ITC - Progressive Recovery, FMCG, Agri Light Up Q4: Centrum Broking
Range of products manufactured by ITC Ltd. (Source: Company website)

ITC - Progressive Recovery, FMCG, Agri Light Up Q4: Centrum Broking

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.

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.

Click on the attachment to read the full report:

Centrum Broking ITC ltd - Q4FY21 Result Update .pdf


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