ITC - Progressive Recovery, FMCG, Agri Light Up Q4: Centrum Broking
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Centrum Broking Report
ITC Ltd.'s Q4 FY21 print beat our estimates with a progressive recovery in demand, revenue/ Ebitda grew 22.7%/7.3%, yet adjusted profit after tax declined 1.3%.
In-line with our argument other fast moving consumer products outperformed on account of both revenue (up 15.8%) and Ebitda margin inched up to 8.3%.
Remarkably, agri business grew fastest (up 78.5%), driven one-off export opportunity in wheat.
Discretionary and out-of-home channel (22%) grew healthy at 23%, yet staples, convenience food, health/hygiene (78%) grew at 13% YoY.
Cigarettes net sales grew 6.7% aided by ~7% volume growth.
Paperboard demand was strong in domestic as well as exports.
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