ITC reported its earnings for the quarter ended September on Thursday evening.
What Happened: The fast-moving consumer goods company reported a standalone net profit of ₹5,078 crore, a 3.1% increase from the ₹4,927 crore posted in the same quarter in the previous year. For the April to June period, the company had posted a profit of ₹4,917.45 crore.
The company’s revenue came in at ₹19,327.72 crore, which was a 16% increase from ₹16,550 crore posted in the same quarter last year. Sequentially, revenue went up by 13.7% from ₹17,000 crore posted in the last quarter.
See Also: Disney Hotstar India Chief Sajith Sivanandan Resigns Following Merger With Reliance: Report
While the company’s revenue beat analysts’ estimates of ₹17,754 crore, profit came in line with estimates of ₹5,078 crore.
The FMCG giant’s cigarette business rose 6.8% year-on-year, clocking in a revenue of ₹8,177 crore. Other FMCG business’ revenue rose 5.7% YoY to ₹5,577 crore. The revenue from the firm’s hotel business shot up 12% to ₹727.65 crore.
Price Action: ITC’s share prices closed 2% lower at ₹470.70 on Thursday.
Don't miss a beat on the share market. Get real-time updates on top stock movers and trading ideas on Benzinga India Telegram channel.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.