Reliance Securities' research report on ITC
ITC has reported a decent set of numbers for 1QFY18. Although revenues fell by 0.8% YoY to Rs98.7bn, EBITDA increased by 7% YoY to Rs36.7bn (vs. our estimate of Rs37.3bn) and net profit surged by 7.4% YoY to Rs25.6bn (vs. our estimate of Rs26bn). Its core Cigarettes business marginally exceeded our estimates with 6.6% growth in segmental revenues and 9% growth in segmental EBIT.
Outlook
We maintain our BUY recommendation on the stock with a revised SOTP-based Target Price of Rs336.
For all recommendations report, click here
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