ITC rallies 5% in weak market on strong Q4 results

Published On: Thursday, May 19, 2022 | By:

ITC rallies 5% in weak market on strong Q4 results

Shares of ITC hit an over three-year high of Rs 279.15, surging 5 percent on the BSE in a weak market after the company reported strong results with around 9 percent cigarette volume growth in the March quarter (Q4FY22). FMCG-cigarette-to-hotel major ITC on Wednesday reported a year-on-year consolidated net profit of Rs 4,196 crore, up 11.7 percent in the quarter ended 31 March 2022. The company had posted a net profit of Rs 3,755.47 crore in the year-ago period. The revenue from operations for the period came at Rs 17,754.02 crore, up 15 percent in the March quarter. The company had posted a revenue of Rs 15404.37 crore in the corresponding period. Its consolidated total income stood at Rs 18,252.64 crore as against Rs 10944.64 crore in the year-ago quarter, it added.

The board of the company recommended a final dividend of Rs 6.25 per share for the financial year ending March 2022. It will be paid between July 22-26, 2022. This is in addition to the interim dividend of Rs 5.25 per share declared in February. The company attributed its performance to "strong" growth across all segments. Cigarettes staged a broad-based recovery with volumes surpassing pre-pandemic levels, the company said.

In respect of non-cigarette FMCG, earnings before interest, taxes, depreciation and amortization (EBITDA) for the quarter ended March was Rs 374.69 crore compared to Rs 305.98 crore in the same quarter last year.

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