ICICI Direct's research report on ITC
ITC is the biggest cigarettes & second largest FMCG company in India with ~78% market share in cigarettes & presence in staples, biscuits, noodles, snacks, chocolate, dairy products & personal care products. The company is also present in paperboard, printing & packaging business with revenues of Rs 4549 crore, agri business with Rs 8001 crore. ITC has more than 200 manufacturing facilities in India. It has a distribution reach of over 6.6 million retail outlets across various trade channels & strong 25 brands across various categories.
Outlook
We continue to maintain our HOLD rating on the stock. We value the stock at Rs 250 on SOTP basis valuing the cigarettes business at 12x FY24 earnings & FMCG business at 5x FY24 sales.
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