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Q4FY23 Preview: ITC: Revenue seen at Rs. 177,028 million, PAT at Rs. 50,302 million

17 May 2023 , 09:52 AM

Result date: 18th May, 2023

Recommendation: Buy

Target price: Rs. 425

Analysts at IIFL Capital Services are forecasting ITC’s cigarette volumes to grow by 15% over the year-ago quarter. In FMCG, they expect 17% sales growth — slightly lower than the 18% clocked in the previous quarter. They expect the Agri-business to post 25% fall in sales as compared to the year-ago quarter. Hotels business will witness continued momentum even as paper business could be on the path of recovery. Overall revenue growth is pegged at 8% over the year-ago quarter.

ITC’s EBIT margin could come in at 7.1%, aided by over 100 basis points expansion in gross margin, better product mix and cost savings. 

ITC’s Profit After Tax (PAT) could grow 20% over the year-ago quarter.

Important management insights to watch out for:

  • Demand outlook in rural and urban markets
  • Competitive intensity across business segments
  • Input cost trends
  • Outlook for Hotels and Agri businesses 
Rs Million

March 2023 estimates

YoY change

Revenue 

177,028

8.1%

EBITDA 

67,378

20.3%

Profit After Tax 

50,302

19.9%

Source: IIFL Research

Related Tags

  • ITC
  • ITC Q4
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