ITC stock trades in green ahead of Q2 results; should you buy? Check price target

ITC Shares: Street believes that the estimating cigarette business sales will show double-digit growth led by strong volumes as well as a better product mix. And other businesses shall also do better in Q2.

ITC stock has delivered a whopping return of more than 50% to investors in 2022 so far. Pic: Reuters

ITC Share Price: ITC Limited (NSE: ITC) stocks traded in green on Thursday, October 20, ahead of the second quarter earnings. The FMCG major is slated to release its September quarter result today. At 1:30 PM, the stock quoted a price of Rs 347 on NSE, up marginally by 0.29 per cent from its previous closing.

According to research by Zee Business, the Cigarettes-to-hotel major is likely to report strong numbers in Q2FY23. The company’s top and bottom lines may register double-digit growth and margins may witness pressure.

ITC’s revenue may grow by 23 per cent year-on-year to Rs 15,614 crore (estimate) in Q2FY23 as compared to Rs 12,731 crore in the same period a year ago. Similarly, its profit may surge by 14 per cent YoY to Rs 4,223 crore (estimate) in Q2FY23 versus Rs 3,697crore Q2FY22.

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Street believes that the estimating cigarette business sales will show double-digit growth led by strong volumes as well as a better product mix. And other businesses shall also do better in Q2.

The Kolkata headquartered company in the first quarter had reported a profit of Rs 4,169 crore, rising 38.3% from Rs 3013.5 crore it had reported in the same quarter in the last fiscal.

According to a Zee Business research, IT stock could deliver more than 20 per cent return from the current level in the next 1 year.

ITS Share Price Target - Rs 430 (1 Year)

ITC stock has delivered a whopping return of more than 50% to investors in 2022 so far. On January 2, the first trading day of the year, ITC share price was Rs 219.10. ITC share price has since then added over Rs 129 apiece, resulting in wealth gains for investors.

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