ITC Q4 Results: Net profit falls 1.3% YoY, beats estimates; firm to pay Rs 5.75 dividend

MUMBAI: on Tuesday reported a 1.3 per cent year-on-year decline in net profit to Rs. 3,748.4 crore, which was slightly higher than analysts’ expectations.

The company’s revenue from operations jumped 24 per cent on year to Rs. 14,157 crore, sharply higher than Street estimates.

The company’s board approved a final dividend of Rs. 5.75 per share for the financial year ended March 2021.

The strong topline performance of the cigarette maker was aided by the low base of the year-ago period, which was marred by a national lockdown to contain the spread of the Covid-19 pandemic.

The cigarette business had a strong rebound in the quarter as the segment’s revenues grew 14.2 per cent on a year-on-year basis to Rs. 5,859.60 crore.

Similarly, the non-cigarette fast-moving consumer goods business continued its growth momentum, with revenues climbing 15.8 per cent on year to Rs. 3,687.5 crore.

However, the standout performer of the quarter for the company was its agriculture business, where sales soared 78 per cent on year to Rs. 3,368.92 crore.

ITC said that the earnings before interest, tax, depreciation and amortization of the non-cigarette FMCG business grew 19.3 per cent on year in the March quarter to Rs. 305.98 crore.

ITC shares had ended 0.3 per cent lower at Rs. 215.90 on NSE earlier in the day.

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