ITC reported its earnings for the April to June quarter after markets closed on Thursday.

What Happened: The FMCG major posted a 0.3% rise in its standalone net profit to ₹4,917.45 crore from ₹4,902.74 crore in the same period last year. The company's net profit increased 2.5% from last quarter. 

Revenue was seen improving by 7.4% to ₹17,000 crore, compared to ₹15,828 crore in the year-ago period. 

The profit number was slightly below analysts' estimates who had expected ₹5,132 crore. On the other hand revenue numbers were above the street expectations which pegged it rising to around ₹16,618 crores.

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The company's cigarette business clocked in a revenue of ₹7918.10 crore, 6% higher year-on-year, as analysts had forecast. Other FMCG business' revenue rose 6.3% to ₹5,491.03 crore. The hotel business saw an upside of 11% to ₹665.56 crore.

ITC’s agri business reported a revenue of ₹6,973.32 crore, a 22% jump, whereas the paperboard unit declined by about 7% to ₹1976,65 crore.

Last month, ITC saw a strong after the budget along with other FMCG stocks. ITC‘s share price rocketed to breach the ₹500 mark for the first time, the day after Budget 2024 was announced.

Price Action: Shares of ITC closed 0.46% lower at ₹493.05 on Thursday.

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