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FMCG
ITC: We expect strong earnings performance from ITC Ltd, as a result of: 1/ stronger
margins in cigarette business, 2/ continued improvements in profitability of non-cigarette
FMCGs, and 3/ continued strength in margins/ revenue growth in other business
interests (paper, hotels and other commodities) Cigarette volumes, which have
registered a decline in FY11 on the back of price hikes taken by the company, are
expected to register strong growth in FY12, and we expect 14% growth in cigarette
net sales. We forecast 21.4% growth in net revenues for the company. We expect
margins to improve 760 bps y/y, and expect EPS growth of 25% for the quarter.
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