ITC Q1 profit jumps 33% to Rs 4,462 crore; revenue rises 39%

Diversified conglomerate ITC on August 1 said its net profit on a consolidated basis for the quarter ended June 2022 (Q1FY23) came in at Rs 4,462.25 crore, up 33.46 percent against Rs 3,343.44 crore registered in the corresponding quarter of the previous fiscal.

The number was above estimates as a CNBC TV18 poll of analysts had projected a profit of Rs 4,050 crore.

Revenue from operations stood at Rs 19,831.27 crore, up 39.25 percent from Rs 14,240.76 crore logged in the same quarter last year.

The company said its cigarette revenue jumped 28.63 percent to Rs 7,464.10 crore year-on-year (YoY). Non-cigarette revenue came in at Rs 4,458.71 crore, up 19.49 percent YoY.

Revenue from the hotel business was at Rs 5,80.71 crore, jumping over four-fold from Rs 133.67 crore in the corresponding quarter. Similarly, revenue from agribusiness was strong at Rs 7,492.14 crore, registering a growth of 82.29 percent.

Segmental revenue from Paperboards, Paper & Packaging business was at Rs 2,267.22 crore, up 43.35 percent YoY, the company said.

ITC announced its financial result post market hours The stock today had ended 1.52 percent higher at Rs 307.55 on the BSE. It has delivered 40 percent returns so far this year.