AMN
Conglomerate ITC on Monday reported a 16.29 per cent year-on-year (Y-o-Y) rise in consolidated net profit in the April to June quarter of 2023-24 (Q1FY24) to Rs 5,104. 93 crore, from Rs 4,389.76 crore, led by earnings from cigarettes, FMCG (non-cigarette), and hotels.
Consolidated revenue from operations in Q1FY24 at Rs 18,639.48 crore was lower by 6 per cent Y-o-Y, though it beat Bloomberg consensus estimate of Rs 17,811.8 crore. The estimate for net income adjusted was Rs 4,860.8 crore. Sequentially, revenues and net profit were down by 2.19 per cent and 1.36 per cent, respectively.
ITC stated that this performance was achieved amid a challenging operating environment and a high base effect in some of its operational segments. The company attributed its sustained growth momentum to factors, such as customer centricity, accelerated digital adoption, execution excellence, and agility.
The revenue generated by the cigarette segment reached Rs 8,355.66 crore in the June 2023 quarter, against Rs 7,464.10 crore a year ago
Pre-tax profits from the cigarette segment reached Rs 4,944.02 crore, a rise from Rs 4,469.76 crore in the corresponding period a year ago.