ITC‘s share price was down in early trade on Friday as the company posted its numbers for the quarter ended September.

What Happened: The conglomerate’s standalone net profit increased by 10.3% to reach ₹4,927 crore, compared to ₹4,466 crore in the corresponding period of the previous year. For the July-September period, The FMCG giant’s revenue from operations amounted to ₹17,705.08 crore, reflecting a 3.17% increase from the ₹17,159.56 crore recorded in the year-ago quarter. Both the top and bottom line were mostly in line with consensus street estimates.

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Cigarette revenue came in at ₹7,657.63 crore, up 10% from the year-ago period. EBITDA of ₹6,454.24 crore, marking a 3% growth compared to ₹6,259.1 crore booked in the year-ago period. EBITDA margin came in at 36.3%. Earnings per share was at ₹3.59.

Reacting to the results, Morgan Stanley maintained its “overweight” rating for the stock with a price target price of ₹493. The research firm said that while the company’s revenue missed its revenue, revenue from cigarettes and FMCG beat its estimates. The firm attributed the revenue miss to agri and paper business revenue.

Price Action: ITC’s share price was down 1.39% to trade at ₹444.15 at open on Friday.

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