‘Key hurdle of Budget now behind’: Nomura raises ITC target price
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The brokerage said strong all round pick up in tourism led to improvement in hotel sales and margins. The FMCG business did better than peers in terms of sales growth with margin improvement.
ITC earnings beat estimates and has led to share prices touching 52-week high.
International brokerage giant Nomura maintains a ‘buy’ rating and has raised the target price to Rs 455 per share reflecting optimism about the company’s prospects.
It estimates the cigarette volume to improve further on the back of a small tax hike in the Budget. Budget 2023 hiked the National Calamity Contingency Duty (NCCD) by 16%. The brokerage projects that this small tax revision on cigarettes augurs well for its continued strong trend.
The share prices have gained on the back of upbeat earnings. Shares of ITC touched 52-week high of Rs 388.20, rising 2 percent in the early trade on February 6. The standalone net profit zoomed 21 percent to Rs 5,031 crore from Rs 4,156 crore a year back.
The profit beat estimates by a significant margin. According to an average of estimates of brokerages polled by Moneycontrol, the company’s bottomline was expected to come in at Rs 4,614 crore.
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