ITC sees 5% rise in Q2FY19, bags Rs 2,955 crore; cigarette revenue drops
A Bloomberg poll of analysts had predicted net profit of ITC to come at Rs 2,880 crore in Q2FY19.
The FMCG-major ITC surpassed analysts estimate during its second quarter of FY19 (Q2FY19). ITC posted a net profit of Rs 2,954.67 crore which was up by 4.82% from Rs 2,818.68 crore in the corresponding period of previous year. Q2FY19 net profit however surged by by 11.93% as against Rs 2,639.84 crore in the preceding quarter. A Bloomberg poll of analysts had predicted net profit of ITC to come at Rs 2,880 crore in Q2FY19.
On the other hand, ITC's revenue from operations was at Rs 11,272.51 crore higher by 3.66% compared to Rs 10,874.5 crore a year ago same period. Also it was up by 15.45% from Rs 9,763.92 crore in Q1FY19.
The company's cigarette business recorded revenue of Rs 5,026.06 crore which was gradually down by 1.98% as against Rs 5,127.59 crore in Q2FY18.
For six months period of FY19, ITC saw revenue of Rs 22,147.1 crore dropping by 6.01% from Rs 23,564.30 crore in H1FY18. Meanwhile net profit was at Rs 5,773.35 crore increasing by 11.02% from Rs 5,200.3 crore recorded a year ago same period.
After the result announcement, the share price of ITC slipped by nearly 3%, however, was trading at Rs 280.25 per piece down by Rs 7 or 2.44% at around 1510 hours on BSE.