Diversified conglomerate ITC registered a 21 per cent rise in its standalone net profit at ₹5,031 crore for the quarter ended December 31, 2022 against ₹4,156 crore reported during the same period last year backed by an all-round growth across sectors including FMCG, hotels and paperboards.

Revenue from operations on a standalone basis increased by three per cent to ₹17,265 crore during the quarter under review against ₹16,807 crore same period last year. Gross Revenue (ex- agri business) was up by nearly 18 per cent on a year-on-year basis and EBITDA was up by 22 per cent. Reported gross revenue was up by three per cent as the base quarter included wheat exports that were banned during the current year, the company said in a press statement.

The company’s board has declared an interim dividend of ₹6 per ordinary share of ₹1 each. Last year, it declared ₹5.25 as dividend per ordinary share. February 15, 2023 has been fixed as the record date for the purpose of determining this entitlement and such dividend will be paid between March 03 and March 05, the company said.

The company registered nearly 17 per cent growth in revenues in the FMCG sector at ₹12,130 crore during the quarter under review against ₹10,335 crore same period last year. Segment EBITDA margin was at 10 per cent, up by 90 basis points on a year-on-year basis and nearly 50 basis points sequentially amidst elevated commodity prices, it said.

Under the FMCG segment, revenues from cigarettes business grew by 17 per cent at ₹7,288 crore (₹6,244 crore) backed by continued volume recovery from illicit trade on the back of stability in taxes on cigarettes and deterrent actions by enforcement agencies. The company continues to reinforce its market standing through focused portfolio/market interventions and agile execution.

The revenue from non-cigarette FMCG businesses grew 18 per cent to ₹4,841 crore (₹4,091 crore).

“The FMCG businesses witnessed strong growth across channels and markets (both urban and rural) driven by ramp-up in outlet coverage, enhanced penetration and superior last mile execution. Overall, input costs remained elevated even as some commodities witnessed sequential moderation in prices. The businesses continued to drive improvement in profitability through multi-pronged interventions including strategic cost management, premiumisation, supply chain agility, judicious pricing actions, fiscal incentives, leveraging digital and optimising channel assortments,” it said. 

Revenue from hotels division witnessed a growth of 51 per cent at ₹712 crore (₹473 crore). RevPAR (revenue per available room) is well ahead of pre-pandemic levels driven by retail (packages), leisure, weddings and MICE segments, it said. 

However, the agri business division witnessed nearly 37 per cent decline in revenues at ₹3,124 crore (₹4962 crore) as restrictions imposed on wheat and rice exports impacted revenues. 

The paperboards, packaging segment saw 13 per cent growth in revenues at ₹2,306 crore (₹2,046 crore).

The company’s scrip closed at ₹380.50, up by 0.50 per cent on the BSE on Friday.

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