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ITC Q1 results: PAT increases 29% to Rs 3,013 crore, Street estimates miss

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NEW DELHI: Large group FMCG ITC reported a 28.62% year-over-year increase in its stand-alone net profit to Rs 3,013.49 crore, from Rs 2,342.76 crore in the quarter last year.

The profit figure is lower than the Rs 3,219 crore estimated by analysts in an ET NOW poll.

Operating income for the quarter increased 36% to Rs 12,959.15 crore from Rs 9,501.75 crore in the same quarter last year.

The margin for the quarter increased to 32.7% from 29.7% in the previous year quarter.

“Localized blockages and mobility restrictions imposed by states in an attempt to contain the sharp rise in daily Covid19 infections during Wave 2 made the operational environment during the quarter extremely difficult and impacted the strong recovery momentum observed in recent quarters. The situation continues to improve. with the gradual easing of restrictions and increased mobility from mid-June, ”ITC said.

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ITC said the company continues to monitor the situation closely and will react with agility to improve its market position while managing the risks associated with heightened uncertainties in the business environment. “Lessons learned from the fight against the pandemic, covering sales and distribution, supply chain operations, innovation and product development over the past quarters, will continue to be used in this regard.” , did he declare.

ITC said strong sequential recovery momentum in cigarettes led to volumes nearing pre-Covid levels in the March quarter, but the second wave caused disruption in convenience store operations .

“A weekly improvement has been underway since mid-June, with most markets returning to normal and experiencing a faster recovery from the first wave. Some markets in Kerala, Odisha and North East still remain partially affected, “he said.

Overall, cigarette segment revenue grew 33% year-on-year to Rs 5,122 crore. Revenue from Argi business segment increased 9% year-on-year to Rs 4,091 crore.

Cardboard revenues amounted to Rs 1,583 crore, up 54%.

ITC shares ended up 2.56% at Rs 212.35 on the Bombay Stock Exchange.


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2/ https://economictimes.indiatimes.com/markets/stocks/earnings/itc-q1-results-pat-rises-29-to-rs-3013-crore-misses-street-estimates/articleshow/84709586.cms

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