ITC share slips over 4% after Q3 net profit falls 11%

ITC share fell over 4% in trade today after the firm reported a 11.6 per cent year-on-year fall in net profit in Q3. Share of ITC slipped up to 4.17% to  Rs 217 compared to the previous close of Rs 226.45 on BSE.

ITC stock has lost 6.15% in the last 5 days. The share trades higher than 20 day, 50 day, 100 day and 200 day moving averages but lower than 5 day moving averages.

ITC share has risen 2.21% in one year and gained 4.16% since the beginning of this year. In a month, the stock has climbed 5.47%. Market cap of the FMCG firm fell to Rs 2.68 lakh crore.

Net profit in Q3 fell to Rs 3,663 crore Total income gained 4.3 per cent to Rs 13,551 crore. Total expenses rose 11.2 per cent to Rs 8,704 crore.

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ITC's earnings before interest, tax, depreciation and amortisation (EBITDA) declined 7.2 per cent to Rs 4,281 crore in Q3 . Revenue from cigarette segment rose 3.5 per cent to Rs 5,498 crore, while that from FMCG - Others segment, which excludes cigarette business, rose 7.5 per cent to Rs 3,562 crore.

On cigarettes, ITC said, "Volumes and revenue witnessed strong sequential recovery led mainly by metros and large town markets on the back of progressive easing of restrictions and enhanced mobility." On a consolidated basis, ITC's net profit declined 11.3 per cent to Rs 3,527 crore against Rs 3,975 crore profit in corresponding quarter of previous fiscal. The company's board also declared an interim dividend of Rs 5 per share. 

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