ITC Q4 results: Net profit falls marginally to Rs 5,020 crore; dividend announced

ITC Ltd on Thursday reported a standalone net profit of Rs 5,020.20 crore in the March 2024 quarter, falling 1.3 per cent on year-on-year (YoY) basis. The FMCG major had reported a net profit of Rs 5086.86 in the year ago period. On a sequential basis, the bottomline was marginally flat from Rs 5,572.07 in the December 2023 quarter.

ITC's revenue from operations remained flat to Rs 17,571.72 crore in the fourth quarter of the financial year 2023-24, falling 1.4 per cent YoY. Its topline stood at Rs 17,506.08 crore in the same quarter previous financial year. Its topline stood at Rs 17,224 crore in the quarter ended on December 31, 2023.

Ebitra for the quarter was at Rs 6,162.6 crore, fell by 0.8 per cent, while ebitda margin declined 70 basis points YoY to 37.2 per cent. Its earnings were hit by flattish cigarette volumes and lower FMCG margins.

The company also recommended a final dividend of Rs 7.50 per share for the financial year ended 31st March, 2024, subject to declaration of the same by the Members at the ensuing annual general meeting (AGM) of the company convened for Friday, July 26, 2024. The final dividend, if declared, will be paid between July 29, 2024 and July 31, 2024.

Segment-wise, revenue from the cigarettes business increased 7 per cent YoY to Rs 8,689 crore in the March 2024 quarter, compared with Rs 8,092 crore in the last year quarter. The profit before tax (PBT) for the cigarettes business rose 5 per cent YoY to Rs 5,157 crore in preceeding quarter.

The FMCG-others business reported revenues of Rs 5,308 crore in the fourth quarter, up 7 per cent from Rs 4,951 crore posted in the corresponding quarter of last year. The PBT for the same declined 5 per cent to Rs 480 crore.

Shares of ITC remained mostly flat on Thursday after the quarterly earnings. The stock was seen at Rs 445, up merely one per cent, commanding a total market capitalization of more than Rs 5.52 lakh crore. The stock had settled at Rs 439.75 in the previous trading session.