ITC Q1 results: Net profit rises 34% to ₹4,390 cr; beats estimates

Diversified conglomerate ITC Limited reported consolidated net profit of 4,389.76 crore, up 33.97% for the April-June quarter (Q1FY23). It reported a consolidated net profit of 3,276.48 crore in the one-year period.

Consecutively, the net profit of the cigarette to hotels conglomerate increased by 4.6% from 4,196 crore in the March quarter (Q4FY22).

Total FMCG major business revenue increased 39% to 19,831.27 crore from 14,240.76 crore during the corresponding period a year ago.

Analysts expected net profit to grow somewhere between 22.4% and 25.3% to 3,687.3 crore and 3,775 crore, respectively.

Ebitda for the quarter reviewed was 5,646.10 crores. The margin for the quarter was 32.7%. Cigarette revenues increased 29% year-over-year to 6,608 crores.

The company’s consolidated total income was 20,152 crore, an increase of 37%, from 14,687. 80 crore in the period of a year ago.

The company’s total costs were higher on 14201.51 crore compared to 10220.49 crore in the corresponding period of the last fiscal.

In terms of segments, FMCG sales were 4,451 crore compared to 3,725 crore, up 19.5% year on year. Income from hotels came in at 554 crore compared to 128 crore, up 332.8% year on year. Turnover from the paper segment amounted to 2,267 crore against 1,583 crore, up 43.2% year on year.

On Monday, ITC’s scrip closed up 1.57% 307.80 each on the NSE.

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