ITC Ltd today reported a consolidated net profit of ₹4,056 crore for the quarter ending 31 December 2022. This is an improvement of 15% from ₹3,526 crore clocked in the corresponding quarter of last year.
The cigarette-to-hotel conglomerate’s marked that revenue from operations surged 30% to ₹18,365 crore for the period under review. The hotels business swung bank into profit (before the taxes) at ₹53 crore.
Revenue from the sale of products came in at ₹16,633.86 crore, a projection of 31.25% against ₹12,673.31 crore in the same quarter last year. On a sequential basis, the profit after tax (PAT) grew by 9% from ₹3,713 crore in the September quarter
The company board has also gave approval of an interim dividend of ₹5.25 per share in the current fiscal year. The company has fixed Tuesday, 15 February 2022 as the record date for the purpose of determining the entitlement of the members for interim dividends.
The stocks have been under monitoring for the past seven days midst of Budget 2022 as investors awaited a decision on a rise in taxes on Tobacco. With no clear announcement made, it was a sigh of relief for many. Segment-wise, revenue from the cigarette business approached ₹6,958 crore in the previous year’s period which is a hike of 14% year-on-year.
“Robust recovery continued in the segment across markets supported by an increase in mobility and, agile supple chain and market servicing,” the company said. ITC said wide accessibility of smuggled cigarettes remained as it is despite strong curbs by enforcement agencies, leading to crucial revenue loss to the government and deeply impacting the legal cigarette industry.
