NEW DELHI: According to Credit Suisse, ITC's 2Q FY22 was ahead of expectations, with EBITDA and PBT up 13 percent year on year (YoY). Cigarette revenue increased by 10.3 percent. The recovery from the second Covid-19 wave has been rapid year after year. By the end of the quarter, cigarette volumes had returned to pre-Covid levels. Cigarette EBIT increased 10.4 percent year over year as margins remained stable.

Because of the surge in packaged foods in 2Q FY21, the FMCG business had a very high base, and revenue growth was muted at 3 percent YoY. Despite high input cost inflation from edible oils and packaging material, the EBITDA margin remained at 10 percent. Hotels turned EBITDA positive, while the paper and agribusinesses both had strong quarters, with YoY EBIT growth of 24 percent and 16 percent, respectively. The focus of investors is expected to shift to the expert committee's deliberations on a roadmap for cigarette taxation.

EBIT growth on a year-over-year basis The focus of investors is expected to shift to the expert committee's deliberations on a roadmap for cigarette taxation. Despite high input cost inflation, the FMCG business maintains a 10 percent EBITDA margin.

However, the two-year revenue CAGR of over 10 percent in 2Q FY20 was impressive. Despite high input cost inflation from edible oils and packaging material, the EBITDA margin remained at 10 percent.

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