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ITC Q2 profit rises 36% to Rs 4,023 crore; cigarette revenue climbs 6% YoY

Its revenue from operations grew 5.31 percent YoY to Rs 11,871.5 crore against Rs 11,272.51 crore in the corresponding quarter a year ago.

October 25, 2019 / 07:09 PM IST
 
 
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Beating Street estimates, ITC on October 24 reported a 36.16 percent year-on-year (YoY) jump in its standalone net profit at Rs 4,023.1 crore for the quarter ended September 30, 2019.

A CNBC-TV18 poll had estimated the second-quarter net profit of ITC to the tune of Rs 3,623 crore.

Cigarette EBIT rose 7.41 percent YoY, coming at Rs 3,844.4 crore against Rs 3,579.1 crore in the year-ago period, while cigarette revenue climbed about 6 percent YoY to Rs 5,326.8 crore in Q2FY20 against 5,026.1 crore in Q2FY19.

The company had reported a net profit of Rs 2,954.67 crore in the corresponding quarter of the previous financial year.

Its revenue from operations grew 5.31 percent YoY to Rs 11,871.5 crore against Rs 11,272.51 crore in the corresponding quarter a year ago.

EBITDA came at Rs 4,562.4 crore in the September quarter of FY20 while EBITDA margin stood at 38.4 percent.

Segment-Wise

The FMCG-Others Segment delivered a resilient performance during the quarter which witnessed a further slowdown in consumption both in urban and rural markets. Categories with relatively higher rural salience were impacted the most.

"Performance during the quarter reflects the persistent weakness in the overall demand environment, especially in rural markets and wholesale channel, and tight market liquidity conditions. Disruptions/floods in several markets exacerbated the situation," the company said in its result statement.

Segment Revenue grew by 6.5 percent approximately on a comparable basis (excluding the Lifestyle Retailing Business) led by atta, potato chips and premium cream biscuits in the branded packaged foods businesses, liquids (Handwash & Bodywash) in the Personal Care Products.

In the Staples, Snacks and Meals Business, `Aashirvaad' atta continued to post robust growth, consolidating its leadership position across markets.

Moneycontrol News
first published: Oct 24, 2019 05:43 pm

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