Angel Broking has maintained its neutral view on ITC in its July 30, 2008 research report."For 1QFY2009, ITC posted a robust Topline growth of 18.4% yoy to Rs 3,890 crore (Rs 3,94 crore) ahead of our estimate of Rs 3,711 crore, a 11.6% yoy growth. ITC registered a sharp disappointment for the quarter on the Earnings front registering a decline of 4.4% yoy to Rs 749 crore (Rs 783 crore) below our expectations of a 6% yoy growth to Rs 830 crore."

"While we remain positive on ITC’s strong consumer demand profile, better pricing power, strong cash flows and its ability to channel these flows into new growth opportunities, a weak Earnings growth in FY2009 coupled with uncertainty regarding Cigarette volumes has led us to maintain our Neutral view on the stock," says Angel's research report.

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