ITC Ltd on Thursday reported net profit of Rs 5,020.20 Crore for the March 2024 quarter, down 10% on year-on-year basis.
The FMCG major had reported a net profit of Rs 5086.86 in the year-ago period. On a sequential basis, the bottom-line was marginally flat at Rs 5,572.07 in the December 2023, quarter.
ITC’s revenue from operations cut down 1.4% to Rs 17,571.72 Crore in the fourth quarter of financial year 2023-24. Its income in the same quarter of the previous financial year was Rs 17,506.08 Crore. Its income for the quarter ending December 31, 2023 stood at Rs 17,224 Crore.
Ebitda for the quarter was down 0.8% at Rs 6,162.6 Crore, while Ebitda margin declined 70 basis points year-on-year to 37.2%. Its earnings were hit by inferior cigarette sales and turn down in FMCG margins.
The company also recommended a final dividend of Rs 7.50 per share for the financial year ending March 31, 2024, subject to its declaration by members at the upcoming annual general meeting (AGM) of the company convened on Friday, July 26. 2024. The final dividend, if declared, will be paid between July 29, 2024, and July 31, 2024.
By segment, revenue from cigarette business rose 7% to Rs 8,689 Crore in the March 2024 quarter, compared to Rs 8,092 Crore in the year-ago quarter. Profit before tax (PBT) of the cigarette business increased 5% year-on-year to Rs 5,157 Crore in the last quarter.
The FMCG-others business reported revenue of Rs 5,308 Crore in the fourth quarter, up 7% from Rs 4,951 Crore in the same quarter last year.
