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ITC: Higher dividend yield to protect stock downside

Recovery in cigarette business holds the key to re-rating of ITC

February 12, 2021 / 09:17 PM IST
ITC: Higher dividend yield to protect stock downside

(Image: Reuters)

PRO Only Highlights
Quarterly performance largely backed by improved realisations
Medium-term triggers China plus and protectionist measures for tyre industry
Valuations not inexpensive; but improved medium-term outlook

The December 2020 quarter results of ITC (CMP: Rs 226; Market capitalisation: Rs 2,78,655crore) have been in line with expectations. The FMCG and the Agri segments grew in double digits while Hotel saw a sharp sequential recovery. Health and Hygiene maintained the growth trend as seen in the previous two quarters. ITC has declared an interim dividend of Rs 5 per share. Financial results of Q3FY21 Revenues grew by 6 per cent year on year, thanks to agri business and FMCG...

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