Hotels-to-FMCG major ITC on October 19 reported a standalone net profit of Rs 4,926.96 crore for the September quarter of the current financial year, a growth of 10.32 percent from the year-ago period.
Revenue from operations came in at Rs 17,705.08 crore, up 3.17 percent from Rs 17,159.56 crore in the year-ago quarter, the company said in a regulatory filing.
The numbers more-or-less met estimates. According to a poll of four brokerages the net profit was expected at Rs 4,933.9 crore and revenue at Rs 16,870 crore.
During the quarter, FMCG excluding cigarettes segment revenue was up 8.3 percent year-on-year (YoY). Segment EBITDA margin expanded 150 bps YoY to 11 percent.
ITC said atta, spices, personal wash and agarbatti drove growth during the quarter amidst relatively subdued consumer demand environment. In the stationery business, Classmate notebooks and pens witnessed "strong growth" on YoY basis.
Cigarettes segment revenue was up 8.5 percent YoY. The company said it saw sustained volume claw back from illicit trade on the back of deterrent actions by enforcement agencies and relative stability in taxes.
"Sharp escalation in costs of leaf tobacco and certain other inputs, along with increase in taxes, (were) largely mitigated through improved mix, strategic cost management and calibrated pricing," ITC said.
Hotels business saw record high second quarter performance, the company said, with segment revenue and PBIT (profit before interest and taxes) up 21 percent and 50 percent YoY, respectively, on a high base. Segment EBITDA margin up 170 bps YoY to 30.7 percent driven by higher RevPAR (revenue per available room), structural cost interventions and operating leverage.
Agri business segment revenue was up 26.4 percent YoY (excl. wheat and rice exports segment).
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