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ITC Q1 results: Profit falls 25% to Rs 2,567 crore amid coronavirus pandemic

Consolidated revenue from operations declined 17 per cent to Rs 10,478.46 crore for the quarter under review compared with Rs 12,657.90 crore in the year-ago quarter

twitter-logoBusinessToday.In | July 24, 2020 | Updated 22:09 IST
ITC Q1 results: Profit falls 25% to Rs 2,567 crore amid coronavirus pandemic
ITC

FMCG major ITC on Friday posted  a 26 per cent year-on-year (YoY) fall in consolidated profit after tax for the June quarter to Rs 2,567.07 crore amid coronavirus crisis. In the corresponding quarter last year, ITC had  posted Rs 3,436.51 crore of profit.

Consolidated revenue from operations declined 17 per cent to Rs 10,478.46 crore for the quarter under review compared with Rs 12,657.90 crore in the year-ago quarter, ITC said in a regulatory filing.

Earnings before interest, taxes, depreciation, and amortization (EBITDA) stood at Rs 2,646 crore in the June quarter. The margin stood at 27.8 per cent.

The cigarettes business reported a revenue of Rs 4,330.05 crore in the given quarter as against Rs 6,141.92 crore a year ago.

The revenue of the FMCG came at Rs 3,378.84 crore as against Rs 3,068.07 crore a year ago, it added. Hotels business revenue fell  to Rs 24.92 crore.

The company said that coronavirus impact on the carrying amounts of property, plant & equipment, intangible assets, investments, inventories, trade receivables, others will not be much. ITC paid Rs 785.67 crore in taxes for the quarter under review compared to Rs 1,637.80 crore for the corresponding period of last year.

Shares of ITC ended the intraday trade today at Rs 199.85, down 0.85 points or 0.42 per cent on NSE.

Also read: Rebooting Economy IX: Why is private sector dependent on public money in times of crisis?

Also read: Reliance Industries' Rs 11k crore day-trade historic peak for any firm on NSE

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