ITC Q2FY23 PAT up 24.4% at Rs4,620 crore on the back of stable margins

22 Oct 2022 , 06:46 PM

ITC Ltd reported 25.35% growth in total sales revenues for the September 2022 quarter on consolidated basis at Rs18,608cr. Revenue contraction was -6.17% in sequential terms.

In terms of top line growth, the thrust from the non-cigarette FMCG business while the agri business saw a sharp fall in revenues.

However, cigarettes continue to contribute more than 75% of the total operating profits of ITC in the latest quarter. The top line growth was specifically driven by staples and convenience foods as well as the out of home (OOH) categories.

Cigarette segment revenues remained robust amidst greater stability in the tax regime. For the hotels business, the occupancy and the ARR are well above the pre-pandemic levels for IT in the September 2022 quarter.

Consolidated Profit after tax (PAT) for September 2022 quarter was up 24.4% at Rs4,620cr on the back of stable margins in the cigarette business and growth in the non-cigarette FMCG business.

In fact, non-cigarette FMCG saw 150 bps spike in the EBITDA margins for the quarter. Hotels reported robust EBITDA margins of 29% in the quarter while paperboards had EBIT margins of 27% in the quarter.

PAT margins were lower at 24.83% in the Sep-22 quarter compared to 25.02% in the Sep-21 quarter but higher compared to 22.14% in June 2022 quarter.

Financial highlights for Sep-22 compared yoy and sequentially

	ITC Ltd
Rs in Crore	Sep-22	Sep-21	YOY	Jun-22	QOQ
Total Income (Rs cr)	₹ 18,608.00	₹ 14,844.38	25.35%	₹ 19,831.27	-6.17%
Operating Profit (Rs cr)	₹ 6,135.71	₹ 4,904.95	25.09%	₹ 5,815.87	5.50%
Net Profit (Rs cr)	₹ 4,619.77	₹ 3,713.76	24.40%	₹ 4,389.76	5.24%
Diluted EPS (Rs)	₹ 3.72	₹ 3.02		₹ 3.56
OPM	32.97%	33.04%		29.33%
Net Margins	24.83%	25.02%		22.14%