The shares of the tobacco giant ITC Limited opened at Rs 341 and gained approximately 2.2 per cent in the early hours on Thursday to reach a new 52-week high of Rs 348.75. In a month, the stock has rallied by 10 per cent.
When compared to the Nifty 50’s performance of 1.4 per cent in the past six months, the stock’s return is 38 per cent in the same period. So far this year the stock has delivered a return of 58 per cent YTD.
In fact, the stock has been able to breach all the targets that were initiated by various brokers. Recently, brokerage firm Centrum has maintained a ‘Buy’ call on the stock with a fresh target of Rs 424 which represents an upside of 24% from the current levels.
The company recorded a total income of Rs 18,489 crores for Q1FY23, an increase of 30% over the Rs 14,240 crores they brought in during the same quarter the previous year. Their revenue for the preceding quarter was Rs 17,754 crores.
Their net profit in the period stood at Rs 4,462 crores as compared to Rs 3,343 crores which they earned in the same quarter in FY22. On a sequential basis, their profit stood at Rs 4,259 crores.
The company has a market capitalization of Rs 4,27,771 crores and a dividend yield of 3.66% as on September 22nd, 2022. The TTM PE of the company is at 26.16 compared to the industry average of 27.82.
ITC Limited is an Indian multinational corporation that operates in a variety of sectors, including cigarettes, agribusiness, FMCG, hotels, software, packaging, paperboard, and speciality papers.
Written by Anoushka Roy
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