ITC Q1 Profit Flat, Revenue Up 7.5% | Business News

New Delhi, Aug 1 (PTI) Diversified entity ITC Ltd on Thursday reported a marginal decline in consolidated net profit to Rs 5,176.99 crore in the quarter ended on June 30, 2024, amidst a challenging macro-economic and operating environment.

The company had posted a consolidated net profit of Rs 5,189.61 crore in the April-June period previous fiscal, according to a regulatory filing from ITC.


ITC's revenue from operation in the June quarter was up 7.45 per cent to Rs 20,029.60 crore. It was at Rs 18,639.48 crore in the corresponding quarter previous fiscal.

Total expenses of ITC were 11.02 per cent higher in the June quarter to Rs 13,791.01 crore.


ITC's total income, which includes other income, was up 7.03 per cent to Rs 20,724.,48 crore in the March quarter.


Gross Revenue was up "in a challenging operating environment, driven by Hotels, Value Added Agri products and Leaf Tobacco," said ITC in an earning statement.


FMCG – Others and Cigarettes delivered resilient performance amidst subdued demand conditions.


"While green shoots of demand recovery emerged during the quarter in the Paperboards, Paper & Packaging segment, performance remained impacted largely due to cheap Chinese supplies in international markets including India and a surge in domestic wood prices," it said.


While Private Consumption expenditure remains relatively subdued, the Indian economy continues to be extremely resilient amidst a global growth slowdown on the back of multi-dimensional and purposeful policy interventions by the Government, with sustained public expenditure in creating physical, digital, agri and rural infrastructure, it said.


Shares of ITC Ltd on Thursday settled at Rs 493.75 per scrip on BSE, down 0.26 per cent from its previous close.