ITC’s Q3 In-Line, But Outlook Remains Hazy: Motilal Oswal
ITC’s Bingo chips packets at a street stall in Kannauj, Uttar Pradesh, India. (Photographer: Udit Kulshrestha/Bloomberg)

ITC’s Q3 In-Line, But Outlook Remains Hazy: 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

ITC Ltd.’s Q3 FY21 results were broadly in-line, with cigarette volumes declining approximately 7% YoY.

Unlike other discretionary categories, no sharp sequential improvement is seen in cigarettes. There was no respite on cigarette Ebit either, with 8.1% YoY decline posted for Q3 - implying that cigarette Ebit growth has been below 10% for 24 of the past 26 quarters now.

Growth in the fast moving consumer goods-others business has also tapered to the single digits on a reported basis as in-home consumption is no longer growing at the same pace.

Click on the attachment to read the full report:

Motilal Oswal ITC Q3FY21 Result Update.pdf


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