Motial Oswal: ITC Posts In-Line Q2 Results; Hazy Outlook  
A packet of India Kings cigarette manufactured by ITC Ltd. (Photographer: Amit Bhargava/Bloomberg)

Motial Oswal: ITC Posts In-Line Q2 Results; Hazy Outlook  

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 Q2 FY21 results were broadly in-line.

While approximately 12% decline in cigarette volumes was below our expectation of 7% decline, overall results were only marginally below expectations.

The lower margin agriculture business grew faster than anticipated, partially offsetting the slower-than-estimated growth in the higher-margin cigarettes business.

Management indicated in its presentation that the easing of restrictions in September 2020 enhanced the ability to meet demand in the cigarettes business.

Click on the attachment to read the full report:

Motilal Oswal ITC Q2FY21 Result Update.pdf


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