ITC Shares Slump After Q4 Earnings

ITC Shares Slump After Q4 Earnings

ITC share price slumped sharply on Thursday after the company posted its earnings for the quarter ended March.

What Happened: The diversified conglomerate’s revenue from operations grew 7% to ₹19,058.29 crore as against ₹17,754.02 crore in the March quarter of 2022. The company’s revenue from cigarette sales stood at ₹8,082.26 crore, registering around 13% growth from the year-ago period.

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Revenue from the hotel business almost doubled to ₹808.72 crore in the March quarter as compared to ₹407.42 crore revenue it reported in the corresponding quarter last year. However, agribusiness revenue fell 17.5% year-on-year to ₹3,607.30 crore.

The company reported a consolidated net profit of ₹5,175 crore, up around 23% year-on-year. The hotels-to-tobacco giant also announced a final dividend of ₹6.75 per share and a special dividend of ₹2.75 per share for the year ended March, 2023.

Price Action: ITC’s share price was down 1.85% to trade at ₹419.70 in the late hours of trading on Thursday.

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