ITC Q4 Review - Topline Better Than Expected Driven By Recovery In Discretionary, Out Of Home: IDBI Capital

Cigarettes made by ITC Ltd., are displayed at a stall in New Delhi, India. (Photographer: Amit Bhargava/Bloomberg News).

ITC Q4 Review - Topline Better Than Expected Driven By Recovery In Discretionary, Out Of Home: IDBI Capital

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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.

IDBI Capital Report

ITC Ltd. reported in-line results. Overall business witnessed strong recovery in discretionary and out of home products which grew 23%YoY (versus 5% decline in Q3 FY21) while health, hygiene and food portfolio grew 13%YoY.

Cigarettes business also witnessed continued recovery (volumes reached pre-Covid-19 levels towards the end of March 2021) driven by progressive easing of restriction and increased mobility.

Revenue growth of agri and paperboards, paper and packaging segment also remained very strong.

Hotel business after breaking even in Q3 FY21 recorded positive Ebitda of Rs 250 million in Q4 FY21 driven by cost interventions and business recovery.

Click on the attachment to read the full report:

IDBI Capital ITC Q4FY21 Result Update.pdf

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