ITC Q1 net profit flat at Rs 5,177 cr, revenue up 7.5% to Rs 20,029.5 cr

In the quarter ended on June 30, 2024, ITC Ltd, a diversified company, reported a slight decrease in consolidated net profit to Rs 5,176.99 crore, amidst a challenging macro-economic and operating environment. This is slightly lower than the consolidated net profit of Rs 5,189.61 crore in the same period the previous fiscal year, as per a regulatory filing from ITC. ITC’s revenue from operations in the June quarter increased by 7.45 percent to Rs 20,029.60 crore, compared to Rs 18,639.48 crore in the corresponding quarter the previous fiscal year.

However, total expenses of ITC were 11.02 percent higher in the June quarter at Rs 13,791.01 crore. ITC’s total income, including other income, increased by 7.03 percent to Rs 20,724.48 crore in the March quarter. This growth was experienced in a challenging operating environment, driven by Hotels, Value Added Agri products and Leaf Tobacco, according to ITC’s earning statement.

The FMCG – Others and Cigarettes segments delivered resilient performance amidst subdued demand conditions. However, the Paperboards, Paper & Packaging segment’s performance remained impacted largely due to cheap Chinese supplies in international markets including India and a surge in domestic wood prices.

Despite relatively subdued private consumption expenditure, the Indian economy continues to be extremely resilient amidst a global growth slowdown due to various policy interventions by the Government, with sustained public expenditure in creating physical, digital, agri and rural infrastructure. Shares of ITC Ltd settled at Rs 493.75 per scrip on BSE, down 0.26 percent from its previous close.