ITC Q4 Review - In Line Result; Outlook Remains Uncertain: Motilal Oswal

A packet of India Kings cigarette manufactured by ITC Ltd. (Photographer: Amit Bhargava/Bloomberg).

ITC Q4 Review - In Line Result; Outlook Remains Uncertain: Motilal Oswal

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.

Motilal Oswal Report

While a better than expected performance in the agri business led to a beat on sales, Ebitda and profit before tax were in line with our estimates.

Volume and sales growth in cigarettes, sales growth in fast moving consumer goods – others, as well as a full year dividend payout were broadly in line with our expectations.

Unlike other discretionary categories, which have reported a strong rebound, two-year average growth in cigarette volumes as well as Ebit declined by ~2% each in Q4 FY21.

While the impact of lockdowns in Q1 FY22 may not be as severe as that in Q1 FY21, there will be a further sequential impact compared to Q4 FY21.

Click on the attachment to read the full report:

Motilal Oswal ITC Q4FY21 Result Update.pdf

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.

BQ Install

Bloomberg Quint

Add BloombergQuint App to Home screen.