Phillip Capital has upgraded rating on ITC to buy and revised target price to Rs 200 from Rs 215.

The stock ended down 1.6 per cent at Rs 178.60 on Wednesday while the BSE Sensex closed 173.25 points down (-0.58 per cent) at 29,893.96. ITC Ltd., incorporated in 1910, has a market cap of Rs 219539.25 crore. Investment RationaleInexpensive consumer stocks are the best place to park money in a volatile, uncertain, complex and ambiguous world, said Phillip Capital.

The brokerage said investors should switch to ITC as Hindustan Unilever's stock might underperform until clarity emerges on the GSK Plc stake sale and due to the recent rally.

FinancialsITC's key products/revenue segments include Packaged Food Item which contributed Rs 9668.71 crore to sales value (21.11 per cent of total sales); Agricultural Products which contributed Rs 4345.84 crore to sales value (9.49 per cent of total sales); Paper - Paper Boards which contributed Rs 3718.79 crore to sales value (8.12 per cent of total sales); Others which contributed Rs 2819.13 crore to sales value (6.15 per cent of total sales); Tobacco Unmanufactured which contributed Rs 1721.15 crore to sales value (3.75 per cent of total sales); Service (Hotel) which contributed Rs 1648.20 crore to sales value (3.59 per cent of total sales); Printed Materials which contributed Rs 586.64 crore to sales value (1.28 per cent of total sales); Other Operating Revenue which contributed Rs 562.98 crore to sales value (1.22 per cent of total sales) for the year ending March 31, 2019.

For the quarter ended December 31, 2019, the company reported consolidated sales of Rs 13307.54 crore, up 4.30 per cent from last quarter sales of Rs 12759.44 crore and up 21.01 per cent from last year same quarter sales of Rs 10996.62 crore.

The company reported net profit after tax of Rs 4047.87 crore in the latest quarter.