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ITC
Key takeaways
Cigarette volume growth in 1QFY12 was good and the trajectory is continuing.
Snacks business volumes have been good in FY2011; it has achieved breakeven recently.
Biscuits are growing in high teens. Noodles industry is growing at ~20-25%, ITC was the
last to enter the category. Market share in biscuits is in early teens. Premiumisation of
products is a focus area and it has helped protect margins. Cost pressure continues to be
a constant challenge.
Historically, the industry-wide problem in biscuits has been inability to move away from
Rs5 price point. So, in a way the industry has tackled this through grammage correction.
Most companies have taken some margin hit as well due to commodity inflation.
Full-year breakeve
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
ITC
Key takeaways
Cigarette volume growth in 1QFY12 was good and the trajectory is continuing.
Snacks business volumes have been good in FY2011; it has achieved breakeven recently.
Biscuits are growing in high teens. Noodles industry is growing at ~20-25%, ITC was the
last to enter the category. Market share in biscuits is in early teens. Premiumisation of
products is a focus area and it has helped protect margins. Cost pressure continues to be
a constant challenge.
Historically, the industry-wide problem in biscuits has been inability to move away from
Rs5 price point. So, in a way the industry has tackled this through grammage correction.
Most companies have taken some margin hit as well due to commodity inflation.
Full-year breakeve
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