The diversified conglomerate reported a 6% growth in its consolidated net profit at Rs 5,335 crore for the quarter ended December. The same stood at Rs 5,006 crore in the year-ago period. The profit beat the ET Now Poll expectation of Rs 5,072 crore.
Read more: ITC Q3 Results: Profit rises 6% YoY to Rs 5,335 crore; dividend declared at Rs 6.25/share
Here’s what brokerages recommended:
Nuvama: Buy | Target: Rs 535
Nuvama has recommended a Buy view on ITC while slashing the target to Rs 535 from an earlier target of Rs 560. While the company’s Q3 revenue and PAT were ahead of its estimates, cigarette volumes disappointed, said the brokerage. The EBITDA was also below estimates.The FMCG and hotels segment grew YoY with the latter producing its best-ever quarter. Meanwhile, the paperboards, paper and packaging (PPP) segment declined 9.7% YoY on the back of low-priced Chinese supplies in global markets and subdued domestic demand and high base effect. The agri-business was impacted by trade restrictions on agri commodities.
Investec: Buy | Target: Rs 449
Investec has a buy view on the counter for a price target of Rs 499. Investec said that ITC had an operationally weak quarter amid sluggishness in the cigarettes segment after several strong quarters. It expects a revenue growth uptick from Q1FY25 in the context of a weak staples environment, currently.(You can now subscribe to our ETMarkets WhatsApp channel)
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
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