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ITC: Broad-based recovery, with cigarette business back to pre-COVID levels

Investors need to watch for ITC's growth in FMCG business and sustainability of margins, going forward

October 28, 2021 / 10:55 AM IST
ITC: Broad-based recovery, with cigarette business back to pre-COVID levels

Cummins India | The company reported higher consolidated profit at Rs 221.03 crore in Q2FY22 against Rs 173.16 crore in Q2FY21, revenue rose to Rs 1,730.23 crore from Rs 1,169.99 crore YoY.

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 results for ITC (CMP: Rs 238; Market Capitalisation: Rs 29,3717 crore) came in line with Street expectations. Despite very high raw material prices, the FMCG segment was able to sustain the margins on a sequential basis. September quarter results Gross revenues grew by 11 percent year on year (YoY) on the back of double-digit growth in the cigarette, paper and paperboards business and the hotel business bounced back while agri-business declined. (image) Gross margin improved sequentially despite high commodity price inflation....

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