ITC Q1 profit jumps 30.24% to Rs 3,343.44 crores

New Delhi: ITC on Saturday posted its financial for the first quarter of the financial year 2021-2021. According to the earnings report, ITC’s consolidated net profit jumped by 30.24 per cent to Rs 3,343.44 crore for the first quarter ended on June 30, 2021.

In a similar quarter last year, the cigarette to hotels conglomerate had posted a net profit of Rs 2,567.07 crore, according to the ITC’s regulatory filing. 

Meanwhile, ITC’s revenue grew by 35.91 per cent to Rs 14,240.76 crore during the April to June 2021 quarter. In comparison, ITC’s revenue stood at Rs 10,478.46 crore during the corresponding period of the previous fiscal.

In the quarter under review, ITC’s total expenses stood at Rs 10,220.49 crore. The expenses, however, grew in Q1 FY22 as against Rs 7,967.71 core of the corresponding period.

A Credit Suisse report which was published recently had pointed out that ITC`s cigarette volumes have recovered to pre-Covid levels allaying concerns on the permanent loss of business. 

"In our estimate, 4Q FY21 volumes grew 7.5 per cent on a base quarter, which had seen 8 per cent volume decline in 4Q FY20. This is despite many offices still not back to full strength, either followed full or partial work from home.This also provides assurance of no permanent loss of business in cigarettes due to Covid, contrary to the concern that some smokers could have quit permanently," the report had said. Also Read: Maruti Suzuki July offers: Get benefits up to Rs 54,000 on buying Alto, WagonR and Swift 

"We remain positive on ITC as we see (1) strong cigarette recovery post the second wave of Covid-19 as consumer mobility recovers; (2) potential re-structuring leading to a re-rating; and (3) increasing value of the FMCG business with strong EBITDA improvements," it added. Also Read: Apple iPhone 13 may support 25W fast charge: Check speculated launch date, complete range

(With inputs from PTI) 

Live TV