Blitz Bureau
NEW DELHI: ITC share price fell in early trade on Augst 2 after the cigarette maker’s Q1 results missed Street estimates. ITC share price fell as much as 2.29% to ₹482.40 apiece on the BSE.
The hotels-to-cigarette conglomerate ITC Ltd posted a standalone net profit of Rs 4,917 crore in the first quarter of FY25, witnessing a marginal rise of 0.3% from Rs 4,903 crore in the corresponding quarter previous year. The company’s revenue from operations in Q1 rose 7.2% to Rs 18,219.74 crore from Rs 16,995.49 crore a year earlier.
Its cigarettes segment revenue increased 7% YoY to Rs 7,918.10 crore with cigarette volume growth of 2.7% YoY.
Hotels business revenue increased 11% to Rs 665.56 crore, while FMCG revenue (excluding cigarettes) grew 6.3% to Rs 5,491.03 crore. Agri business clocked 22% YoY growth while Paperboards, paper and packaging segment continued to suffer and declined 6.8% YoY.
While ITC’s Q1FY25 revenue was in line with Street estimates, its EBITDA and PAT were lower than expectations. Analysts anticipate sustainable growth in ITC’s cigarette business going ahead and hence, most brokerages have raised ITC share price target after Q1 results.
