Diversified conglomerate ITC on Monday posted a consolidated net profit of Rs 4,389.76 crore for the June 2022 quarter, a 33.97 per cent jump as compared with a net profit of Rs 3,276.48 crore in the year-ago period. Its revenue from operations during April-June 2022 rose 39.25 per cent to Rs 19,831.31 crore, against Rs 14,240.76 crore a year ago.
Sequentially, the company’s net profit rose 4.6 per cent from Rs 4,196 crore in the March 2022 quarter, according to a BSE filing.
The company’s total expenses stood at Rs 14,201.51 crore during Q1FY23, a jump of 38.95 per cent as compared with Rs 10.220.49 crore in the year-ago quarter.
The cigarettes-to-hotels conglomerate’s Ebitda stood at Rs 5,646.10 crore for the June 2022 quarter. Its margin was 32.7 per cent. Ebitda stands for earnings before interest, tax, depreciation and amortisation.
The company’s revenue from cigarettes jumped 28.63 per cent y-o-y to Rs 7,464.10 crore. Non-cigarette revenue came in at Rs 4,458.71 crore, a jump of 19.49 per cent. ITC’s earnings per share stood at Rs 3.56 during April-June 2022, compared with Rs 2.66 in the year-ago quarter.
ITC’s revenue from the hotel business stood at Rs 5,80.71 crore, a four-fold jump from Rs 133.67 crore in the corresponding quarter last year. Its revenue from the paperboards, paper and packaging business jumped 43.35 per cent y-o-y to Rs 2,267.22 crore. Its revenue from agribusiness witnessed an increase of 82.29 per cent to Rs 7,492.14 crore.
The company said, “Consequent to the depreciation in the value of the Sri Lankan Rupee, the foreign currency translation impact on consolidating the financial statements of the company’s wholly-owned subsidiary, WelcomHotels Lanka (Pvt) Ltd, aggregating Rs 177.90 crores for the quarter ended June 30, 2022, (quarter ended March 31, 2022: Rs 589.87 crore; and 12 months ended March 31, 2022: Rs 595.15 crore) has been recognised under ‘other comprehensive income’.”
Its other comprehensive income stood at Rs 3,916.47 crore, significantly higher as compared with Rs 3,276.48 crore.
On May 28, the company acquired 400 equity shares of Rs 10 each and 2,980 compulsorily convertible cumulative participating preference shares of Rs 100 each of Blupin Technologies Pvt Ltd, representing 10.07 per cent of its share capital on a fully diluted basis, ITC added.
Shares of ITC on Monday jumped 1.52 per cent or Rs 4.60 to close at Rs 307.55 apiece on the BSE. Recently its shares hit the Rs 300-mark for the first time since May 2019. The scrip has gathered pace of late, rallying some 48 per cent from its 52-week low of Rs 204.50.
Recently, ITC Chairman & MD Sanjiv Puri said, “As we achieve scale for your company’s FMCG portfolio, it is also our aspiration to take these world-class brands to overseas markets. In recent years, we have established distribution arrangements abroad enabling appreciable progress of exports of ITC’s ‘Proudly Indian’ brands to over 60 countries. Over time, such exports will make a substantial contribution to the growth of your Company’s value-added FMCG portfolio.”
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