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Tuesday, September 27, 2022

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Profit Rises 5% Amid Cost Pressures

ITC Ltd.’s quarterly profit rose, beating estimates, even as cost pressures persisted.

Net profit attributable to the owner of the consumer goods company—also India’s largest cigarette maker—rose 5% sequentially to Rs 4,389.8 crore in the quarter ended June, according to its exchange filing. That compares with the Rs 3,974-crore consensus estimate of analysts tracked by Bloomberg.

The owner of the Aashirvaad brand saw its revenue rise 12% over the previous quarter to Rs 19,831.3 crore, against the forecast of Rs 11,760.7 crore.

ITC Q1 FY23 Highlights (QoQ)

  • Operating profit rose 9% to Rs 6,077.2 crore. Analysts had pegged it at Rs 5302.2 crore.

  • Margin stood at 30.6% against 31.5%.

  • Cigarette revenue rose 4% to Rs 7,464.1 crore.

  • Revenue of the remaining fast-moving consumer goods business rose 7.5% to Rs 4,458.7 crore.

  • For hotels, revenue rose 42.5% to Rs 580.7 crore with average room rates ahead of the pre-pandemic levels.

  • Farm business revenue rose 71.2% to Rs 7,492.1 crore.

  • Paperboards, paper and packaging segment revenue increased 3.8% to Rs 2,267.2 crore.

Shares of ITC closed 1.5% higher at Rs 307.55 on the BSE before the results were announced against a 1.06% gain in the benchmark Nifty 50.

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