ITC - First Cut
Rajesh Desai
Dear Sir/Madam,
ITC announced its Q3 FY13 results on 18Jan 2013.
Q3 FY13 Result Analysis
The company’s Total Income increased by 23% YOY to INR7712 crore YOY and its EBITDA increased by 20% YOY to INR2858 crore. EBITDA Margin of the company decreased from 37.9% to 37.1% YOY. Adjusted PAT increased by 21% YOY to INR2052crore. Result was above Estimates. Cigarettes business contributed 83.7% vs 81.4% yoy in the profit. Performance of hotel business was again disappointing as profit dipped 45% yoy. At the CMP of INR288, the stock is trading at a P/E of 30.3x its FY13E EPS of INR9.5
DESCRIPTION | Dec-12 |
Sep-12 |
Dec-11 |
QOQ |
YOY |
|
Net Sales |
7627 |
7146 |
6195 |
|
|
|
OPI |
85 |
81 |
83 |
|
|
|
Total Income |
7712 |
7227 |
6279 |
7% |
23% |
|
Total Expenditure |
4854 |
4538 |
3867 |
|
|
|
PBIDT (Excl OI) |
2858 |
2688 |
2382 |
6% |
20% |
|
EBITDA (%) |
37.1% |
37.2% |
37.9% |
|
|
|
Other Income |
330 |
185 |
291 |
|
|
|
Operating Profit |
3188 |
2873 |
2673 |
|
|
|
Interest |
25 |
23 |
22 |
|
|
|
PBDT |
3162 |
2850 |
2651 |
|
|
|
Depreciation |
205 |
189 |
174 |
|
|
|
PBT |
2957 |
2661 |
2477 |
|
|
|
Tax |
905 |
825 |
776 |
|
|
|
Profit After Tax |
2052 |
1836 |
1701 |
12% |
21% |
|
PAT (%) |
26.6% |
25.4% |
27.1% |
|
|
|
|
|
|
|
|
|
|
Equity Capital |
787.83 |
785.63 |
779.62 |
|
|
|
Face Value (In Rs) |
1 |
1 |
1.00 |
|
|
|
No. of shares |
787.83 |
785.63 |
779.62 |
|
|
|
|
|
|
|
|
|
|
EPS |
2.60 |
2.34 |
2.18 |
11% |
19% |
Regards,
Team Microsec Research
Microsec Capital Limited
Tel: 91 33 30512100
Fax: 91 33 30512020
--
CA. Rajesh Desai