ITC: Maintain ‘add’ with a DCF-based TP of Rs 240

We highlight that ITC has high revenue salience from south India (ala Jyothy Labs, V-Guard etc.) and hence stricter lockdowns in Kerala and Tamil Nadu has likely impacted 1QFY22 performance (one-off).

from The Financial Express https://ift.tt/2WrLoAt
https://ift.tt/eA8V8J ICICI Securities