ITC, the conglomerate, reported a 16.29% YoY growth in consolidated net profit for Q1FY24, reaching Rs 5,104.93 crore from Rs 4,389.76 crore, driven by positive performances in cigarettes, non-cigarette FMCG, and hotels segments. Consolidated revenue for Q1FY24 was Rs 18,639.48 crore, 6% lower YoY. Sequentially, revenues and net profit decreased by 2.19% and 1.36% respectively, attributed to a challenging operating environment and a high base effect. ITC credited sustained growth to customer focus, digital adoption, execution excellence, and agility.
Cigarette segment revenue was Rs 8,355.66 crore in Q1FY24, up from Rs 7,464.10 crore YoY. Pre-tax profits rose to Rs 4,944.02 crore from Rs 4,469.76 crore YoY. Non-cigarette FMCG revenue reached Rs 5,172.71 crore in Q1FY24, up from Rs 4,458.71 crore YoY. Pre-tax profits increased to Rs 433.93 crore from Rs 206.87 crore YoY, driven by expanding margins.
Despite elevated input costs, ITC’s profitability improved due to premiumization, supply chain optimization, pricing actions, digital initiatives, cost management, and fiscal incentives. The hospitality segment had a strong Q1, with revenue of Rs 624.90 crore, up from Rs 580.71 crore YoY. Pre-tax profits rose to Rs 134.30 crore from Rs 116.31 crore YoY.
Agribusiness revenue was Rs 5,726.98 crore in Q1FY24, down from Rs 7,492.14 crore YoY due to export restrictions. Pre-tax profit increased to Rs 352.37 crore from Rs 283.17 crore YoY. Paperboards, paper, and packaging segment revenue was Rs 2,120.76 crore in Q1FY24, down from Rs 2,267.22 crore YoY. Pre-tax profits were Rs 471.26 crore, down from Rs 612.98 crore YoY due to subdued demand, global factors, and the high base effect.
ITC shares rose by 0.10% to Rs. 449.20 on the NSE.