Domestic brokerage Emkay Global highlighted the company's positive execution and macro support, though near-term challenges are anticipated, including inflationary stress in cigarettes and a muted outlook for agri and paper businesses.
Emkay said, "Factoring in the stress in cigarette margin, we trim our sum-of-the-parts (SoTP) based target price to ₹510 per share." Nuvama Institutional Equities retained its 'Buy' call as the numbers largely met its estimates.
Analysts noted that cigarette net revenue/volumes grew 7 per cent/2 per cent Y-o-Y, ahead of estimates aided by improved mix, pricing, and prudent cost management.
Nuvama also cautioned that the cigarette volumes shall remain range bound in low-to-mid-single digit for FY25/26E on the back of subdued demand conditions in overall consumption space.
Bu hikaye Business Standard dergisinin May 25, 2024 sayısından alınmıştır.
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Bu hikaye Business Standard dergisinin May 25, 2024 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
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