Buy ITC; target of Rs 336: Geojit Financial Services

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26 Aug, 2025 12:21

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Geojit Financial Services' research report on ITC

While ITC’s gross sales grew by mere 6% YoY in Q4FY17, net sales grew by healthy 14% YoY driven by 11% drop in excise duty outgo this quarter. Notably, the base quarter witnessed higher excise as inventory rose in the system ahead of pictorial warning implementation.

Outlook

Further, revenue/PAT is expected to witness a CAGR of 13.6%/15.4% over FY17-19E. The neutral GST rate for cigarette augurs well for volume growth of the category & hence, we upgrade our rating from ‘HOLD’ to ‘BUY’ with a revised TP of Rs 336 (earlier Rs 291) based on 30x FY19E P/E.

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