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India Equity Research Reports, IPO and Stock News
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Key takeaways
Company has implemented a price increase of ~4% in cigarettes in January 2011.
Cigarette business can grow at >5% in volumes if the excise increase is moderate (in low
single digits, in our view).
Most of the stringent global regulations on tobacco usage control are already
implemented in India (due to India being a signatory to WHO charter). Hence, it is likely
that regulatory regime for cigarettes could potentially remain stable.
Foods business has achieved break even in FY2011, all business lines are profitable except
Bingo snacks. Breakeven in overall FMCG segment is likely to be achieved in FY2013E.
ITC has achieved a market share of ~6% in soaps and ~3% in shampoo. Revisit of
marketing mix is underway in shampoo.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
Key takeaways
Company has implemented a price increase of ~4% in cigarettes in January 2011.
Cigarette business can grow at >5% in volumes if the excise increase is moderate (in low
single digits, in our view).
Most of the stringent global regulations on tobacco usage control are already
implemented in India (due to India being a signatory to WHO charter). Hence, it is likely
that regulatory regime for cigarettes could potentially remain stable.
Foods business has achieved break even in FY2011, all business lines are profitable except
Bingo snacks. Breakeven in overall FMCG segment is likely to be achieved in FY2013E.
ITC has achieved a market share of ~6% in soaps and ~3% in shampoo. Revisit of
marketing mix is underway in shampoo.
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