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.
