ITC Q4 Highlights: net profit increases by 21.4% to Rs 5,086 crore | Business Upturn

ITC Q4 Highlights: net profit increases by 21.4% to Rs 5,086 crore

Earnings for the fourth quarter of the fiscal year 2023 were announced on Thursday by Indian giant ITC.

On Thursday, the Indian multinational conglomerate company ITC announced the publication of its quarterly earnings report for the 4th quarter of the fiscal year 2023.

The tobacco-to-hotel firm reported a year-on-year gain in standalone net profit of 21.4 percent, bringing the total for the March quarter to Rs 5,086.9 crore. When compared to the total of 4,190 crore that was reported for the same time period the year before, this figure is much lower.

The company’s income from operations climbed by 5.6 percent year over year, increasing from Rs 15,531 crore in the same quarter of the previous year to Rs 16,398 crore in the current period. This does not include excise tax revenue, which was not included in the calculation.
The top and bottom lines came in much higher than the predictions made by market analysts.

According to the results of a survey that was carried out by brokerages, it was projected that the company that manufactures products ranging from cigarettes to soap would have a net profit of Rs 4,764.4 crore and sales of Rs 16,152 crore.

In addition to the results, the company disclosed that each equity share would be entitled to a final dividend of 6.75 Indian rupees as well as a special dividend of 2.75 Indian rupees.

On February 15th, the firm had previously distributed a dividend to its shareholders in the amount of Rs. 6 per share. The entire amount that would be distributed in the form of dividends for FY23 is Rs 15.50 per equity share.

Earnings for the Q4 of fiscal year 23 were reported during market hours. On Thursday, the stock of ITC closed at Rs 418.85 on the NSE, representing a decrease of Rs 8.75, or 2.05%, from its previous closing price on Wednesday.

According to statistics provided by Trendlyne, the stock has generated returns of approximately 60% over the last year, which is 47% more than the gains generated by the Nifty 50. According to the statistics, the returns that were generated by the index of 50 stocks over this time period were 11.5%.