According to the most recent shareholding statistics accessible with stock exchanges, GQG Partners, which has invested in many Adani group companies, increased its investment in ITC in the December quarter. According to the statistics, two funds affiliated with Rajiv Jain's GQG Partners, GQG Partners Emerging Markets Equity Fund and Goldman Sachs Trust II - Goldman Sachs GQG Partners International Opportunities Fund, held 2.79 percent of ITC as of the December quarter. This compares to GQG Partners' 1.58 percent position in the FMCG firm at the end of the third quarter. On Tuesday, ITC shares finished at Rs 474.35, up 1.49 percent. The GQG share in ITC was valued at Rs 16,510.67 crore at the time.
At the conclusion of the December quarter, GQG Partners Emerging Markets Equity Fund owned 21,68,71,392 shares of ITC, or 1.74 percent of the company. Goldman Sachs Trust II - Goldman Sachs GQG Partners International Opportunities Fund, on the other hand, held 13,10,34,721 shares in the FMCG firm, representing a 1.05 percent holding.
GQG Partners Emerging Markets Equity Fund held 19,67,66,443 ITC shares, or 1.58 percent, in the third quarter. ITC shares gained 4% in the October-December quarter and 2% in 2024 so far.
Global and emerging market equities are managed by GQG Partners for institutions, advisers, and individuals globally. According to GQG's website, the business manages more than $100 billion in client assets across global, emerging market, international, and US strategies.
Preview of ITC Q3 Results
ITC is projected to report a single-digit increase in earnings on a similar increase in revenue for the December quarter. In a preview note, PhillipCapital predicted that cigarette volume growth will slow as consumers cut back on discretionary spending. This brokerage anticipates that the expansion of the FMCG company will slow as pricing anniversaries approach. It expects a large correction in overall price, as well as a decent swing in Ebitda margins due to improved sales mix and the benefits of integrated production facilities.
"We expect ITC's overall topline to increase by 7.7% year on year, even though we expect YoY volume growth in the cigarette business to slow slightly to 3% (while maintaining CAGR)." Other-FMCG sales are predicted to increase by 12% year on year. Because of the ban on exports for the Agri sector, the drag on topline will be limited to the PPP business, which is estimated to be down 3% year on year. "At the company level, we anticipate an increase in Ebitda margin of 10 basis points year on year to 38.5 percent," YES Securities said in a note.
This brokerage anticipates that Ebitda and adjusted profit after tax would increase by 8.1% and 7.2%, respectively, year on year.
