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ITC: All round performance

Oct 28, 2005

Tobacco major, ITC, reported yet another good set of numbers for the September quarter with a near 26% YoY topline growth. However, higher operational costs put pressure on margins, which consequently shrank by 260 basis points, leading to a slower growth in bottomline. It must be noted that the company has embarked on a conscious move to de-risk its revenue model by increasing the share of its other businesses in its total revenue pie, glimpses of which were visible in this quarter.

(Rs m) 2QFY05 2QFY06 Change 1HFY05 1HFY06 Change
Gross Sales 33,377 38,162 14.3% 66,776 77,768 16.5%
Net Sales 17,379 21,832 25.6% 35,128 44,500 26.7%
Expenditure 10,399 13,633 31.1% 21,173 28,034 32.4%
Operating Profit (EBDIT) 6,979 8,198 17.5% 13,955 16,466 18.0%
Operating Profit Margin (%) 40.2% 37.6%   39.7% 37.0%  
Other Income 699 781 11.7% 1,277 1,626 27.4%
Interest (net) 100 (3)   229 8 -96.7%
Depreciation 703 830 18.1% 1,382 1,630 18.0%
Profit before Tax 6,875 8,152 18.6% 13,621 16,454 20.8%
Tax 2,019 2,429 20.3% 4,144 5,148 24.2%
Profit after Tax/(Loss) 4,857 5,723 17.8% 9,477 11,306 19.3%
Net profit margin (%) 27.9% 26.2%   27.0% 25.4%  
Effective tax rate (%) 29.4% 29.8%   30.4% 31.3%  
No. of Shares (m) 3,733.4 3,741.5   3,733.5 3,741.5  
Diluted Earnings per share (Rs)*      5.1 6.0  
P/E Ratio (x)         19.0  
*(annualised)            

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