First Cut- ITC
RAJESH DESAI
Dear Sir/Madam,
ITC announced its Q4 FY12 and Annual results on 25 May 2012. The company’s Net sales increased by 18% YOY and 11% QOQ to INR6861 crore while its PAT increased by 26% YOY and decline by 5% QOQ to INR1614 crore. EBITDA Margin of the company marginally improved to 32.3% vs 32.1% YOY.
On a yearly basis it’s consolidated total income increased by 18% to INR26552 crore and PAT increased by 25% to INR6258 crore resulting into EPS of INR8.03. At the CMP of INR232 the stock discounts its FY13E EPS by 25.2x.
As our Target price of INR224 has already been achieved we remain Neutral at the current level.
|
DESCRIPTION |
Mar-12 |
Dec-11 |
Mar-11 |
QOQ |
YOY |
|
Net Sales |
6861 |
6195 |
5836 |
11% |
18% |
|
OPI |
93 |
52 |
124 |
|
|
|
Total Income |
6955 |
6248 |
5960 |
11% |
17% |
|
Total Expenditure |
4711 |
3867 |
4047 |
|
|
|
PBIDT (Excl OI) |
2243 |
2381 |
1913 |
-6% |
17% |
|
EBITDA (%) |
32.3% |
38.1% |
32.1% |
|
|
|
Other Income |
208 |
285 |
102 |
|
|
|
Operating Profit |
2451 |
2666 |
2015 |
|
|
|
Interest |
15 |
16 |
14 |
|
|
|
PBDT |
2436 |
2651 |
2001 |
|
|
|
Depreciation |
168 |
174 |
164 |
|
|
|
PBT |
2268 |
2477 |
1837 |
|
|
|
Tax |
654 |
776 |
555 |
|
|
|
Profit After Tax |
1614 |
1701 |
1281 |
-5% |
26% |
|
PAT (%) |
23.2% |
27.2% |
21.5% |
|
|
|
Equity Capital |
779.6 |
779.6 |
773.8 |
|
|
|
Face Value (In Rs) |
1.0 |
1.0 |
1.0 |
|
|
|
No. of shares |
779.6 |
779.6 |
773.8 |
|
|
|
|
|
|
|
|
|
|
EPS |
2.07 |
2.18 |
1.66 |
-5% |
25% |
Regards,
Team Microsec Research
Microsec Capital Limited
Tel: 91 33 30512100
Fax: 91 33 30512020
--
CA. Rajesh Desai