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ITC rallies as Cigarette business delivers better Q4 performance

Discussion in 'Stock Market Discussions' started by capitalstars05, May 23, 2016.

  1. capitalstars05

    capitalstars05 New Member

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    Shares of FMCG major ITC rallied over 5% to Rs347 on NSE as Cigarette business delivered better performance; maintain Buy (TP – Rs375)
    Better operating performance; higher tax rate restricted PAT growth:
    For Q4FY2016, ITC’s net revenues grew by 10.7% YoY to Rs10, 168.7 crore. Its core cigarette business revenues grew by 10%, while non-cigarette FMCG business revenues grew by just 5.4% during the quarter.
    The gross profit margin (GPM) improved by 72BPS YoY to 60.9% and the operating profit margin (OPM) improved by 210BPS YoY to 36.3% (better than our expectation).
    The operating profit grew by 17.5% YoY to Rs3, 687.1 crore. However, higher incidence of tax led to 10% Y-o-Y growth in PAT to Rs2, 495.2 crore in Q4FY2016.

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