ITC share price today surges to all-time high, gains 16% in a month
1 min read . Updated: 23 Feb 2023, 12:33 PM IST
Premium- ITC share price has gained over 16% in a month as compared to about 2% fall in benchmark BSE Sensex
Shares of ITC Ltd surged to trade at all-time high by rallying more than 3% on the BSE in Thursday's trading session to ₹394 apiece. The stock has gained over 16% in a month as compared to about 2% fall in benchmark BSE Sensex, on the back of healthy Q3 earnings as well as brokerages remaining bullish on the all-round performance.
ITC reported a strong quarter with robust all-round performance, as per analysts, with cigarettes business growing by 18% year-on-year (YoY) aided by strong volume recovery. The FMCG major reported a 21% in its standalone net profit for the third quarter ended December 2022 to ₹5,031 crore. The revenue from operations rose to ₹17,265 crore during the quarter under review from ₹17,159 crore in the corresponding quarter last fiscal.
"The company sustained its strong growth momentum across all operating segments during the quarter driven by focus on accelerated digital adoption, customer centricity, execution excellence and agility," ITC said in its earnings statement.
“3Y cigarette volume CAGR at 6%+ was a key positive and a benign tax environment should maintain the momentum. FMCG growth was industry-leading, with a positive surprise on margins. EBITDA growth remained strong at >20% as the company continues to recover from the pandemic. We boost EPS by 4-6% and raise our PT to ₹450. Reiterate Buy on ITC shares," global brokerage Jefferies had said in earnings review earlier this month. It has upgrade its FY23-25e EPS by 4-6%, marking the third straight quarter of EPS upgrades.
In its 3QFY23 results, ITC's reported strong operational performance with broad-based growth across divisions, driving revenue/ earnings growth. Following the 2%–3% tax increase, price increase taken by the company (if any) would not impact the demand momentum, in Antique Stock Broking's view.
