External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

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External broker reports(aggregated public sources)

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>ITC 1QFY25 results were below our estimates as the non-FMCG business disappointed on all fronts</li><li>However, cigarette volume growth of 3% was marginally above our estimate of 2.5% due to a) differentiated variants and premium segments performing well, b) a sequential recovery in the value segment and c) sustained volume clawback from the illicit segment</li><li>FMCG margin expanded c25bps YoY to 11.3% despite the sequential uptick in selected commodities on account of premiumization, supply chain optimization and strategic cost mgmt initiatives</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

ITC 1QFY25 results were below our estimates as the non-FMCG business disappointed on all frontsHowever, cigarette volume growth of 3% was marginally above our estimate of 2.5% due to a) differentiated variants and premium segments performing well, b) a sequential recovery in the value segment and c) sustained volume clawback from the illicit segmentFMCG margin expanded c25bps YoY to 11.3% despite the sequential uptick in selected commodities on account of premiumization, supply chain optimization and strategic cost mgmt initiativesContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

ITC (1QFY25 Results Review): Non-FMCG Business Dents Profitability. Maintain REDUCE

ITC Ltd

ITC (1QFY25 Results Review): Non-FMCG Business Dents Profitability. Maintain REDUCE