ITC Q1 net profit rises 16% to ₹5,180 cr.
The Hindu
ITC Ltd. reported 16.08% rise in consolidated net profit to ₹5,180.12 crore for Q1/FY2023-24. Revenue from total FMCG, including cigarettes, surged 13.46% to ₹13,528.37 crore. Revenue from FMCG-others segment rose 16% to ₹5,172.71 crore. Hotel segment revenue up 7.6% to ₹624.90 crore. Agribusiness revenue down 23.565% to ₹5,726.98 crore. Paperboards, paper & packaging revenue down 6.45% to ₹2,120.76 crore. Other segments revenue up 11.51% to ₹820.59 crore. ITC sustained strong growth momentum driven by customer centricity, digital adoption, execution excellence & agility.
Diversified entity ITC Ltd. on Monday reported a 16.08% rise in consolidated net profit to ₹5,180.12 crore for the first quarter ended June.
The company had posted a consolidated net profit of ₹4,462.25 crore in the April-June period of the last fiscal, ITC Ltd. said in a regulatory filing.
Its consolidated revenue from operations declined 6% to ₹18,639.48 crore, impacted by its agribusiness division. It was ₹19,831.27 crore in Q1 of FY2022-23.
ITC's total expenses in the quarter under review slipped 12.53% year-on-year to ₹12,421.77 crore.
The total income of ITC in the June quarter was down 3.92% to ₹19,361.78 crore.
Its gross revenue from the sale of products and services also fell 6% to ₹18,508.23 crore.
"Amidst a challenging operating environment and high-base effect in some of its operating segments, the company sustained its strong growth momentum during the quarter driven by a focus on customer centricity, accelerated digital adoption, execution excellence and agility," said ITC in an earning statement.
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