ITC Q2 highlights –
Gross sales up 9 pc
PAT at 4927 cr, up 10 pc
FMCG sales ( excluding cigarettes ) – grew 8.3 pc on a high base @ 5292 cr. EBITDA margins in FMCG at 11 pc, up 150 bps YoY. Sales growth led by – Aatta, Agarbatti, Spices, Personal Wash, Classmate – notebooks+pens
Categories like biscuits, noodles, snacks, popular soaps witnessed heightened competition
Aashirvard brand augmented with Aashirvad branded – Organic Dals, Besan, Gluten Free Aatta, Vermicelli etc
Sunfeast brand’s – Dark fantasy, Mom’s Magic continue to gain mkt share
Spices – new launches under Sunrise brand – Swad Bihar ka, Chicken masala, Meat masala, Rajshahi garam masala
Aashirvad Svasti – dairy brand continues to gain Mkt share
Fiama, Nimyle – gained mkt share
Cigarettes – revenues grew 8 pc ( @ 7658 cr ), EBIT grew 8 pc
Hotels – sales up 21 pc ( @ 650 cr )
Hotels EBIT up 50 pc, margins at 31 pc, up 170 bps
Added 3 new properties at Kasauli, Amritsar, Hoshiarpur under Welcome and Fortune brands. To add managed properties in the next few months in a phased manner
Agri business – sales up 26 pc @ 3931 cr ( excluding rice and wheat exports )
Agri EBIT up 3.3 pc ( due various export restrictions imposed by GoI )
Got approval for export of Pharma grade Nicotine to US and EU Mkts
Paperboards and Packaging – revenues declined 10 pc ( @ 2070 cr ) due intense Chinese competition. EBIT down 49 pc. Down cycle likely to have bottomed out, likely to see improvements going forward
Disc : holding, biased, not SEBI registered
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