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Cigarette-to-hotel conglomerate ITC on Thursday reported a 24% growth in its consolidated net profit at ₹4619.77 crore (attributable to owners of the parent) for the quarter ended 30 September, 2022 (Q2FY23). It was ₹3,713.76 crore in the year-ago period.
On a sequential basis, the FMCG major’s consolidated profit after tax (PAT) has risen 5% from ₹4389.76 crore in the June quarter (Q1FY23).
The Kolkata-based company’s revenue from operations rose 25% to ₹18,608 crore in the July-September quarter from ₹14,844 crore in the same quarter last year.
Segment wise, revenue from cigarette was up 23.3% YoY. “Stability in taxes on cigarettes, backed by deterrent actions by enforcement agencies, enable continued volume recovery from illicit trade,” the company said.
The FMCG major reported a strong growth in Agri Business external revenue driven mainly by wheat, rice and leaf tobacco exports.
Total expenses during the quarter stood at ₹12,824 crore, up 25% over ₹10,258 crore of the corresponding period last year.
Meanwhile, revenue from the hotels business inched up 81.9% YoY and 25.6% over Q2FY20. ARR and Occupancy ahead of pre-pandemic levels driven by Retail (packages), Leisure, Weddings and MICE segments, the company said.
The company has also re-appointed Nakul Anand as a Director and also as a Wholetime Director for a period of one year with effect from 3 January, 2023.
“We write to advise that the Board at the aforesaid meeting recommended for the approval of the Members, re-appointment of Mr Nakul Anand as a Director and also as a Wholetime Director of the Company for a period of one year with effect from 3rd January, 2023,” the company said in a BSE filing.
What analysts estimated
Meanwhile, HDFC Securities had expected the FMCG major to report adjusted profit of ₹4,190 crore, up 13.3% YoY.
Motilal Oswal Securities expected cigarette volume growth at 13%. It projected profit rising 14.1% to ₹4,220 crore.
Elara Securities said ITC profit will come at ₹4,180 crore, up 13.1% YoY.
ITC as a stock has delivered a solid 59% return so far this year, which is the third highest among Nifty50 constituents. Adani Enterprises (up 91.80%) and Coal India (up 63%) are the only two index stocks delivering better returns than ITC this year.
Shares of ITC were quoting higher for the fifth straight trading day, surging 5.68% to close at ₹350.60 apiece in the NSE ahead of its Q2 results.
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John Miller has been writing about science, gaming, and tech culture for over a decade. He’s a top-rated reviewer with extensive experience helping people find the best deals on tech and more.
