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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