Income increases with cigarette sales
The quarterly profit of ITC Ltd. increased, according to estimates, as cigarette sales increased.
Net profit of the consumer goods company – also India’s largest cigarette maker – rose 6.5% in the previous quarter to Rs 3,755.47 crore in the three months ended March , according to his exchange file. The consensus estimate of analysts tracked by Bloomberg was Rs 3,777.9 crore. This happened when cigarette sales increased 6.9% sequentially.
Revenue rose 9.1% quarter on quarter to Rs 15,404.37 crore, against the forecast of Rs 12,085.9 crore.
Operating profit rose 1.8% to Rs 4,871.12 crore.
The operating margin stood at 31.6% against 33.87%.
Revenue from the cigarette segment increased 6.9% to Rs 6,508.43 crore.
Revenues from the remaining FMCG business fell 1.5% to Rs 3,694.8 crore.
Hotel unit revenues increased 21.5% to Rs 302.35 crore.
Agribusiness revenues increased 25.6% to Rs 3,383 crore.
The gross profit of the main cigarette division increased 6.5% in the quarter, while that of the FMCG segment declined 24.8%.
Agribusiness gross margin decreased 34.9% from a quarter ago, while paper industry gross margin increased 13.4%.
ITC shares closed 0.62% before the results were announced, versus the Nifty 50 index which was largely unchanged.