NEW DELHI: ITC Ltd on Friday reported a 23.09% rise in consolidated net profit at Rs 5,070.09 crore for the third quarter ending December 2022. The rise in the company’s net profit was helped by growth momentum across its operating segments.
It had reported a net profit of Rs 4,118.80 crore for the same quarter of the previous fiscal, ITC said in a regulatory filing. Its revenue from operations was up 3.56% to Rs 19,020.65 crore during the quarter under review, as against Rs 18,365.80 crore in the corresponding period of the previous fiscal.
“The company sustained its strong growth momentum across all operating segments during the quarter driven by focus on accelerated digital adoption, customer centricity, execution excellence and agility,” it said in an earnings statement. Economic activity in India continued to gather momentum with “sequential moderation in commodity inflation” even as core inflation remained elevated.
“Rural demand continued to be relatively subdued while improving sequentially. Consumer sentiments improved during the quarter but remained below pre-pandemic levels,” it said. Total expenses were at Rs 12,772.27 crore, down 3.29% in Q3FY 22.