CLSA on ITC : O-P, TP Rs 390

Reported standalone net revenue growth of 3% YoY, while Ebitda declined 17% YoY, reflecting the impact of the unprecedented cigarette tax increase. Cigarette business net revenue in 2QFY27 declined 21% YoY, while Ebit declined 27% & was 4% above expectation ITC continued with a calibrated response to the tax increase, alongside multiple portfolio interventions, to limit volume migration to illicit trade Non-cigarette portfolio remained strong, with segment revenue/Ebitda growing 18%/23% YoY, led by FMCG, a recovery in paperboards and strong agri performance.

ITC LTD

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