ITC reported a 14.8% YoY growth in its consolidated profits as it reached Rs 4,118.8 crores in net profit. Against Rs 3,587.2 crores for the corresponding period last year, the company beat the analysts’ estimates for the quarter. Profit after Tax (PAT) grew 9% QoQ.
The company’s revenue grew 30% at Rs 18,365 crores. The cigarettes segment saw the greatest growth of 14.24% while other non-tobacco FMCG goods saw a 9.24% growth. Its total expenses rose to Rs 13,207.28 crores from Rs 9,765.56 crores last year.
Following good results, the Board of ITC has announced an interim dividend of Rs 5.25 per share. The record date for the same has been decided to be 14th February 2022 and the payment for which shall be made by 4th March.
The stock was under observation since there was speculations that the budget would increase taxes on cigarettes. Since there was no such announcement, it was a relief to several people. The shares of the company have gained 7.16% in the last 5 days as it seems to keep rising.
Highlight by Aman Agarwal.