Buy ITC, target of Rs 222: IIFL
IIFL has reiterated its buy rating on ITC with a target price of Rs 222 in its May 25, 2009 research report.
“ITC’s 4QFY09 net profit growth was in line with our expectation at 10% YoY, as lower other income (down 46% YoY) and a marginal decline in sales was offset by a 590bps expansion in EBITDA margin. The key highlight of the quarter’s results was the cigarette business, which registered net sales growth of 16% YoY, on a 6-8% increase in prices and an improvement in sales mix. Cigarette volumes declined 3.5%YoY, which on a strong base, indicates an improved underlying volume trend. Another highlight was the fall in FMCG losses, which after peaking at Rs 1.27 billion in 3QFY09 declined to Rs 1.1 billion in 4QFY09. Our new SOTP-based target price is Rs 222. We reiterate ‘BUY’,” says IIFL’s research report.
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