Accumulate ITC; target of Rs 228: KR Choksey

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26 Aug, 2025 12:21

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KR Choksey's research report on ITC

In Q1FY22, Total revenue grew by 35.9% YoY (-7.9% QoQ) to INR 142,408 Mn which was above our estimates (est. INR 132,888 Mn). EBITDA margin expanded 309 bps YoY (down 42 bps QoQ) to 31.2% while absolute EBITDA grew by 50.9% YoY (-8.8% QoQ) to INR 44,437 Mn. EBIT grew by 59.5% YoY (-9.7% QoQ) to INR 40,296 Mn. Adj PAT grew by 30.5% YoY (-12.8% QoQ) to INR 32,765 Mn, PAT margin contracted by 96 bps YoY (down 137 bps QoQ) to 23%.

Outlook

we retain our target price of INR 228 per share; an upside of 9.2% over the CMP. Accordingly, we retain “ACCUMULATE” rating on the shares of ITC Ltd.

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