Cigarettes to hotels major ITC beat analysts’ expectations as first quarter net profit rose 24.5% year-on-year to Rs 1,332.72 crore, on the back of sales growth across segments.
Net sales for the three-month period were up nearly 20% to Rs 5,767.47 crore.
Analysts on average had expected ITC’s net profit at Rs 1,271 crore on revenue of Rs 5,504 crore, according to CNBC-TV18 poll.
Despite the strong earnings growth profit margin during the quarter remained flat at 33.7% versus 33.8% in the year ago quarter.
Its total expenses during the first quarter were up 20% to Rs 4,050.54 crore.
ITC’s cigarette sales, which account for majority of the revenue, were up almost 16% year-on-year to Rs 2,873.56 crore. Sales from other FMCG business, which includes foods and personal care, rose 20% to Rs 1,197.76 crore.
Its revenue from hotels business was up 10% from a year ago to Rs 230.46 crore. Agri business revenue rose 26% to Rs 1,707.14 crore. Paperboards, paper and packaging sales were up 21% to Rs 959.57 crore.
Profits grew in most segments, while it reduced losses in the non-cigarette (other) FMCG business by 14.5% year-on-year to Rs 76.28 crore.
ITC shares rose post the better than expected results announcement and were traded up 2% at Rs 204.95 on NSE in afternoon trade.
Source: www.moneycontrol.com
Thanks,
Gaurav Agarwal
Head Dealer
DENIP consultants Pvt Ltd
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