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New Delhi, Oct 30 ITC's 2Q FY22 was ahead of estimates with EBITDA and PBT growing 13 per cent year-on-year (YoY), Credit Suisse said in a report.Net cigarette revenue grew 10.3 per cent YoY as the recovery post the second Covid-19 wave has been rapid. Cigarette volumes were back to near pre-Covid levels towards the end of the quarter. Cigarette EBIT also grew 10.4 per cent YoY as margins were stable.FMCG business had a very high base due the surge in packaged foods in 2Q FY21, and thus revenue growth was muted at 3 per cent YoY.EBITDA margin was maintained at 10 per cent despite high input cost inflation from edible oils and packaging material.Hotels turned EBITDA positive while the paper and agri business also had good quarters with 24 per cent/16 per cent YoY EBIT growth, respectively.Investor focus is expected to shift to the deliberations of the expert committee to build a roadmap for cigarette taxation."We continue to see positive risk reward. Maintain Outperform," Credit Suisse said.FMCG business maintains 10 per cent EBITDA margin despite high input cost inflation.The two-year revenue CAGR over 2Q FY20 was, however, strong at over 10 per cent. The EBITDA margin was maintained at 10 per cent despite high input cost inflation from edible oils and packaging material.Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

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