ITC beats analysts' estimates with 21% jump in quarterly profit, declares Rs 6/share dividend

ITC — whose popular cigarette brands include Gold Flake and Wills Navy Cut — on Friday reported a net profit of Rs 5,031 crore for the quarter ended December 2022, up 21 per cent compared with the corresponding period a year ago. The cigarettes-to-hotels conglomerate's board announced a dividend payout.

The Kolkata-based company's revenue grew 2.9 per cent on a year-on-year basis to Rs 17,122.2 crore, according to a regulatory filing.

According to Zee Business research, ITC's quarterly net profit was estimated at Rs 4,699 crore and revenue at Rs 16,652 crore.

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From cigarettes to hotels: A look at ITC's segment revenue break-up

Revenue from the company's cigarette business expanded 16.7 per cent to Rs 7,288.2 crore compared with the year-ago period, and that from its other FMCG products 18.4 per cent to Rs 4,841.4 crore, it said.

Revenue from its hotels unit grew 50.5 per cent to Rs 712.4 crore.

ITC saw a year-on-year fall of 37.1 per cent in revenue from its agri businesses owing to a high base, in line with the analysts' estimates.

Revenue from the paperboard, paper and packaging segment rose 12.7 per cent, according to the filing.

ITC dividend announcement

The company's board declared an interim dividend of Rs 6 per share, with a record date of February 15.

ITC shares ended higher by Re 1.9 or 0.5 per cent at Rs 380.5 apiece on BSE ahead of the earnings announcement.

The firm's financial results come days after the Budget 2023 proposed to increase certain taxes on cigarettes.

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