Buy ITC; target of Rs 285: Anand Rathi

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Anand Rathi 's research report on ITC

ITC Limited (ITC) has reported a decline of 7.9% in its consolidated revenue at ₹1,17,822 million in Q4-FY20 as against ₹1,27,892 million in Q4-FY19. Revenue decline was mainly due to loss of sales in last 10 days of march which affected all the segments with Cigarettes, FMCG, Hotel, Agri and Paper businesses registering a decline of 4.9%, 2.8%, 6.7%, 10.0% and 5.1% respectively. Cigarettes business registered a volume decline of ~12% after factoring in the price hike taken in this segment.

Outlook

The Company remains the clear leader in the FMCG industry in terms of annual Free Cash Flow generation., we continue to remain positive on the company over medium to longer term perspective and maintain our BUY rating on the stock with a revised target price of Rs.285 per share.

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