ITC Q1 Review – Swift Recovery In Cigarettes, Paperboard Businesses: ICICI Direct

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ITC Ltd.’s cigarettes sales witnessed growth of 33%, largely contributed by volume recovery from the lockdown impacted base quarter (~40% volume decline).

Some of the markets like Kerala, Odisha and North East remain partially impacted by the second wave.

Cigarette Ebit grew 37%. Segment margins were up 210 basis points.

ITC’s fast moving consumer goods sales witnessed growth of 10.4% on the back of high demand for hygiene products and strong recovery of discretionary products from the low base last year.

FMCG Ebitda grew 16% with a 40 bps improvement in margins. High commodity prices resulted in slower improvement in margins during the quarter.

Education and stationary remained impacted due to closure of educational institutions.

Click on the attachment to read the full report:

ICICI Direct ITC Q1FY22 Result Update.pdf


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