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Last Updated : Jan 24, 2019 04:54 PM IST | Source: Moneycontrol.com

Buy ITC; target of Rs 340: ICICI Direct

ICICI Direct recommended is bullish on ITC has recommended buy rating on the stock with a target price of Rs 340 in its research report dated January 24, 2019.

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ICICI Direct's research report on ITC


ITC’s cigarette segment posted robust volume growth of ~8% in Q3FY19 led by higher growth of 64 mm segment (~40% of cigarette volumes). 69 mm segment contributed 38-39% of cigarette sales volume and remaining ~20% was contributed by Long & King size segments. All other businesses reported double digit sales growth resulting in overall revenue growth of 14.9% YoY during the quarter Operating profit grew 11.2% to Rs 4,325.8 crore supported by Cigarette, FMCG & Paperboard segments. FMCG EBIT increased from Rs 47 crore to Rs 76.7 crore on the back of strong growth in the branded packaged foods business, better product mix and cost rationalisation initiatives


Outlook


We continue to maintain our BUY rating on the stock with a revised target price of Rs 340.


For all recommendations report, click here


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First Published on Jan 24, 2019 04:54 pm
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