Key Points
Diversified conglomerate ITC is expected to post mid-single-digit revenue growth in the September quarter due to subdued performance in papers and agri businesses...
We expect consolidated revenue to remain almost flat YoY (0.8% growth YoY) with YoY dip in sales in Agri and Paper..
We expect 6% YoY volume growth in cigarette with 5-year average volume growth in mid -single digit business..
In the FMCG segment, we estimate 12% YoY revenue growth as we expect some price hikes to anniversarize and 240 bps YoY expansion in EBIT margin to 9%..
We expect cigarettes to grow 8% YoY (5% volume), FMCG to grow at 11% YoY, hotels (continued strong momentum), papers (decline) on account of high base and agri to decline on the export ban...
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