8/6/2019 ITC- HDFC Securities - May 2011
4/6
Retail Research 4
care & lifestyle retailing businesses are still into
losses.The management expects the overall segment losses to reduce
further by 14-15%during FY12.
Paper Boards, Paper & Packaging 1937.2 1688.20 14.7 1914.2
1.2The segment PBIT margin fell both on Y-o-Y & Q-o-Q basis.
The commissioning of 1 lacTPA paperboard line will boost operating
performance from FY13 onwards. Expectedincrease in the contribution
of value added paperboard could lead to margin expansion.
Agri Business 997.5 697.00 43.1 1410.8 -29.3
Strong Y-o-Y PBIT growth (substantially higher than the sales
growth) & substantialimprovement in PBIT margins due to higher
realisations of Leaf tobacco & Soya. Themanagement expects the
segment margins to remain steady in FY12 due to more focus onhigh
profitability products.
Hotels 995.7 782.00 27.3 886 12.4Strong EBIT growth &
improvement in margins on both Y-o-Y & Q-o-Q basis was on
theback of improvement in ARRs & occupancy levels (in high
60s).
Total 17958.00 14892.50 20.6 18804.5 -4.5
Interest -140.1 -299 - -229.6 - Other un-allocable expenditure
netoff un-allocable income 549.8 454.4 21.0 1737.8 -68.4
Total Profit Before Tax 18367.7 15047.9 22.1 20312.7 -9.6
Gross EBITM (%)
FMCG - cigarettes 28.8 27.7 107 bps 29.3 -50 bps
FMCG - others -5.2 -7.0 - -6.7 -
Paperboards, paper & packaging 20.1 20.2 -5 bps 20.9 -73
bps
Agri-business 9.2 7.1 217 bps 13.2 -400 bps
Hotels 30.7 28.5 219 bps 29.2 149 bps
Total 20.4 19.2 118 bps 21.8 -138 bps
Net EBITM (%)
FMCG - cigarettes 53.1 51.0 213 bps 55.3 -215 bps
FMCG - others -5.2 -7.0 - -6.7 -
Paperboards, paper & packaging 21.1 21.0 10 bps 21.8 -69
bps
Agri-business 9.2 7.1 217 bps 13.2 -400 bps
Hotels 33.2 30.5 263 bps 31.5 169 bps
Total 28.2 26.5 167 bps 30.8 -267 bps
Capital Employed
FMCG Cigarettes 30621.4 29607.9 3.4 33941.9 -9.8
FMCG Others 18971.2 16663.5 13.8 17191.6 10.4
Paper Boards, Paper & Packaging 37701.2 37112.7 1.6 37340.1
1.0
