Net profit jumps 17.58% to Rs 4902.74 crore, revenue falls 7%, exceeds estimates

The company reported a net profit of Rs 4,169.38 crore in the year ago period.

ITC Ltd. on August 14 reported standalone net profit at Rs 4902.74 crore for the June quarter of FY24, registering a growth of 17.58 percent from Rs 4,169.38 crore in the same quarter of the previous financial year.

Total revenue of the company is Rs 16995.49 crore, falling 7.2 percent from Rs 18320.16 crore in the year-ago quarter, the company said in a regulatory filing.

The net profit was largely in line but revenue missed expectations. According to a poll of six brokerages the net profit was expected at Rs 4,838.8 crore and revenue at Rs 17,326 crore.

The Board at its meeting held today subject to necessary approvals, considered and approved demerger of Hotels Business under a scheme of arrangement amongst ITC Limited and ITC Hotels Limited and their respective shareholders and creditors under Sections 230-232 and other applicable provisions of the Companies Act, 2013.

Earnings before interest, tax, depreciation and amortization (EBIDTA) for the quarter was at Rs 6250.1 crore growing by 10.7 percent. EBIDTA margin was at 39.5 percent and grew by 680 basis points YoY. One basis point is one-hundredth of a percentage point.

(This is a developing story, check for updates)