The ITC Group has posted a net profit after tax of Rs 50179.30 million for the year ended March 31, 2011 as compared to Rs 41681.80 million for the year ended March 31, 2010. Total Income has increased from Rs 197661.20 million for the year ended March 31, 2010 to Rs 230501.70 million for the year ended March 31, 2011.
ITC beat analysts’ expectations Friday as fourth quarter (January-March) net profit surged 24.6% year-on-year to Rs 1,281.48 crore, aided by strong growth in cigarette sales and reduced losses in other FMCG business.
The biggest thing is that despite giving such stupendous results the stock has nose dived after going up and it only shows that market is supreme and none can beat the market at its game. One reason which comes to the mind is that all the segments except agri-business posted double-digit growth. While non-cigarette FMCG earnings were much better than expected, the agri-business revenue growth was below expectations and market probably sees cigarette business getting stagnated in future.
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One can add this stock in downtrend mode as it is a defensive stock which will always perform in high inflationary environment. Modern Shares and Stockbrokers have given a tgt of 220 for the stock.