ITC announced its Q3 FY13 results on 18Jan 2013.
Q3 FY13 Result Analysis
The company’s Total Income increased by 23% YOY to INR7712 crore YOY and its EBITDA increased by 20% YOY to INR2858 crore. EBITDA Margin of the company decreased from 37.9% to 37.1% YOY. Adjusted PAT increased by 21% YOY to INR2052crore. Result was above Estimates. Cigarettes business contributed 83.7% vs 81.4% yoy in the profit. Performance of hotel business was again disappointing as profit dipped 45% yoy. At the CMP of INR288, the stock is trading at a P/E of 30.3x its FY13E EPS of INR9.5
DESCRIPTION
|
Dec-12
|
Sep-12
|
Dec-11
|
QOQ
|
YOY
|
Net Sales
|
7627
|
7146
|
6195
| ||
OPI
|
85
|
81
|
83
| ||
Total Income
|
7712
|
7227
|
6279
|
7%
|
23%
|
Total Expenditure
|
4854
|
4538
|
3867
| ||
PBIDT (Excl OI)
|
2858
|
2688
|
2382
|
6%
|
20%
|
EBITDA (%)
|
37.1%
|
37.2%
|
37.9%
| ||
Other Income
|
330
|
185
|
291
| ||
Operating Profit
|
3188
|
2873
|
2673
| ||
Interest
|
25
|
23
|
22
| ||
PBDT
|
3162
|
2850
|
2651
| ||
Depreciation
|
205
|
189
|
174
| ||
PBT
|
2957
|
2661
|
2477
| ||
Tax
|
905
|
825
|
776
| ||
Profit After Tax
|
2052
|
1836
|
1701
|
12%
|
21%
|
PAT (%)
|
26.6%
|
25.4%
|
27.1%
| ||
Equity Capital
|
787.83
|
785.63
|
779.62
| ||
Face Value (In Rs)
|
1
|
1
|
1.00
| ||
No. of shares
|
787.83
|
785.63
|
779.62
| ||
EPS
|
2.60
|
2.34
|
2.18
|
11%
|
19%
|
Regards,
Team Microsec Research
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