ITC's Q2 Results: Revenue increased 2.6% and net profit climbed 10% to ₹4,927 crore

20 Oct 2023 , 11:10 AM

On October 19, 2023, ITC released its financial results for the second quarter of its fiscal year 2023–2024 (Q2FY24). The massive standalone net profit of the fast-moving consumer goods (FMCG) company increased 10.3% to Rs 4,927 crore from Rs 4,466 crore in the same time the previous year. Additionally, operating revenue increased by 2.6% to Rs 16,550 crore. 

Earnings before interest, taxes, depreciation, and amortization, or EBITDA, for the cigarette-to-hotel conglomerate, was Rs 6,041.5 crore, up 3% from Rs 5,864 crore in the same period last year. Following the board’s August approval of the demerger of ITC Hotels, these are the first quarterly earnings figures. 

According to ITC, atta, spices, agarbatti, and personal wash propelled growth in the quarter despite a rather muted environment for consumer demand. In the stationery industry, Classmate pens and notebooks saw ‘strong growth’ year over year.

Value-Added Agri Goods and Leaf Tobacco drove a 26.4% YoY increase in revenue for the Agri-Business Segment (which does not include Wheat and Rice exports).

At the meeting, the ITC board proposed that Mr. Rahul Jain be appointed to the position of Non-Executive Director of the Company, effective January 1, 2024, for a term of three years.

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