NEW DELHI: Beating street estimates, ITC on Monday reported a 17.58% year-on-year (YoY) rise in standalone net profit at Rs 4,903 crore for the June quarter as against Rs 4,169 crore in the same quarter last year. Analysts at large were expecting the cigarette-to-hotel conglomerate to report 11-13% increase in its Q1FY24 PAT.
ITC’s revenue for the quarter came in at Rs 16,995.40 crore, down 7.23% year-on-year. The EBIDTA margin in Q1FY24 came at 39.5%. up 680 basis points YoY. The cigarettes segment reported 11% YoY rise in sales and 11% rise in PBIT on the back of sustained volume clawback from illicit trade and relative stability in taxes, the company said. This segment’s revenue came to Rs 7,465 crore during the quarter.
The fast-moving consumer goods products (FMCG), other segments saw their revenue rising by 16% YoY to Rs 5,166 crore. The segment Ebitda (Earnings before interest, taxes, depreciation, and amortization) margin expanded 325 basis points to 11%, with staples, biscuits, noodles, beverages, dairy, agarbatti and premium soaps driving the growth. The hotels business of ITC reported its best-ever quarter in Q1FY24. The segment revenue was up 8% and the segment PBIT was up 17% YoY. This segment’s Ebitda margin was up 140 bps YoY to nearly 34%.
Analysts saw 11-13% rise in PAT
Analysts at large were expecting cigarette to hotel conglomerate to report 11-13% rise in Q1FY24 PAT. Revenue for the quarter came in at Rs 16,995.4 crore, down 7.23% year-on-year. EBIDTA margin in Q1FY24 came at 39.5%. up 680 basis points YoY. FMCG, other segments saw their revenue rising by
16% YoY.