Moneycontrol Be a Pro
Get App
Last Updated : Jan 28, 2017 12:36 PM IST | Source: Moneycontrol.com

ITC Q3 net up 6% at Rs 2650 cr, cigarette sales grow 2%

ITC's December quarter has beaten estimates with net profit rising 5.7 percent to Rs 2650 crore from Rs 2504 crore in corresponding quarter last fiscal. During the quarter, its total income also grew marginally by 5 percent to Rs 13570 crore compared to Rs 12962 crore on annual basis.


Net profit of ITC gained 5.7 percent to Rs 2646.7 crore in October-December from Rs 2503.8 crore in corresponding quarter last fiscal. During the quarter, its total income increased 4.7 percent to Rs 13570 crore compared to Rs 12962 crore.


In Q3, EBITDA grew 2.1 percent at Rs 3546.35 crore versus Rs 3474.6 crore while margins stood at 26.1 percent versus 26.8 percent year-on-year. According to CNBC-TV18 poll, ITC was expected to report net profit at Rs 2564.2 crore while its total income was seen at Rs 9130.4 crore in year-ago period.      


Cigarette revenues was marginally up 2.2 percent at Rs 8288 crore in Q3 and margins in the segment was at 36.6 percent versus 36.8 percent (YoY).

Close

FMCG business revenue in Q3 grew 3.4 percent at Rs 2569.3 crore versus Rs 2485 crore. The segment's EBIT loss was at Rs 19.7 crore compared to gain of Rs 18.75 crore (YoY) probably due to demonetisation impact.


Hotels business revenue was up 7.3 percent at Rs 370.5 crore versus Rs 345.3 crore while EBIT jumped 63.4 percent at Rs 42.15 crore versus Rs 25.8 crore.


Agriculture business revenues was at 13 percent while margins were at 14.2 percent.

Reacting to the results, Prakash Diwan of Altamount Capital Management and Sanjiv Bhasin of IIFL say that it is a buy on dips for ITC stocks. 

Ritwik Rai of Kotak Securities takes no fresh call on the company's stocks ahead of the Budget and says that there is lot of scope for the stock to catch up on the valuations front.






The Great Diwali Discount!
Unlock 75% more savings this festive season. Get Moneycontrol Pro for a year for Rs 289 only.
Coupon code: DIWALI. Offer valid till 10th November, 2019 .
First Published on Jan 27, 2017 01:00 pm
Loading...
Sections
Follow us on
Available On
PCI DSS Compliant