ITC Q2 Results: Profit rises 2% YoY to Rs 4,993 crore, revenue jumps 16%

Diversified conglomerate ITC Ltd on Thursday reported a consolidated net profit of Rs 4,993 crore (attributable to shareholders) for the quarter ended September 2024. This is a jump of 2% from Rs 4,898 crore reported in the previous year quarter.

Revenue from operations rose 15.6% YoY to Rs 22,282 crore in the reporting period. The profit was slightly below ET Now Poll estimates of Rs 5,079 crore, while revenues beat the expectations of Rs 18,068 crore.

The company's board has approved the acquisition of 1.52 crore shares of EIH Ltd and 34.6 lakh shares of HLV Ltd from Russell Credit, a wholly-owned subsidiary of the company.


This is being done to consolidate the shareholding of EIH and HLV under the company.

The cigarette-to-hotels conglomerate reported an EBITDA of Rs 6,335 crore in the July-September 2024 quarter, while margins came in at Rs 32.8%.

Segment-wise, revenue from the cigarettes business increased 7% YoY to Rs 8,879 crore in the quarter under review, compared to Rs 8,328 crore in the last-year quarter.

The profit before tax (PBT) for the cigarettes business rose 5% YoY to Rs 5,242 crore in the second quarter.

The FMCG-others business reported revenues of Rs 5,585 crore in the quarter ended September 2024, up 5% from Rs 5,303 crore posted in the corresponding quarter of last year. The PBT for the same rose marginally to Rs 444 crore.

The hotels business put up a healthy show with Q2 revenue growing 17% year-on-year to Rs 789 crore, compared with Rs 675 crore in the last-year period.

The PBT for the business, meanwhile, declined to Rs 117 crore in the same period as against Rs 133 crore posted in the corresponding period of the previous year.

The agribusiness recorded a PBT growth of 25% year-on-year to Rs 447 crore in the second quarter. The same stood at Rs 359 crore in the year-ago quarter. Revenues for the segment rose 47% year-on-year to Rs 5,845 crore.

Meanwhile, the paperboards segment saw a marginal growth of 2% in revenues for the quarter under review. The profit before tax declined 25% year-on-year to Rs 235 crore.

On Thursday, ITC shares closed 2.01% lower at Rs 470.7 on the NSE.