For 4Q FY 2012, ITC posted impressive17.2 % y o y growth in its net sales to
Rs.6,861 cr. While growth in the cigarette business stood at 17.4% y o y, other FMCG
business posted strong 23.6 % growth.
The agri business also posted strong 30.8% y o y growth. However, the hotels business reported a benign performance due to
the economic slowdown in the domestic and global economy. The company’s operating margin stood at 31.6%, up 96bp y o y due to higher realization on cigarettes. However, the company faced margin pressures due to in creased packing-related and other input costs.
Net profit rose by 26% y o y to Rs.1,614 cr. We maintain an Accumulate view on the stock with a target price of Rs.252.
By Angel Broking, 6th Floor, Ackruti Star Central Road,MIDC, Andheri (E) , Mumbai-93
Main : (91-22) 3935 7600 Extn : 6956 Website : www.angelbroking.com
Rs.6,861 cr. While growth in the cigarette business stood at 17.4% y o y, other FMCG
business posted strong 23.6 % growth.
The agri business also posted strong 30.8% y o y growth. However, the hotels business reported a benign performance due to
the economic slowdown in the domestic and global economy. The company’s operating margin stood at 31.6%, up 96bp y o y due to higher realization on cigarettes. However, the company faced margin pressures due to in creased packing-related and other input costs.
Net profit rose by 26% y o y to Rs.1,614 cr. We maintain an Accumulate view on the stock with a target price of Rs.252.
By Angel Broking, 6th Floor, Ackruti Star Central Road,MIDC, Andheri (E) , Mumbai-93
Main : (91-22) 3935 7600 Extn : 6956 Website : www.angelbroking.com
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