Miss on cigarette volume; resilient FMCG delivery

Company
30 Jan 2024
5 Min read 
  • ITC's 3QFY24 revenue growth of 1.6% below estimates due to decline in cigarette volume.
  •  FMCG segment resilient with 7.3% increase in revenue.
  •  ITC sustained EBITDA margin expansion despite competitive pressure and weak demand.
  •  Agri business impacted by government restrictions, Paper segment faced challenges.
  •  Hotel segment posted strong growth in average room rate and occupancy.
  •  Earnings visibility better than peers, leading to a BUY rating.
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