilladher Report
ITC Ltd.’s fast moving consumer goods business continues its upward trajectory with 11% comparable sales growth and 9.2% Ebitda margins.
Cigarette volume continue to disappoint with 5% decline. Hotel business turned Ebitda positive in December 2020 though we do not expect it to impact overall Ebitda significantly.
We believe strong sales momentum in foods, hygiene and growth across the discretionary portfolio will aid in overall recovery.
We believe the company would be one of the key beneficiaries of an uptick in consumer demand given the depth and width of its portfolio, fast paced launches and innovations.
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