ITC
MORGAN STANLEY ON ITC : 26.07.2021
* Maintain Overweight, Target at Rs 251/share
* Cigarette volumes surprise positively
* Earnings beat led by performance in all businesses, except FMCG
* Other expenses fell 15% QoQ, aided by ITC's cost control initiatives
CLSA ON ITC : 26.07.2021
* ITC's cigarette margin aided by positive operating leverage & holds potential for further expansion; other FMCG revenue growth in-line at 10%; FMCG margin at 8%, expanded 40 bps YoY. Here's more by CLSA on the tobacco major
* Cigarette EBIT Margin Expanded 210 bps YoY
* Cigarette Margin Aided By Positive Operating Leverage & Holds Potential For Further Expansion
* Other FMCG Revenue Growth In-line At 10%; FMCG Margin At 8%, Expanded 40 bps YOY
* With Expected Normalcy, See A Recovery In Its Overall Business & Margin Profile
* With Steady Expansion In Its Margin & A Reduction In Capex, K-shaped Trend
* MAINTAIN BUY TARGET: 265
JEFFERIES ON ITC : 26.07.2021
• Maintain BUY, Target at Rs 275/share
Pandemic-related disruption impacted most consumer companies
• Management showed agility during times of disruption
• Raise EPS by 2-4% and view ITC as a high conviction Buy with Rs 275
MORGAN STANLEY ON ITC : 26.07.2021
* Q1 earnings beat by ITC led by better-than expected performance in all businesses except FMCG, MS maintains OVERWEIGHT on the stock
* Revenue & Profits Ahead Of Estimates
* Cigarette Volumes Up 33% YOY, Ahead Of Consensus Of 24-28%
* Earnings Beat Led By Better-than Expected Performance In All Biz, Except FMCG
* Other Expenses Fell 15% QOQ, Aided By ITC's Cost Control Initiatives
* MAINTAIN BUY TARGET: 251
CLSA ON ITC : 26.07.2021
• Maintain BUY, Target at Rs 265/share
* Recovery momentum to accelerate with normalcy, maintain BUY
* Cigarette volume grew 33% and its margin was at 73.7%
• Other FMCG revenue grew 10% (2-year CAGR of 10%)
CITI ON ITC : 26.07.2021
* No major surprises in ITC's Q1 results across various segments, Citi says, maintains NEUTRAL rating on the stock
* Operationally, No Major Surprises In Q1 Results Across Various Segments
* Revenue & EBITDA Grew 37% & 51% Respectively On Very Low Base Of Last Year
* Lower Other Income Led To A Weaker-than-expected Profit Of 3,010 Cr Vs Estimate Olf 3,230 Cr
* Remain On Sidelines
* MAINTAIN NEUTRAL TARGET: 210
