ITC gross revenue at Rs 17,483 cr for Q3 represents 2.1% YoY growth

Amid a difficult macro-economic and working surroundings and excessive base impact in a few of its working segments, ITC Limited delivered resilient efficiency through the quarter ended December 31, 2023.

ITC’s gross revenue stood at Rs 17,483 crore, representing a growth of two.1 per cent YoY (excl. Agri Business: up 3.9 per cent), whereas PBT (earlier than distinctive objects) at Rs 6,731 crores grew by 0.8 per cent YoY.

Its PAT grew by 10.8 per cent YoY to Rs 5,572 crore, whereas earnings per share for the quarter stood at Rs 4.47 (earlier yr Rs 4.06).

Exceptional objects signify bills aggregating Rs 5.52 crore incurred through the quarter and 9 months ended December 31, 2023 in relation to the demerger of the corporate’s lodges enterprise into ITC Hotels Limited.

The firm has reassessed its provisions referring to unsure tax positions for earlier years based mostly on a beneficial order of the Supreme Court obtained through the quarter. This has resulted in a credit score of Rs 468.44 crore within the Current Tax expense for the quarter and 9 months ended December 31, 2023.

The Board of Directors has beneficial an interim dividend of Rs 6.25 per share (earlier yr Rs 6 per share) for the monetary yr ending March 31, 2024.

With its give attention to shopper centricity, purposeful innovation, agility and execution excellence, the corporate stays assured of navigating the short-term challenges and creating sustained worth for all stakeholders, ITC stated.

ITC posted resilient efficiency in FMCG – Others amid subdued demand circumstances; Segment revenue is up 7.6 per cent YoY on a excessive base; 2-yr CAGR @ 12.8 per cent.

Segment EBITDA margin expanded 100 bps YoY to 11 per cent; Segment PBIT up 24.1 per cent YoY.

The cigarettes section witnessed consolidation on a excessive base after a interval of sustained growth momentum; Net section revenue and section PBIT up 2.3 per cent YoY.

ITC’s differentiated and premium choices continued to carry out nicely. Another characteristic was sustained quantity claw again from illicit commerce on the again of deterrent actions by enforcement companies and relative stability in taxes.

ITC posted the perfect ever quarter for the lodges section; Segment revenue and PBIT up 18 per cent and 57 per cent YoY, respectively.

The inventory exchanges have given their no-objection to the Scheme of Arrangement for demerger.

(With inputs from IANS)