Sharekhan is bullish on ITC has recommended buy rating on the stock with a target price of Rs 297 in its research report dated October 24, 2019.
Sharekhan's research report on ITC
Cigarette sales volumes grew by 3%; largely in line with Q1. OPM expanded 112 bps to 38.4%, driven by 96 bps rise in cigarette business EBIT margins and a 55% growth in non-cigarette FMCG business EBIDTA. Overall, Q2 was steady, with revenues growing by 5.3% and operating profit rising by 8.5% amid muted demand.
The stock trades at a discounted valuation of 18.1x and we maintain our Buy rating with an unchanged PT of Rs. 297.
For all recommendations report, click here
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