ITC posts 11% y-o-y growth in net profit at ₹5,572 crore

30 Jan 2024 , 12:59 PM

ITC Ltd declared a standalone net profit of ₹5,572 crore for the December quarter of FY24, up 11% from ₹5,031 crore in the same period of the previous fiscal year. The results exceeded Street expectations.

Sequentially, net profit increased 13% from ₹4,927 crore in the September quarter. The business reported a 6.5% rise in overall net profit for the December quarter, totaling ₹5,400.51 crore.

The company’s total income from operations increased by 2% year-on-year, to ₹17,651.85 crore from ₹17,265 crore, according to a regulatory filing on January 29. The combined revenue rose 2.4% to ₹19,484.50 crore.

Earnings before interest, tax, depreciation, and amortisation (EBITDA) for the quarter was ₹6,024 crore, down by 3.20%. The EBIDTA margin was 36.60% and had fallen by 180 basis points year on year. One basis point equals one-hundredth of a percentage point.

The cigarette-to-hotel conglomerate also declared an interim dividend of ₹6.25 per share for the fiscal year 2023–2024. The board set the record date on February 8th.

The corporation is collaborating with farmers to improve agricultural practices through a Climate Smart Agriculture programme that covers more than 23 lakh acres and around 7.5 lakh farmers. The business announced in a news statement that it had commissioned a cutting-edge facility for producing and exporting nicotine and nicotine derivative goods.

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