ICICI Direct's research report on ITC
ITC is the biggest cigarettes & second largest FMCG company in India with ~78% of market share in cigarettes & presence in staples, biscuits, noodles, snacks, chocolate, dairy products & personal care products. It is also present in paperboard, printing & packaging, agri & hotels businesses. The company has more than 200 manufacturing facilities in India. It has a distribution reach of over 6 million retail outlets across various trade channels and strong 25 brands across various categories.
Outlook
We maintain our BUY recommendation. We value the stock at Rs 450 on SOTP basis valuing the cigarettes business at 18x FY25 earnings & FMCG business at 6x FY25 sales.
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