CMP Rs169, Target price Rs194, Upside 14.6%
± Revenues beat expectations, register 19% yoy growth at Rs54.5bn driven by strong 18% yoy rise in cigarettes and 24% yoy in FMCG-others segment
± Operating margin remained stable at 36.1%. Net profit above expectations, up 21.4% yoy at Rs13.9bn
± We expect the company to witness a 14.7% CAGR in revenues and 19.3% in net profit over FY10-12. Maintain BUY
