ITC’s Q3FY22 standalone net profit up over 12%

Diversified conglomerate ITC on Thursday reported a 12.7 per cent rise in its standalone net profit for Q3FY22 on a year-on-year (YoY) basis.

The net profit rose to Rs 4,156.20 crore from Rs 3,687.88 crore reported for the corresponding quarter of the previous year.

The company’s standalone gross revenue rose by 31.3 per cent to Rs 16,633.86 crore from Rs 12,673.31 crore on a YoY basis.

According to the Q3FY22 earnings result, the company delivered a strong performance across all operating segments during the quarter.

It saw a recovery in cigarettes and hotels business, while other businesses such as agri, and paper and packaging reported robust growth numbers on a YoY basis.

The consolidated net profit rose to Rs 4,118.80 crore for the quarter ended December 31, 2021, as against Rs 3,587.20 crore reported for the same period of the previous fiscal.

The consolidated gross revenue increased to Rs 18,209.16 crore from Rs 14,050.64 crore during Q3FY21.

The Board has recommended Interim Dividend of Rs 5.25 per share (against previous year’s Rs 5 per share) for the financial year ending March 31, 2022.

“The third wave of the pandemic has led to a surge in Covid cases in the country and temporarily halted the recovery momentum, particularly in the Hotels Business,” the company said.

“While mobility restrictions and restricted hours of business have impacted categories with higher salience of out-of-home consumption, the impact is expected to be limited in view of the progressive reduction in Covid cases being recorded across various parts of the country.”

It said it is closely monitoring the evolving situation and is well-geared to respond with agility to enhance its market standing while managing risks associated with uncertainties in the business environment.

“Learnings in dealing with the pandemic spanning sales and distribution, supply chain operations, innovation and product development continue to be leveraged in this regard.”

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