ITC Ltd. share price target

ICICI Securities Ltd | Retail Equity Research ITC reported revenue growth of 8.3% YoY to | 13156.7 crore for Q1FY17. Adjusting for the impact of Ind AS, revenues stood at ~| 9957.7 crore (I-direct estimate: | 9679.4 crore). The company saw robust growth of 20.2% in agri business while cigarette business grew by 6.4%. In FMCG, 9.5% growth was largely driven by volumes. However, hotels & paperboard segments reported subdued performance with de-growth of 0.2% & 1.6% respectively...

ITC's 1QFY17 operating performance was in line with estimates. Net revenues (Ind AS) increased 9.8% YoY (est. 10%) to INR 100.5b. EBITDA margin decline stood at 40bps over a very high base in 1QFY16 (vs. our estimate of 100bps decline) while PAT before other comprehensive income (Ind AS) grew 10.1% YoY (est. 10%) to INR 23.8b. Absolute Sales, EBITDA and PAT numbers differ from our estimates due to IND AS adjustments. We reckon cigarette volumes were up 3% YoY (best numbers since 4QFY13 and better than our expectation of 1% increase) aided by higher growth in the...

Key highlights of ITC's Annual Report 2016:Excise duty collection increased in FY16: The Union government hiked excise duty on cigarettes by 22%/18%/25%/16% in Union Budget FY13/14/15/16. Excise duty paid to government by ITC’s cigarettes business rose 9% yoy in FY16 to Rs 149bn vs. 27%/13%/0% in FY13/14/15. Excise duty revenue for the government increased, even as volumes fell 3%/6%/9% in FY14/15/16.Phillip Capital maintain a BUY with a TP of 375.

Trendlyne has 1 report on ITC updated in the last year from 1 broker with an average target of Rs 375.

ICICI Securities Ltd | Retail Equity Research For Q4FY16, ITC reported healthy net sales growth of 9.5% YoY to | 10062.4 crore (I-direct estimate: | 9531.5 crore) driven by 10.2%...

The government increased excise duty on cigarettes by only 10% yoy in FY17 as compared to ~18%/25%/16% in FY14/15/16 We believe that the current budget's outcome is positive for ITC, and will help it to...

ITC posted a healthy set of numbers for 4QFY2016, both on the top-line and the bottom-line front. The top-line was strong due to higher growth in Cigarettes & Agri businesses; however, higher taxes slightly dragged down the overall profitability of the company. Key highlights: ITC's net sales for the quarter grew by 9.4% yoy to Rs10,1..

Background: ITC, with revenues in excess of $7bn, is a market leader in Cigarettes with about 70+% volume share and 85+% value share. Cigarette business is a cash cow accounting for 50% for Sales and ~ 81% of EBIT. To diversify away from cigarettes with a long term perspective, they have other businesses such as FMCG, Hotels, Paperboards, Packaging, Agri-Exports, Branded Apparel & Stationery. ITC also a rural initiative with 6500 `e-choupal's aimed at farmers for...

ITC has posted spectacular set of results in 4QFY16. The Company has topped our sales estimates by 5% while exceeding EBITDA estimates by 7%. ITC's net sales grew by 9.5% to Rs100.6bn and EBITDA came in at Rs35.8bn for 4Q. Notably, its net profit at Rs25bn came largely in line with our estimates due to higher tax outgo during the quarter. We expect ITC to post revenue and earnings CAGR of 12.1% & 13.3%, respectively through FY16-18E and maintain our BUY recommendation on...

Cig volumes surprise on the upside; Worst seems behind ITC's operating performance for 4QFY16 was better than expected, with net sales up 9.4% YoY to INR101.7b (vs. our est. of INR99.2b) and EBITDA margin...

As highlighted in our earlier communication dated 7th March, ITC has implemented ~13% price hikes in King Size Filter segment. ITC's focus on Cig volume growth is quite evident as there is no price hike in...