ITC Q2 profit falls nearly 20% to Rs 3,232 cr

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November 7, 2020 5:05 AM

Its gross revenue from sale for the period July-September stood at Rs 11,891.91 crore as against Rs 11,750.16 for the same period last year, beating analysts’ expectations.

The cigarette-to-FMCG-to-hotel major had posted a net profit of Rs 4,023.10 crore for the second quarter last fiscal.

Largely in line with market expectations, ITC on Friday reported a 19.65% year-on-year fall in its standalone net profit to Rs 3,232.40 crore for the second quarter ended September 30, with gross revenue from sale rising just 1.2% year on year.

The cigarette-to-FMCG-to-hotel major had posted a net profit of Rs 4,023.10 crore for the second quarter last fiscal. Its gross revenue from sale for the period July-September stood at Rs 11,891.91 crore as against Rs 11,750.16 for the same period last year, beating analysts’ expectations.

During the period under review, the diversified conglomerate’s tax expenses rose 32.79% year on year at Rs 1,041.92 crore.

During the second quarter this fiscal, revenue from the company’s cigarette business fell 3.86% year on year at Rs 5,121.30 crore, while operating profit from the segment also decreased by 15.6% y-o-y at Rs 3,244.78 crore during the period, according to a stock exchange filing. During the quarter under review, non-cigarette FMCG business registered 15.41% y-o-y growth in its revenue to Rs 3,794.95 crore, while the segment posted a whopping 179.33% y-o-y growth in operating profit at Rs 252.68 crore during this period.

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