Buy ITC, target price Rs 408: Motilal Oswal Financial Services

Motilal Oswal Financial Services has buy call on ITC with a target price of Rs 408. The current market price of ITC is Rs 387.05. Motilal Oswal Financial Services recommended to keep stop loss at Rs 373.

ITC, incorporated in the year 1910, is a Large Cap company (having a market cap of Rs 477811.83 Crore) operating in Tobacco sector.

ITC key Products/Revenue Segments include Packaged Food Item, Agricultural Products, Paper & Paper Boards, Others, Tobacco Unmanufactured, Service (Hotel), Printed Materials, Other Operating Revenue for the year ending 31-Mar-2022.


Financials
For the quarter ended 31-12-2022, the company has reported a Consolidated Total Income of Rs 18299.95 Crore, down -4.00 % from last quarter Total Income of Rs 19062.68 Crore and down -2.60 % from last year same quarter Total Income of Rs 18787.72 Crore. Company has reported net profit after tax of Rs 5070.09 Crore in latest quarter.

The company’s top management includes Mr.Sanjiv Puri, Mr.Shyamal Mukherjee, Mr.Mukesh Gupta, Mr.Navneet Doda, Mr.Sunil Panray, Mr.Hemant Bhargava, Ms.Nirupama Rao, Ms.Meera Shankar, Mr.Arun Duggal, Mr.Shilabhadra Banerjee, Mr.David Robert Simpson, Mr.Ajit Kumar Seth, Mr.Anand Nayak, Mr.Sumant Bhargavan, Mr.Nakul Anand, Mr.Supratim Dutta. Company has S R B C & Co. LLP as its auditors. As on 31-12-2022, the company has a total of 1,241 Crore shares outstanding.

Investment Rationale
Negated lower highs from the last five sessions and gradually shifting base higher from three months.

Promoter/FII Holdings
Promoters held 0 per cent stake in the company as of 31-Dec-2022, while FIIs owned 42.99 per cent, DIIs 31.32 per cent.