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Journalism of Courage
Largely in line with Street estimates, cigarette-to-hotel major ITC on Friday reported close to 12 per cent year-on-year growth in its standalone net profit at Rs 2,954.67 crore for the second quarter ended September 30, with gross revenue soaring 14.7 per cent y-o-y.
Revenues from cigarette, non-cigarette FMCG and hotel businesses during the July-September period posted double-digit growth. The diversified conglomerate had posted a net profit of Rs 2,639.84 crore in the second quarter of the last fiscal. On Friday, ITC’s scrip fell 2.30 per cent to end the day at Rs 280.65 on the BSE, while the Sensex closed lower by 1.01 per cent. The company announced its quarterly results within trading hours.
During the second quarter this fiscal, revenue from the company’s cigarette business grew 10.36 per cent y-o-y to Rs 5,026.06 crore, while operating profit from the segment increased 8.73 per cent y-o-y to Rs 3,579.07 crore during the period.
Non-cigarette FMCG business registered 12.7 per cent y-o-y growth in its revenue at Rs 3,160.35 crore. FE
