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Consumer
Potential Result Outperformer: ITC
Result Expectations – Key Highlights
We expect strong volume growth for the consumer companies under coverage.
While ITC’s growth will be led by robust volume growth in cigarettes, HUL will see
its personal care business mainly contributing to growth.
ITC - We expect ITC to report over 7% volume growth in cigarettes. Backed by
this and by already effected price hike of ~5% on blended basis we see margins
expanding 115bp yoy. See revenue growing 18%yoy due to robust performance
in cigarettes and FMCG. Expect 20% growth in recurring PAT as losses in FMCG
decline.
HUL –We expect HUL post another quarter of robust volume growth at ~10%.
Led by ~4% growth in blended pricing we see revenue growth at 14%. Revenue
growth will mainly be led by personal care segment but impacted negatively by
soaps & detergents. As raw material prices remain high yoy, expect margins to
decline 20bp. Led by this we see PAT growth at 10%.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
Consumer
Potential Result Outperformer: ITC
Result Expectations – Key Highlights
We expect strong volume growth for the consumer companies under coverage.
While ITC’s growth will be led by robust volume growth in cigarettes, HUL will see
its personal care business mainly contributing to growth.
ITC - We expect ITC to report over 7% volume growth in cigarettes. Backed by
this and by already effected price hike of ~5% on blended basis we see margins
expanding 115bp yoy. See revenue growing 18%yoy due to robust performance
in cigarettes and FMCG. Expect 20% growth in recurring PAT as losses in FMCG
decline.
HUL –We expect HUL post another quarter of robust volume growth at ~10%.
Led by ~4% growth in blended pricing we see revenue growth at 14%. Revenue
growth will mainly be led by personal care segment but impacted negatively by
soaps & detergents. As raw material prices remain high yoy, expect margins to
decline 20bp. Led by this we see PAT growth at 10%.
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