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FMCG major ITC has managed to announce good results for Q1. The company has managed to register decent gains in net profit as the sales were buoyant during the quarter.
The turnover registered a rise of 19.6 per cent at Rs 5767 crore. ITC has done pretty well in packaged food (rise of nearly 21 per cent) and agriculture segments. The cigarette business has also witnessed growth during the quarter.
For Q1, ITC has reported EPS of Rs 1.72.
Among analysts, Angel Broking was neutral on ITC before the results. Investors can expect a re-rating of the stock after the robust performance in Q1. Rahul Mohindar has given a positive call for ITC after the results. Rahul would prefer ITC compared to Hindustan Lever.
Hotel margins are expected to remain robust in the upcoming quarters as well. The company is expecting Cigarette sales to remain good in the coming quarter.
Meanwhile, the stock has hit 52-week high of Rs 211 in today’s trading session. The stock is currently trading at a P/E ratio of 32.