Views on ITC 4QFY2014 results - Angel Broking

Views of Mr. V. Srinivasan (Research Analyst - FMGC, Angel Broking) on ITC 4QFY2014 results:

"For 4QFY2014 ITC's performance was in-line with estimates on the bottom-line front. The company's net sales rose by 11.8% yoy to Rs. 9,145cr. Cigarettes business posted a 12.6% yoy growth in net sales to Rs. 4,079cr aided by the price hikes taken by the company, even though volumes are expected to have de-grown by ~3%. Healthy realizations resulted in Cigarettes business posting a 20.8% yoy growth in its EBIT. Other FMCG business which posted a 13.7% yoy growth in net sales to Rs. 2,316cr, posted a EBIT of Rs. 43cr. Agri business posted a 8.1% yoy and 14.1% yoy growth in revenue and segmental EBIT respectively. Overall, company's OPM rose by 187bp yoy to 34%. Bottom-line rose by 18.2% yoy to Rs. 2,278cr. We recommend a Accumulate on the stock with a Target Price of Rs. 382."

Shares of ITC LTD. was last trading in BSE at Rs.336.95 as compared to the previous close of Rs. 333.4. The total number of shares traded during the day was 906267 in over 11590 trades.

The stock hit an intraday high of Rs. 338.7 and intraday low of 333.4. The net turnover during the day was Rs. 304670936.

Source : Equity Bulls

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