ITC Q4 profit marginally down to Rs 5,191 cr

NEW DELHI: Diversified entity ITC Ltd on Thursday reported a marginal decline in consolidated net profit at Rs 5,190.71 crore for the fourth quarter ended March 31, 2024 as consumption demand remained subdued.

The company had logged a net profit of Rs 5,242.59 crore in the same period of the previous fiscal, ITC said in a regulatory filing.

Revenue from operations in the quarter was at Rs 19,446.49 crore as against Rs 19,058.29 crore in the year-ago period, up 2 per cent.

Gross revenue from the sale of products stood at Rs 19,291.40 crore, up 2.61 per cent year-on-year. It was at Rs 18,799.18 crore in the same period last year.

Total expenses of ITC were up 3 per cent in the March quarter at Rs 13,294.30 crore. Total income, which includes other income, was up 2.35 per cent to Rs 20,130.32 crore in the quarter.

“While consumption demand remained subdued in Q4 FY24, improving macro-economic indicators, prospects of a normal monsoon and green shoots witnessed in rural demand recovery after several quarters, augur well for revival in consumption demand in the near term,” said an ITC earning statement.

During the quarter, ITC’s revenue from the ‘total FMCG’ segment, which also includes the cigarettes business, was up 7.4 per cent to Rs 13,996.86 crore. It was Rs 13,033.43 crore in Q4 FY23.

Revenue from the cigarette business was up 7.5 per cent to Rs 8,688.92 crore in March quarter FY24, sustaining growth momentum. It was Rs 8,082.26 crore in the corresponding quarter last fiscal.

ITC’s revenue from the ‘FMCG-others segment’ was also up 7.61 per cent to Rs 5,307.94 crore in Q4 FY24 as against Rs 4,951.17 crore in the year-ago period.

According to ITC, it had a “resilient performance in FMCG – others segment amid marked slowdown in consumption”. In the segment, staples, biscuits, snacks, dairy, homecare, agarbatti drove the growth.

Education and stationery products business continued to witness strong traction.

Revenue from ITC’s Hotels segment was up 15.12 per cent to Rs 931.03 crore in the March quarter. It was at Rs 808.72 crore in the year-ago period.

In FY24, ITC’s consolidated net profit was up 6.54 per cent to Rs 20,751.36 crore. It was at Rs 19,476.72 crore a year ago.

Revenue from operations in FY24 was up marginally to Rs 76,840.49 crore. It was at Rs 76,518.21 crore in FY23.