ITC Q4 profit up 19.5% at Rs 1928 crore, beats estimates

NEW DELHI: FMCG major, ITC reported 19.4 per cent rise in its consolidated net profit for the quarter ended March 31, at Rs 1,928 crore on Friday. ET Now had estimated a net profit figure of Rs 1,904 crore.

The company had posted a net profit of Rs 1,614 crore in the corresponding period last year, ITC said in a statement.

At 02:00 pm, shares of ITC were trading flat at Rs 337, up 0.16 per cent. It hit a low of Rs 333.50 and a high of Rs 341.20 in trade today.

The sales during the fourth quarter went up by 19.2 per cent to Rs 8,180 crore from Rs 6,861 crore in the year-ago period, it added.

The consolidated net income during the fourth quarter went up by 19.11 per cent to Rs 8,511.38 crore from Rs 7,145.44 crore in the year-ago period.

In its meeting, the Board of Directors recommends a final dividend of Rs 5.25 per share on the face value of Rs 1 each.

“ITC results were in line with expectations as revenues were driven by a 31 per cent increase in Agri sales and 26 per cent growth in FMCG sales,” IDFC said in a note.

“Increase of 420 bps EBIT margin in cigarettes division and turnaround in the FMCG division compensated for the poor profitability in other divisions,” said the note.

IDFC estimates 2 per cent volume growth in cigarettes due to the steep price hikes which is in line with expectations.