Earnings Report /

BAT Bangladesh: c8% yoy NPAT growth despite c15% yoy sales growth in Q3 21

  • Q3 21 EPS was BDT5.5 vs 5.0 in Q3 20, implying c8% yoy earnings growth. BATB declared BDT12.5/share interim dividend.

  • Q3 21 revenue grew by c15% yoy driven by c8% yoy volume growth and c6% price growth of tobacco products.

  • c37% yoy higher opex and 280bps yoy increase in effective tax rate limited the profit growth in Q3 21.

Tanay Kumar Roy
Tanay Kumar Roy

Research Analyst

IDLC Securities
31 October 2021
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