ITC Ltd’s fiscal first quarter consolidated net profit jumped by over one-thirds over the previous year, helped by a healthy growth in sales. ITC Ltd’s consolidated net profit rose 33.46 per cent on-year to Rs 4,462.25 crore in April-June 2022, from Rs 3,343.44 crore during the same quarter previous year, the company said on Monday in stock exchange filings. The conglomerate’s revenue from operations jumped 39 per cent on-year to Rs 19,831.27 crore in the quarter from Rs 14,240.76 crore the year before. ITC’s total expenses in April-June quarter rose to Rs 14,201.51 crore, a 39 per cent increase from Rs 10,220 crore last year. Earlier today ahead of the results announcement, ITC Ltd share price ended at Rs 307.55 on BSE, up 1.5 per cent from the previous close.
Where’s the growth at?
- ITC’s cigarettes business registered 28.63 per cent growth on-year to a revenue of Rs 7,464 crore in the fiscal first quarter.
- Its cigarettes portfolio included launches such as Classic Connect, Gold Flake lndie Mint, Gold Flake Neo SMART Filter, Capstan Excel, American Club Smash, Gold Flake Kings Mixpod, Wave Boss, Flake Nova and Flake Excel Taste Pro, the release said.
- The company’s FMCG business showed 19.49 per cent growth to register a revenue of Rs 4458.71 crore from Rs 3731.40 crore the previous year.
- The discretionary/ out-of-home categories such as snacks, beverages, confectionery, frozen snacks, fragrances and agarbattis recorded strong growth.
- ITC showed ‘stellar performance’ in its hotel business as well with segment revenue at Rs 580.71 crore, which is a 34.43 per cent growth from Rs 133.67 in the same quarter the last year.
- The company’s paperboards, paper and packaging segment jumped up by 43.25 per cent in terms of revenue growth to reach Rs 2267.22 crore, driven by ‘continued strong demand across en-user segments and exports’.
- ITC’s agri business registered segment revenue of Rs 7492.14 with a growth rate of 82.29 per cent led by wheat, rice and leaf tobacco exports.