ICICI Direct has given Hold recommendation for ITC with a target price of Rs. 240 in its research report issued on Jul 25, 2021

ICICI Direct’s research report on ITC

ITC is the biggest cigarettes & second largest FMCG company in India with ~78% market share in cigarettes and presence in staples, biscuits, noodles, snacks, chocolate, dairy & personal care products. The company is also present in paperboard, printing & packaging business with revenues of Rs 4549 crore and agri business with Rs 8001 crore (FY21) ITC has more than 200 manufacturing facilities in India. It has a distribution reach of over 6 million retail outlets across various trade channels and 25 strong brands across various categories


We continue to maintain our HOLD rating on the stock We value the stock at Rs 240 on SOTP basis valuing cigarettes business at 10x FY24E earnings and FMCG business at 5x FY24E sales.



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