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Business News/ Companies / Company Results/  ITC Q2 Results Highlights: Net profit rises 10% to 4,927 crore, revenue up 2.6% YoY
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ITC Q2 Results Highlights: Net profit rises 10% to ₹4,927 crore, revenue up 2.6% YoY

ITC Q2 Results Highlights: The FMCG major's standalone net profit rose 10.3 per cent to 4,927 crore, compared to 4,466 crore in the corresponding period last year. Revenue from operations also ticked 2.6 per cent higher to 16,550 crore.

ITC Q2 Results Live Updates: ITC is expected to report a robust growth in its cigarette and hotels businesses, as per estimates by analysts and brokerage houses. (Image: REUTERS)Premium
ITC Q2 Results Live Updates: ITC is expected to report a robust growth in its cigarette and hotels businesses, as per estimates by analysts and brokerage houses. (Image: REUTERS)

ITC Q2 Results Highlights: ITC announced its financial results for the second quarter of fiscal 2023-24 (Q2FY24) today, 19 October 2023. The fast-moving consumer goods (FMCG) giant standalone net profit rose 10.3 per cent to 4,927 crore, compared to 4,466 crore in the corresponding period last year. Revenue from operations also ticked 2.6 per cent higher to 16,550 crore. 

The cigarette-to-hotel conglomerate's EBITDA or earnings before interest, taxes, depreciation, and amortization came in at 6,041.5 crore, reporting a 3 per cent growth against 5,864 crore in the year-ago period. This is the first quarterly earning results after the board approved the demerger of ITC Hotels in August. 

Stay tuned to ITC Q2 Results Live Blog for the latest updates:

19 Oct 2023, 11:42:28 PM IST

ITC Results: This live blog session has ended

Stay tuned to LiveMint for all business and market updates

19 Oct 2023, 10:09:03 PM IST

ITC Results Live: Shares of ITC in focus tomorrow

After reporting the Q2FY24 results today post-market hours, shares of ITC will be in focus during tomorrow's trading session

19 Oct 2023, 10:00:53 PM IST

ITC Results Live: Segment Revenue Numbers

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19 Oct 2023, 09:40:40 PM IST

ITC Results Live: FMCG commentary

ITC said atta, spices, personal wash and agarbatti drove growth during the quarter amidst relatively subdued consumer demand environment. In the stationery business, Classmate notebooks and pens witnessed "strong growth" on YoY basis.

19 Oct 2023, 09:32:15 PM IST

ITC Results Live: Segment Results at a glance

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19 Oct 2023, 09:26:46 PM IST

ITC Results Live: FMCG Segment performance

Segment Revenue up 8.3 per cent YoY; 2 Year. CAGR +14.5 per cent on a high base; Q2 FY23 had witnessed sharp sequential growth

- Strong YoY growth in Atta, Spices, Personal Wash and Agarbatti

- Notebooks & Pens continues to witness strong traction

▪ Rapid scale up in Alternate Channels

- Channel specific business plans, collaborations and format-based assortments enable robust traction

▪ Commodity price deflation on YoY basis; sequential uptick in certain commodities (viz. wheat, maida, sugar, potato)

▪ Increasing competitive intensity including from local / regional players in the backdrop of commodity price deflation

19 Oct 2023, 09:11:06 PM IST

ITC Results Live: Paper segment performance

Performance in Paperboards, Paper and Packaging Segment reflects the impact of low priced Chinese supplies and muted demand in export markets, sharp reduction in global pulp prices and high-base effect; domestic demand relatively subdued in certain discretionary categories

̶ Sharp drop in net sales realisation and global pulp prices witnessed during the quarter are likely to have bottomed out; green shoots of revival in demand were visible towards the end of the quarter

̶ The project for augmentation of in-house chemical pulp capacity by appx. 20 per cent completed during the quarter; will further enhance substitution of imported pulp and enable reduction in operating costs

̶ Integrated business model and strategic interventions (in-house pulp, VAP, Digital, HPRB) partly mitigate pressure on margins, said ITC in its exchange filing.

19 Oct 2023, 09:04:38 PM IST

ITC Results Live: Agri segment biz

Agri Business Segment Revenue up 26.4 per cent YoY (excluding Wheat and Rice exports) driven by Value Added Agri products and Leaf Tobacco

̶ Segment PBIT up 3.3 per cent YoY (2 yaear CAGR +9.7 per cent)

̶ Geopolitical tensions and climate emergencies raise concerns on food security and food inflation; trade restrictions imposed by the government on agri commodities limit business opportunities for the segment

19 Oct 2023, 08:57:11 PM IST

ITC Results Live: FMCG biz growth in Sept quarter

ITC’s robust performance continued in FMCG – Others with the segment revenue up 8.3 per cent YoY on a high base. The two-year CAGR came in at 14.5 per cent. The segment EBITDA margin expanded 150 bps YoY to 11 per cent YoY. Atta, Spices, Personal Wash and Agarbatti drove growth amidst relatively subdued consumer demand environment.

19 Oct 2023, 08:50:12 PM IST

ITC Results Live: Hotels biz revenue up 21%

Stellar performance in hotels business with record high second quarter performance; segment revenue up 21 per cent on a high base, said ITC in its statement.

- Segment EBITDA margin up 170 bps YoY to 30.7 per cent driven by higher RevPAR, structural cost interventions and operating leverage, said ITC.

- ITC Hotels was honoured to have exclusively curated and served from the best of India’s culinary heritage at the G20 summit, Bharat Mandapam, New Delhi. ITC Maurya also hosted the President of the United States of America and the entire US delegation to the G20 Summit

- Scheme of hotel demerger approved by ITC Board in August 2023 is progressing as per scheduled timelines, said ITC in its regulatory filing.

19 Oct 2023, 08:47:18 PM IST

ITC Results Live: Rahul Jain appointed as non-executive director

ITC's board, at its meeting today, recommended the appointment of Mr. Rahul Jain as a Non-Executive Director of the Company for a period of three years with effect from January 1, 2024

19 Oct 2023, 08:46:03 PM IST

ITC Results Live: Cigarerres segment revenue up 8.5%

Resilient performance in Cigarettes Segment; Net Segment Revenue up 8.5 per cent YoY 

- Sustained volume claw back from illicit trade on the back of deterrent actions by enforcement agencies and relative stability in taxes

- Market standing reinforced through focused portfolio/market interventions and agile execution, said ITC in a statement

19 Oct 2023, 08:42:26 PM IST

ITC Results Live: Net profit rises 10% to ₹4,927 crore, revenue up 2.6% YoY

The FMCG major's standalone net profit rose 10.3 per cent to 4,927 crore, compared to 4,466 crore in the corresponding period last year. Revenue from operations also ticked 2.6 per cent higher to 16,550 crore. The gross revenue (excluding wheat and rice exports) rose 8.9 per cent year-on-year.

19 Oct 2023, 07:34:13 PM IST

ITC Results Live: JM Financials sees profit up 8.5%

Domestic brokerage firm JM Financials sees ITC's Q2 net profit at 4,847 crore, reporting a growth of 8.5 per cent year-on-year. The growth in profit is likely on the back of robust FMCG and cigarettes verticals.

19 Oct 2023, 07:17:22 PM IST

ITC Results Live: What Q1 numbers indicate

According to the regulatory filing, the company's earnings before interest, taxes, depreciation, and amortisation (EBITDA) for Q1FY24 stood at 6,250 crore with a year-on-year growth of 10.7 per cent as compared to 5,648 crore during the same period previous year.

The company further highlighted that its strong growth momentum was sustained during the quarter because of its focus on customer centricity, increased digital adoption, execution excellence, and agility.

19 Oct 2023, 06:57:36 PM IST

ITC Results Live: Estimates by brokerages

Sharekhan said ITC's cigarette business revenue is expected to be up 9 per cent YoY, aided by 5-6 per cent volume growth, while the non-cigarette FMCG business is expected to grow at 15 per cent YoY. It expects the hotel business to grow 16 per cent YoY on sustained demand. The paper business is expected to grow by 4 per cent YoY while the agri business is likely to log 10 per cent fall in revenues, as per analysts.

19 Oct 2023, 06:40:10 PM IST

ITC Results Live: Key monitarables

According to brokerage firms, the key monitorables from ITC Q2 earnings will be announcements on cigarette volume and mix improvement, FMCG business EBIT margin, and outlook on paper cycle and agri and hotel businesses. The margins are seen expanding on a yearly basis amid a softening raw-material prices, but may see some contraction sequentially.

19 Oct 2023, 06:19:50 PM IST

ITC Results Live: Q2 Preview

ITC's agri business faced setbacks in the June quarter due to export restrictions, while the paper segment was affected by demand issues, competition from China, lower pulp prices, and higher input costs. Motilal Oswal Financial Services expects an EPS CAGR of ~14 per cent over the next two years as well.

19 Oct 2023, 06:01:08 PM IST

ITC Results Live: ITC hotel deal in previous quarter

The board of the ITC has approved acquiring 25 per cent stake of Maharaja Heritage from Russel Credit. The shareholders will get one hotel company share for 10 held in company, the company said. The indicative timeline for listing of ITC Hotels approximately 15 months.

19 Oct 2023, 05:45:13 PM IST

ITC Results Live: ITC board likely to announce dividend

ITC Board is likely to announce another interim dividend for the current fiscal while declaring Q2FY24 results today. In the preceding June quarter, ITC stated that weak demand circumstances, low-cost Chinese supplies on international markets, a sharp decrease in the price of pulp globally on a high base, and relatively low customer offtake in domestic markets (destocking) hampered performance during the quarter.

19 Oct 2023, 05:29:52 PM IST

ITC Results Live: How FMCG peers performed

Hindustan Unilever (HUL) reported a bigger-than-expected increase in quarterly profit on Thursday as the company benefited from increased sales from its beauty, home, and personal care segments. The Indian unit of UK's Unilever reported a 3.9 per cent rise in profit to 27.17 billion for the three months to September 30 from a year earlier. Earlier in the day, Maggi instant noodles-maker Nestle India posted a third-quarter profit beat, while the tobacco-to-hotels conglomerate ITC is yet to report the quarterly earnings.

19 Oct 2023, 05:14:12 PM IST

ITC Results Live: Technical View

Vaishali Parekh, Vice President - Technical Research, Prabhudas Lilladher has given a ‘buy’ rating on ITC at 452 with a stop loss of 430 at a target price of 500.

‘’The stock has corrected well from the level of 500 to bottom out at around 435 levels and has maintained a good support on previous occasion also and has indicated a bounce back with a positive candle pattern in the daily chart to signify strength and potential to give a upward movement in the coming days,'' said Parekh.

19 Oct 2023, 05:00:44 PM IST

ITC Results Live: FMCG giant to declare Q2 results shortly

ITC informed in a regulatory filing to the stock exchanges that the company's board will convene a meeting on Thursday to consider and approve the September quarter results for the current fiscal.

19 Oct 2023, 04:50:49 PM IST

ITC Results Live: ITC hotels partner with Storii property

Earlier this month, ITC Hotels had announced the signing of its first 'Storii' property in Kolkata, West Bengal. The property will be located near the metropolis and is slated to open in early 2024. According to a company spokesman, ITC Hotels already has three 'Storii' properties which are presently operational in Goa and Dharamshala.

19 Oct 2023, 04:40:46 PM IST

ITC Results Live: ITC launched new products in Sept quarter

Kotak Institutional Equities expects the company's FMCG segment is expected to report an annual revenue growth of 12 per cent driven by consumer demand and hike in prices. ITC launched Fiama Sandalwood Oil and Patchouli Gel Bar to strengthen their position in the personal wash space in India, according to the brokerage.

19 Oct 2023, 04:30:09 PM IST

ITC Results Live: Hotel demerger key upside for stock

ITC's hotel business demerger has been cited as one of the key triggers for further potential upside on the stock by analysts. Centrum Broking expects double-digit earnings before interest and tax (EBIT) growth in FMCG and cigarette verticals in the September quarter.

19 Oct 2023, 04:20:08 PM IST

ITC Results Live: Domestic markets settle lower on weak global cues

Nifty 50 today: Domestic market benchmarks the Sensex and the Nifty 50 closed in the negative territory for the second consecutive session on Thursday, October 19 amid weak global cues. Nifty 50 closed the day at 19,624.70, down 46 points, or 0.24 per cent while the Sensex fell 248 points, or 0.38 per cent, to end at 65,629.24.

19 Oct 2023, 04:11:37 PM IST

ITC Results Live: Segment Expectation

According to brokerages, ITC's hotel segment's revenue is expected to grow 11 per cent. The paperboard, paper, and packaging segment's revenue is likely to drop 11 per cent due to a fall in pricing. The agri segment is also expected to report a revenue decline of 14 per cent.

19 Oct 2023, 03:59:05 PM IST

ITC Results Live: Q1 Numbers

ITC Ltd reported an 17.6 per cent year-on-year rise in its net profit for the fiscal's first quarter ended June (Q1FY24) to 4,902.74 crore. The company had reported a profit of 4,169.38 crore in the year-ago period. The company's revenue from operations fell 7.2 per cent on year to 16,995.49 crores during the quarter ended June from 18,320.16 crore in Q1FY23. Total income to 17,704.23 crore in the first quarter. It stood at Ts 18,632.85, crore in the year-ago period.

19 Oct 2023, 03:48:43 PM IST

ITC Results Live: FMCG, cigarette verticals to report robust growth

Brokerages and analysts expect ITC to report strong growth in FMCG and cigarettes biz segments in September quarter. The total net profit may rise between 10-15 per cent, according to average estimates by leading brokerages

19 Oct 2023, 03:34:52 PM IST

ITC Results Live: ITC shares ahead of Q2 results

Ahead of the announcement of Q2 results, shares of ITC settled 0.28 per cent lower at 450.30 apiece on the BSE.

19 Oct 2023, 02:38:07 PM IST

ITC Results Live: Sales growth seen at 7%; PAT seen up 10% YoY

ITC is expected to report total sales growth of 7% YoY to 18,370 crore in Q2Fy24, while its net profit is expected to rise 10% YoY to 4,910 crore. EBITDA may grow 7.4% to 6,300 crore, while EBITDA margin is likely to expand by 11 bps to 34.3%, as per HDFC Securities.

It models 6% YoY growth in cigarette revenue, with volume growth of 5% YoY (5% 4-year CAGR). The nonCigarette business is expected to grow 5% YoY. It models 12% YoY growth in FMCG and expects cigarette EBIT to grow by 6% YoY. FMCG EBIT margin is seen at 8% versus 6.6% YoY.

19 Oct 2023, 02:24:33 PM IST

ITC Results Live: HDFC Securities’ outlook on FMCG sector

With high inflation having dented the net income level of bottom-of-the-pyramid consumption, we continue to expect a gradual recovery in demand vs the expectation of a quick rebound, more so in rural markets. Moreover, we expect divergence between volume and value growth to normalise in FY24 with volume growth back at its historical average of midsingle digit. Easing commodity inflation will help sustain gross margin expansion. With price cuts and higher consumer promotions, GM expansion will be slower in the coming quarters. Companies are also reinvesting some of these gains in product innovation, distribution expansion, and marketing spending, which shall limit operating margin expansion, HDFC Securities said.

19 Oct 2023, 02:10:33 PM IST

ITC Results Live: Non-cigarette segments to continue contributing strongly: JM Financial

JM Financial expects ITC’s cigarette volumes to continue to grow well at 5% and EBIT growth in high single-digit. Non-cigarette segments to continue contributing strongly - FMCG, Hotels, Agri but Paperboards likely to remain weak.

It expects cigarette EBIT growth of 8.5%; FMCG sales up 9% and EBIT growth of 46%; Hotels revenue to grow 21% and EBIT to 1.5 billion.

19 Oct 2023, 01:56:09 PM IST

ITC Results Live: ITC among top picks of Motilal Oswal

ITC is top pick among consumer stocks of Motilal Oswal Financial Services. The cigarettes business continues to deliver volume growth and market share gains in the absence of competition from illicit trade. The FMCG - Others segment has also delivered strong growth across markets and product lines, and as input prices decline, we anticipate an expansion in margins too, it said.

The brokerage has a ‘Buy’ rating on the stock with a target price of 540 per share.

19 Oct 2023, 01:32:57 PM IST

ITC Results Live: A look at ITC share price performance

ITC shares have seen a decent performance this year. ITC share price has risen over 35% year-to-date (YTD), while it is up more than 29% in the last one year. ITC stock has jumped over 167% in three years. However, lately, ITC shares have remained flat. The stock us down 6% in the last three months and is flat in one month.

19 Oct 2023, 01:02:30 PM IST

ITC Results Live: High Inflation, patchy monsoons delay demand recovery in FMCG sector

Rural demand recovery has been delayed due to high inflation, flash floods and patchy monsoons in several parts of the country. Competition from unorganized players has been visible in foods, HPC etc. rural demand recovery hinges on high Govt expenditure ahead of elections and festival demand boost driven by higher MSP and softening inflation. 

19 Oct 2023, 12:47:34 PM IST

ITC Results Live: Net sales likely to grow 4.6%, PAT to rise 8.4% YoY

ITC is expected to report net sales growth of 4.6% YoY to 16,870 crore, while its net profit is expected to rise 8.4% YoY to 4,843 crore. EBITDA is likely to increase 6.5% to 6,247 crore and EBITDA margin to expand by 67 bps to 37%, as per Kotak Institutional Equities.

In the FMCG segment, it estimates 12% YoY revenue growth as some price hikes to anniversarize and 240 bps YoY expansion in EBIT margin to 9%. It expects 10% growth in hotels, better than 1Q, which was partly impacted by fewer wedding days and pre-planned renovations (EBIT margin of 22%, +10 bps QoQ). 

The agri business is expected to decline by 5% YoY due the impact of ban on wheat/rice exports, while paperboards could decline by 3% YoY on muted demand and price correction.

19 Oct 2023, 12:29:57 PM IST

ITC Results Live: Gross margins of consumer companies to improve

Gross margins for most companies should improve meaningfully YoY due to a benign raw material index and calibrated price hikes taken over the past 12 months. Notably, this quarter will see remarkable improvement because the base quarter was most impacted, being the second quarter after the Russia-Ukraine war began, when crude touched its peak and companies had to buy high-cost inventory, Phillip Capital said. 

Incrementally, HPC companies will see a much better expansion in their gross margins than food companies, as the latter have not suffered much due to inflation in crude oil and crude derivatives. Overall, benefit of gross-margin expansion will only flow partially to EBITDA, as consumer companies are likely to invest towards strengthening brand equity (i.e., higher A&P spends)

19 Oct 2023, 12:15:17 PM IST

ITC Results Live: Demand momentum softens for consumer companies in Q2

The demand trends of consumer companies are expected to soften in 2QFY24. This can be attributed to a recent surge in inflation and an uneven spread of the monsoon, both of which have disrupted the expected recovery of companies in this sector. Motilal Oswal expects the 19 consumer companies under its coverage to report a cumulative growth of 6.3% in revenue, 14.2% in EBITDA, and 14.8% in PAT in 2QFY24. In terms of volume, its FMCG Universe is likely to post low single-digit growth in 2QFY24, while paints and adhesive are expected to report high single-digit volume growth. ‘Cigarette’ is exhibiting moderation in demand and is expected to deliver mid- single-digit volume growth. Margins are likely to expand.

19 Oct 2023, 12:00:21 PM IST

ITC Results Live: FMCG segment to clock 14.5% revenue growth

FMCG segment is expected to continue its growth momentum, with ~14.5% revenue growth as out of home consumption driving demand for packaged food including ready to eat segment also supported by distribution scale up, as per Centrum Broking.

The hotels segment could report ~12.5% growth YoY (very high base) with strong domestic tourism demand across hotel segments and heightened demand from corporate bookings, yet occupancy rates remain higher at +70% despite a rise in ARR at 10%. 

Though paper prices are now correcting, on a higher base last year, the round of inventory correction in the trade to weaken growth for the paper segment with ~2.5% decline in revenues. We expect agri business to decline ~6% YoY considering higher export elements in the base quarter, Centrum Broking said.

19 Oct 2023, 11:46:12 AM IST

ITC Results Live: Key monitorables in Q2 earnings

Key things to monitor in ITC Q2 results would be cigarette volume and mix improvement, FMCG business EBIT margin, outlook on paper cycle and outlook on Agri and Hotel businesses.

19 Oct 2023, 11:35:09 AM IST

ITC Results Live: Hotel biz to do well with sustained growth, higher ARR, occupancy rates 

Cigarette volumes are likely to expand by 6.2%. FMCG to post 12.5% growth YoY with margin expansion. Paper business sales and EBIT to decline due to lower pricing and margins in the base quarter. Hotel business should do well with sustained growth, higher ARR and occupancy rates. Agri should report lower sales due to wheat exports in the base quarter. PAT expected to grow 11.7%, said brokerage firm Prabhudas Lilladher.

19 Oct 2023, 11:23:03 AM IST

ITC Results Live: ITC peer Nestle India’s PAT rises 37% YoY; approves dividend, stock split

Ahead of ITC results, Nestle India reported a net profit of 908 crore in the quarter ended September 2023, registering a growth of 37.27% from 661.46 crore in the same quarter last year. Nestle India’s revenue in Q3CY23 increased 9.5% to 5,036.8 crore from 4,601.8 crore in the year-ago period.

Nestle India's board also approved a dividend of 140 per share and stock split in the ratio of 1:10. Read full report here

19 Oct 2023, 10:54:30 AM IST

ITC Results Live: Net profit to be up 10.5% driven by higher other income: Centrum Broking 

In Q2, Centrum Broking expects ITC to report 5.5% revenue growth led by strong growth in cigarettes portfolio and other FMCG segments. Its channel checks suggest ITC’s cigarette segment to grow 8.9% in value and 5.0% in volume terms, considering the normalised base and improved OOH consumption. 

Due to decline in agri business, despite other business firing well, overall revenue growth to moderate for ITC. On the operating margin front, we expect EBITDA to grow at 10.6% with EBITDA margins at 37.3% (+170 bps). We expect net profit to increase by 10.5% driven by higher other income, Centrum Broking said.

19 Oct 2023, 10:43:16 AM IST

ITC Results Live: FMCG majors HUL, Nestle to also release Q2 results

Along with ITC, other FMCG majors Hindustan Unilever Ltd (HUL) and Nestle India will also announce their results for the quarter ended September 2023.

The majority of the FMCG companies are expected to report low-to-mid-single-digit volume growth. The sector as a whole is expected to see muted volume growth. Analysts claim that August of this year had the lowest rainfall deficit of any month in over a century, measuring at 36%, which hindered the recovery of rural areas.

Hindustan Unilever's revenue is expected to moderate on the backdrop of price reductions, price hikes for anniversarization, and a delayed festive season.

Meanwhile, Nestle India is likely to report a healthy year-on-year (YoY) growth in its July-September quarter revenue and gross margin thanks to stable volume growth and strong pricing growth during the quarter.

19 Oct 2023, 10:31:18 AM IST

ITC Results Live: HUL, ITC to Nestle India — 32 companies to declare Q2 results today

A total of 32 listed companies are going to announce their Q2 results 2023 today and those 32 listed companies include Hindustan Unilever Ltd (HUL), ITC, Nestle India, UltraTech Cement, Havells India, MphasiS, Metro Brands, Coforge, Voltas, Cyient, PVR INOX, Equitas Small Finance Bank, etc. Read full report here

19 Oct 2023, 10:16:02 AM IST

ITC Results Live: FMCG EBIT margin seen at 8%

HDFC Securities models 6% YoY growth in cigarette revenue, with volume growth of 5% YoY (5% 4-year CAGR). The nonCigarette business is expected to grow 5% YoY. It models 12% YoY growth in FMCG. It expects cigarette EBIT to grow by 6% YoY and models FMCG EBIT margin at 8% versus 6.6% YoY. EBITDA to grow by 7% YoY.

19 Oct 2023, 09:58:45 AM IST

ITC Results Live: Expect 6% YoY volume growth in Cigarettes: Motilal Oswal

We expect 6% YoY volume growth in Cigarettes with 5-year average volume growth in mid-single digit business. We expect gross margin and EBITDA margin to expand 80 bps and 90 bps YoY, respectively. Watch out for Hotels revenue growth and profitability and assess the demerger process. Outlook on the other FMCG, Agri and paper & packaging businesses is a key monitorable, Motilal Oswal Financial Services said.

19 Oct 2023, 09:45:22 AM IST

ITC Results Live: Expect mid-single digit cigarette volume growth: Phillip Capital 

Phillip Capital expects mid-single digit cigarette volume growth for ITC in Q2FY24 on back of market share gains, focus on innovation and return to normalcy. FMCG business growth to moderate as pricing anniversaries, while agri and paper is expected to see significant correction in overall pricing. 

EBITDA margin to see decent growth owing to improved sales mix, benefits of integrated manufacturing facilities, Phillip Capital said.

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