ITC Q3 Result 2024 highlights robust 11% YoY growth in standalone net profit, reaching Rs 5,572 crore. Diversified segments, like FMCG-Others and Hotels, performed well, offsetting minor declines in agribusiness.
ITC Q3 Result 2024
ITC Ltd had a great performance in the latest financial quarter! Their standalone net profit was Rs 5,572 crore, showing an impressive 11% growth compared to the same quarter last year. This exceeded the expectations of experts.
Looking at the numbers sequentially, the net profit increased by 13% from the previous quarter, reaching Rs 4,927 crore.
On the consolidated front, ITC reported a 6.5% rise in net profit, totaling Rs 5400.51 crore for the quarter ending in December. This beat the estimated net profit of Rs 5,183 crore in a poll conducted by six brokerages.
In terms of total revenue from operations, the company saw a 2% increase on a year-on-year basis, reaching Rs 17,651.85 crore. The consolidated revenue also went up by 2.4%, totaling Rs 19,484.50 crore.
ITC Q3 Result 2024: Date & Time
ITC Ltd Quarter 3 Result Declared on 29 Jan 2024 at around 7:13 PM.
ITC Q3 Result 2024: Overview
In the latest quarter, ITC Ltd had Earnings before interest, tax, depreciation, and amortization (EBIDTA) of Rs 6,024 crore, showing a slight decrease of 3.2%. The EBIDTA margin, a measure of profitability, stood at 36.6%, which is a drop of 180 basis points compared to the same period last year. To put it simply, one basis point is equal to one-hundredth of a percentage point.
Despite these numbers, the company is not forgetting its shareholders. ITC has declared an interim dividend of Rs 6.25 per share for the financial year 2023-2024
ITC Q3 Result 2024: Profits Rise, Revenue Grows
ITC, known for its diverse businesses from cigarettes to hotels, posted a net profit of ₹5,335 crore in the December quarter, marking a 6% increase compared to the same period last year. The conglomerate also saw a notable 13% sequential growth from ₹4,927 crore in the previous quarter.
Revenue Highlights
ITC’s revenue for the quarter reached ₹19,484 crore, showing a 2% year-on-year rise from ₹19,020 crore. Sequentially, it grew by 1.11% from ₹19,270 crore in the September quarter.
EBIDTA Insights
In the December quarter, Earnings before Interest, Tax, Depreciation, and Amortization (EBIDTA) totaled ₹6,024 crores, slightly down by 3.2%. The EBIDTA margin stood at 36.6%, showing a 180 basis points decline YoY. It’s worth noting that one basis point is equal to one-hundredth of a percentage point.
The EBITDA margin for the segment witnessed a year-over-year expansion of 100 basis points, reaching 11.0%. Additionally, the segment PBIT exhibited significant growth, increasing by 24.1% compared to the same period last year
ITC Q3 Result 2024: Segment Performance
Cigarettes Business:
A 3% YoY Boost The cigarettes business segment showed a 3% YoY increase, bringing in ₹8,295 crore compared to ₹8,086 crore in the same quarter last year.
FMCG-Others:
Strong Growth at 8% FMCG-Others, another crucial segment, had a robust performance, recording ₹5,218 crore in revenues for Q3. This marked an 8% growth from ₹4,849 crore in the same quarter last year. The Profit Before Tax (PBT) for this segment also jumped by 23%, reaching ₹433 crore.
Hotels Business:
Impressive 18% Surge The hotel business had a commendable quarter, witnessing an 18% surge in revenues, reaching ₹872 crore. The profit before tax for this segment saw substantial growth, increasing by 56% to ₹233 crore.
Agri-Business:
Marginal Dip Conversely, the agri-business reported revenues of ₹3,273 crore in the third quarter, reflecting a slight 0.9% dip YoY. The Profit Before Tax for this segment also saw a decrease of 13%, settling at ₹381 crore.
Paperboards, Paper, and Packaging:
10% YoY Decline In the paperboards, paper, and packaging segments, a similar trend to that of agri-business was observed, with revenues witnessing a 10% YoY decline to ₹2,080 crore in the December quarter, compared to ₹2,305 crore the previous year.
Conclusion:
ITC Ltd delivered a strong Q3 FY24 performance with a standout 11% YoY growth in standalone net profit. Sequentially, net profit rose by 13%. The conglomerate’s diversified segments, including FMCG-Others and Hotels, showed robust growth, compensating for marginal declines in Agri-Business and Paperboards. Despite a slight dip in EBIDTA, ITC declared an interim dividend, prioritizing shareholder returns.
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