ITC Q4 Results Review - Operating Performance Inline With Our Estimate: Yes Securities

NDTV Profit’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer NDTV Profit’s subscribers an opportunity to expand their understanding of companies, sectors and the economy..Yes Securities Report.ITC Ltd.'s Q4 FY24 operating performance was in-line with our estimates. Cigarette volumes have seen sequential uptick with calculated volume growth looking slightly better than our estimate. FMCG-others saw a resilient performance amidst subdued demand in Q4 FY24 with 7.2% growth and Ebitda margin of 11.6%. Trade restrictions on agri commodities continue to have an impact on agri business while value-added agri products and leaf tobacco grew at a healthy pace. Progressive scale-up of export shipments of Nicotine and Nicotine derivative products post trials should provide some aid for the segment. Paperboards, paper and packaging segment also continued to remain impacted by low priced Chinese supplies in global markets, muted domestic demand, surge in wood cost and high base effect. There is no major change in our earnings. Based on target multiple of ~25 times (three year/five year average forward multiple ~21 times/20 times) on March 26E earnings per share, we arrive at an unchanged target price of Rs 500. Maintain Add..Click on the attachment to read the full report:.ITC Q4 Results Review - Budget, Cigarette Volumes Key To Returns: Prabhudas Lilladher.DISCLAIMERThis report is authored by an external party. NDTV Profit does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of NDTV Profit..Users have no license to copy, modify, or distribute the content without permission of the Original Owner.

ITC Q4 Results Review - Operating Performance Inline With Our Estimate: Yes Securities

Cigarette volumes have seen sequential uptick with calculated volume growth looking slightly better than our estimate.

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ITC Q4 Results Review - Operating Performance Inline With Our Estimate: Yes Securities

Cigarette volumes have seen sequential uptick with calculated volume growth looking slightly better than our estimate.

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