ITC Q3 Results Review - Robust Cigarettes Volume Growth Continues: ICICI Direct

"BQ Prime’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BQ Prime’s subscribers an opportunity to expand their understanding of companies, sectors and the economy. .ICICI Direct Report.ITC Ltd.'s revenue witnessed growth of 2.7% to Rs 17265.5 crore led by strong cigarette, fast moving consumer goods and hotels business sales. Paperboard business also saw healthy growth with some moderation sequentially. Agri business sales decline after restriction on wheat and rice exports imposed in May-June 2022.Cigarettes business witnessed strong 16.7% growth led by ~15% volume growth. ITC is continuously gaining market share with the strong growth contribution from Rs 10/ price point and above cigarettes categories.Stable taxation over the last five years along with deterrent actions by enforcement agencies helping regain market from illicit cigarettes. Recent launches have been continuing to gain traction for the company.FMCG business saw robust growth of 18.2% led by strong growth in foods business (atta, biscuits, noodles, snacks, dairy, beverages and frozen foods). The strong growth in the business was contributed by ~7-8% volume growth and 10-11% pricing growth (our estimate).Education and stationary business also saw strong traction during the quarter. Though hygiene (Savlon) continues to see moderate growth, personal wash brands Vivel and Fiama witnessed strong growth during the quarter. .Click on the attachment to read the full report:.More Research Reports On ITC's Q3 FY23 Results Review.Another Quarter Of Positive Surprise On Cigarette Volumes, FMCG: SystematixMargins Continue To Upbeat: Dolat Capital.DISCLAIMERThis report is authored by an external party. BQ Prime does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of BQ Prime..Users have no license to copy, modify, or distribute the content without permission of the Original Owner."

ITC Q3 Results Review - Robust Cigarettes Volume Growth Continues: ICICI Direct

ITC is continuously gaining market share with strong growth contribution from Rs 10/ price point and above cigarettes categories.

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ITC Q3 Results Review - Robust Cigarettes Volume Growth Continues: ICICI Direct

ITC is continuously gaining market share with strong growth contribution from Rs 10/ price point and above cigarettes categories.

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