ITC - Q3FY14 Result Update - Microsec

ITC has announced its Q3 FY14 Result.

ITC Ltd Net Sales increased by 13%(YoY) to INR8727 crore and its EBITDA increased by 15%(YoY) to INR3284 crore. EBITDA Margin of the company increased from 37.1%(YoY) to 37.6%(YoY). Also, PAT increased by 16% (YoY) to INR2385 crore. Other income increased by 59% (QoQ) to INR391 crore from INR246 crore.

Key Highlights of the Quarter

- Sales from ITC's Cigarette business grew by 12.6%(YOY) to INR7,664 crore and the Company also hiked the prices of the brands in cigarette business like Gold Flake King, Wills Navy Cut, Bristol, etc. during the third quarter.

- FMCG business (others) reported Sales of INR2,083 crore during the quarter ended which increased by 16.4%(YoY).

- Sales from Agriculture business grew by 9.5% (YoY) to INR1,786.37 crore.

- Hotel business revenues increased by 2%(YoY) to INR315.47 crore.

- Paperboards business witnessed a 18.2% (YoY) growth at Rs 1,335.6 crore

- At the CMP of INR324, the stock is trading at a P/E of 29.5x its FY14E EPS of INR11. We Remain Neutral to the Stock at the Current level.

Source : Equity Bulls

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