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Home STOCKS ITC share price: Brokerages bullish on ITC write-up Q4 final results

ITC share price: Brokerages bullish on ITC write-up Q4 final results

Vast majority of brokerages retained their bullish look at on FMCG big ITC right after the organization on Friday posted a 9.28 per cent increase in its consolidated net profit to Rs 3,926.46 crore for the quarter finished March 31. It had posted a consolidated profit of Rs 3,592.80 crore in the corresponding quarter last calendar year.
JM Economic and HDFC Securities taken care of ‘Buy’ call on the stock with a concentrate on price of Rs 300 and Rs 221, respectively, when Edelweiss Securities retained ‘Hold’ with a goal price of Rs 220.
Revenue from functions declined 4.93 per cent at Rs 12,560.64 crore through the quarter underneath review as versus Rs 13,212.19 crore in the corresponding period past fiscal.
“Recovery in cigarette and FMCG in Might and June is encouraging. FMCG, paperboards and packaging are now running at 80-85 per cent of typical amounts. The corporation has not witnessed downtrading trend or any meaningful fall-outs of cigarette buyers due to lockdown. Packaged food items liked pantry loading gains and section of personal care also recovered. The firm has great portfolio to capitalise on health and fitness and hygiene trend,” HDFC Securities explained in a report.
In the course of the quarter, revenue from complete FMCG business slipped 4.18 for each cent to Rs 8,940.78 crore from Rs 9,331.05 crore in the year-in the past interval.
Revenue from cigarette declined 4.94 per cent to Rs 5,750.44 crore as in opposition to Rs 6,049.50 crore a calendar year in the past. FMCG-others segment slipped 2.77 per cent to Rs 3,190.34 crore in Q4 FY 2019-20 when compared to Rs 3,281.55 crore in the calendar year-back period.
JM Fiscal said ITC’s March quarter effectiveness was decrease than anticipated but that’s a operate of the quarter-stop lockdown impact becoming a bit more pronounced than envisaged.
It further additional that the non-cigarettes portfolio that grew its EBIT continuously at double-digit degrees over the past seven quarters witnessed a double-digit EBIT decline in Q4FY20 thanks to Covid-19 similar disruptions.
Shares of the organization traded 1.44 per cent up at Rs 197.90 at all-around 11.50 am (IST), when the benchmark BSE Sensex traded 448 details, or 1.27 for each cent, decreased at 34,723 at close to the same time.

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