Beating street estimates, diversified conglomerate ITC on Thursday reported a 20.79% year-on-year rise in its standalone net profit to Rs 4,466.06 crore for the second quarter this fiscal, aided by a 27.07% y-o-y growth in its gross revenue from sale.
The cigarette-to-FMCG-to-hotel major had posted Rs 3,697.18 crore net profit for the second quarter last fiscal. The revenue growth for the July-September period this year came from across markets and channels, and all businesses contributed to both revenue and profitability.
Gross revenue from sale stood at Rs 16,971.18 crore for the period under review as against Rs 13,356.15 crore for the same period previous fiscal. During the second quarter of FY23, Ebitda grew 27.1% on a year-on-year on basis. ITC, in a statement, said strong performance continued across segments.
During the quarter under review, revenue from the company’s cigarette business rose 23.26% y-o-y at Rs 6,953.80 crore, while operating profit from the segment increased 23.61% y-o-y at Rs 4,429.31 crore during the period, according to the stock exchange filing.
During the second quarter this fiscal, non-cigarette FMCG business registered 21.02% y-o-y growth in its revenue to Rs 4,884.76 crore, while the segment posted a 17.89% y-o-y growth in operating profit at Rs 320.57 crore during this period.