ITC‘s share price jumped up after the company posted its results for the quarter ended March.
What Happened: ITC’s standalone net profit for the quarter came in at ₹5,020.2 crore, down around 10% from the ₹5,572 crore posted in the December quarter. The number was below street estimates of around ₹5,130 crore.
The FMCG giant’s revenue for the quarter came in at ₹16,579 crore, reflecting a 1.40% year-on-year increase. This figure was slightly above estimates of around ₹16,250 crore.
EBITDA for the quarter stood at ₹6,162.6 crore, marking a decline of 0.8%. The EBITDA margin fell by 70 basis points year-on-year to 37.2%. For the financial year ending March 31, 2024, the company recommended a final dividend of ₹7.50 per share.
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The company’s cigarette business revenue was at ₹7924.84 crore. In terms of the performance of the segment, the tobacco giant said that the sharp escalation in leaf tobacco prices and other inputs, along with an increase in taxes was largely mitigated through an improved mix, strategic cost management and calibrated pricing.
Looking at the year ahead, the company said that while consumption demand remained subdued in the March quarter, improving macro-economic indicators, prospects of a normal monsoon and green shoots witnessed in rural demand recovery after several quarters, augur well for revival in consumption demand in the near term.
Price Action: ITC’s share price was up 0.74% to trade at ₹443.15 on Thursday afternoon.
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