ITC Q4 Results: Net profit drops marginally to Rs 5,020 crore
ITC on Thursday reported a marginal 1.3% year-on-year drop in standalone net profit at Rs 5020.2 crore for the fourth quarter ending March, while revenue from operations went up by 1.4% at Rs 17752.87 crore in the period under review.
The company said excluding the agri-business (which was severely impacted due to government restrictions in trade of agri-commodities), the company’s gross revenue during the fourth quarter has gone up by 6% y-o-y, while it reported the highest ever fourth quarter profit before tax.
However, cigarette business volume growth has been subdued while in the hotels business it posted record high performance. Both agri-business and paperboards, paper and packaging business revenue and profitability were impacted last quarter and in FY24 dragging the company’s overall performance.
The conglomerate said in its earnings release that while consumption demand remained subdued in the fourth quarter, improving macro-economic indicators, prospects of a normal monsoon and recent green shoots witnessed in rural demand recovery after several quarters will help in revival of demand in the near term.
For the fiscal 2023-24, ITC’s standalone net profit went up by 8.9% y-o-y at Rs 20,421.97 crore while revenue from operations fell marginally by 0.2% at Rs 70,105.29 crore. ITC said during the year, it reassessed its provisions relating to uncertain tax positions for earlier years based on a favourable order of the Supreme Court received during the year which resulted in a credit of Rs 468.44 crore in
