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ITC Ltd.’s revenue witnessed growth of 2.7% to Rs 17265.5 crore led by strong cigarette, fast moving consumer goods and hotels business sales. Paperboard business also saw healthy growth with some moderation sequentially. Agri business sales decline after restriction on wheat and rice exports imposed in May-June 2022.
Cigarettes business witnessed strong 16.7% growth led by ~15% volume growth. ITC is continuously gaining market share with the strong growth contribution from Rs 10/ price point and above cigarettes categories.
Stable taxation over the last five years along with deterrent actions by enforcement agencies helping regain market from illicit cigarettes. Recent launches have been continuing to gain traction for the company.
FMCG business saw robust growth of 18.2% led by strong growth in foods business (atta, biscuits, noodles, snacks, dairy, beverages and frozen foods). The strong growth in the business was contributed by ~7-8% volume growth and 10-11% pricing growth (our estimate).
Education and stationary business also saw strong traction during the quarter. Though hygiene (Savlon) continues to see moderate growth, personal wash brands Vivel and Fiama witnessed strong growth during the quarter.
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More Research Reports On ITC’s Q3 FY23 Results Review
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