Top line grows by 19% YoY in 3QFY10 bolstered by a strong growth in cigarettes business.
Operating profits grow at a higher rate of 24% YoY as the company achieves scale in its FMCG business.
Net profit margins come in higher at 25%, an increase of 1.6% over 3QFY09. This growth was aided by higher operating income as well as other income.
Bottomline 24% YoY during 9mFY10 on the back of higher profitability in the FMCG and agri businesses.
At the current price of Rs 251, the stock trades at a P/E multiple of 22.6x our estimated FY12 earnings per share. The company has done well this quarter across segments, the hotel business continues to disappoint. However, the profitability of the hotel business has improved during the year.
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