ITC Ltd. share price target

After five consecutive years of double-digit excise increase (CAGR of 18% over FY12-17), the excise increase on cigarettes for FY18 was a reasonable 6%. The uncertainty on the GST rate and modality still lingers but the finance minister has mentioned in various forums that GST implementation is not ..

Revenue fell by 4.05% to Rs. 9149.31 Cr in Q3FY17 when compared to the previous quarter. On the other hand, it grew by 4.05% when compared with Q3FY16

Net sales, EBITDA and adj. PAT grew 4%/2%/6%. Cigarette gross sales and EBIT grew 2% each, with flat volumes (better than consensus expectation of 2-3% decline). Agribusiness posted healthy sales growth of 13% YoY (at a low base) but other FMCG, hotels and paper sales growth was muted at 3%, 7% and ..

ICICI Securities Ltd | Retail Equity Research The government announced a 6% hike in excise duty across categories of cigarette against our assumption of 10% hike for FY18. We believe this would translate into nominal price hike requirement of ~3.0% by the company in order to pass on the additional burden from the hike. However, in the backdrop of subdued cigarette volumes due to steep excise hikes in the past years and recent disruption in the segment due to demonetisation, we believe the company may not take usual 8-10% price...

ITC?s net revenue was up by 4.1% YoY to Rs 91.5bn, slightly ahead of our expectation. EBITDA & APAT grew by 2.1% & 5.7% YoY. Revenue growth was healthy considering general demand trends were weak after demonetisation. Cigarette business registered 2.2% growth (7% growth in 1HFY17) led by flat cigarette volume. Liquidity crunch and higher illegal trade impacted cigarette performance.

ICICI Securities Ltd | Retail Equity Research ITC reported revenue growth of 4.5% YoY to | 13471 crore, above our estimate of | 12599 crore. Cigarette business grew marginally by 2.2% YoY due to the demonetisation. Agri business grew 12.9% YoY followed by hotel business, which grew 7.3% YoY. FMCG segment...

For 3QFY2017, ITC has reported below estimates numbers, both on the top-line and bottom-line fronts, on the back of lower Cigarettes volume growth due to demonetization of Indian currency. However, healthy growth was witnessed in other businesses like Hotels, Agri Business, etc. We expect ITC to report top-line and bottom-line CAGR of 9% ..

ITC posted a healthy set of numbers for 2QFY2017, both on the top-line and the bottom-line front. The top-line was healthy due to decent growth in cigarettes and other FMCG businesses, which resulted in a higher overall profitability of the company. We expect ITC to report a top-line and bottom-line CAGR of 10% and 15%, respectively, over..

ITCs net revenue was up by 9.6% YoY to Rs 96.6bn, in line with our expectation of 9.5% growth. EBITDA & APAT grew by 7.3% & 10.5%. Revenue growth was healthy led by cigarette & FMCG segments. Cigarette business grew by 7.1% with improved volume growth of ~3.5%. Non-cigarette business growth remained slow at 6.1% growth.

ICICI Securities Ltd | Retail Equity Research ITC reported 7.8% YoY growth in revenue for Q2FY17 to | 13491.4 crore (I-direct estimate: | 14,288.7 crore). The company witnessed 7.1% YoY growth in cigarette business. FMCG segment grew strongly by 13.3% YoY largely driven by volumes supported by brand building and consumer/trade promotion activities. Hotels & agri business grew moderately by 2.5% and 2.0%, respectively; however, paperboard remained flat...