Few days back, I shared my investment thesis for ITC.

Today, I want to share the detailed presentation.

Focus is on explaining & analyzing the ITC 'business' and not the divided opinions about its 'stock price'.

Thread 👇

@finbloggers @dmuthuk @FinMedium @ITCCorpCom

1/ Financial Performance

- Decent overall growth.
- Weak revenue growth in recent years.
- PAT growth > EBIT growth > revenue growth.

2/ Financial Position

- NCA have almost tripled.
- Equity has almost quadrupled.
- Negligible debt / insignificant liabilities.

3/ Cash Management

- CFO growth < PAT growth.
- CFO enough to cover both re-investments & dividend.
- Consistent re-investment & increasing shareholder payouts.

4/ Key Metrics

- ROCE/ROE near minimum but still healthy.
- Margins at decade highs.
- Asset utilizations at decade lows.
- Comfortable solvency, minimal leverage.
- Strong cash conversion.