ITC's Q3 net profit rises by 6% to Rs 2647 crore
Tobacco-to-FMCG conglomerate ITC surpassed analyst estimates as the company's third quarter ended December 31, 2016 net profit rose 6% on a year-on-year basis.
The company reported net profit of Rs 2646.73 crore, a rise of 5.71% from Rs 2503.76 crore in the corresponding quarter of the previous year. Also, the net profit was 5.86% up from Rs 2500.03 crore of the second quarter.
Kotak's research arm expected profit after tax (PAT) of ITC to be around Rs 2,405.7 crore, declining by 3.9% yoy and 3.8% qoq this Q3.
A Bloomberg poll of 23 analysts estimated ITC to report 3Q net profit of Rs 2560 crore.
Total income from operations stood at Rs 13,569.97 crore, increasing by 4.69% year-on-year (YoY) and 0.58/% quarter-on-quarter (QoQ).
During Q3, revenue from the cigarette business recorded growth of 2.24% yoy to Rs 8287.97 crore.
Other segments like personal care and food business stood at Rs 2569.26 crore, growing by 3.39% yoy but declining by 3.83% qoq.
Shares of ITC was trading at Rs 264.05 per share on BSE, down by 0.30%.