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Last Updated : May 15, 2019 12:32 PM IST | Source: Moneycontrol.com

Buy ITC; target of Rs 340: ICICI Direct

ICICI Direct is bullish on ITC has recommended buy rating on the stock with a target price of Rs 340 in its research report dated May 14, 2019.

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ICICI Direct's research report on ITC


Net revenue (net of excise duty) increased by 13.3% YoY to Rs 11,992.1 crore. Cigarette, FMCG, Agri, Paperboard & Hotels business witnessed a growth of 11.1%, 7.3%, 16.2%, 18.2% & 24.9% respectively. EBITDA grew by 10.3% to Rs 4,571.7 crore supported by Cigarette, FMCG, Agri & Paperboard segments. FMCG EBIT increased from Rs 91.2 crore to Rs 201 crore (including Rs 70.5 crore of loss making Lifestyle business sale) driven by strong growth in the branded packaged foods business, better product mix and cost rationalisation initiatives. The company declared dividend of Rs 5.75/share.


Outlook


We expect revenues and PAT to grow at a CAGR of 9.9% and 10.8% respectively in FY19-21E. We continue to maintain our BUY rating on the stock with a target price of Rs 340/share.


For all recommendations report, click here


Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

First Published on May 15, 2019 12:32 pm
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