ITC reports 26% plunge in Q1 net profit; revenue falls 17 percent YoY

ITC Q1 Results News
ITC Q1 Results News

ITC Q1 Results News

India’s FMCG major ITC on July 24 announced a 26 percent year-on-year (YoY) fall in independent net benefit for the quarter finished June 30, 2020, at Rs 2,342.76 crore.

The organization had announced a net benefit of Rs 3,173.94 in a similar quarter a year prior.

The number came superior to the assessments of the market. A CNBC-TV18 survey had assessed the June quarter net benefit at Rs 2,220 crore.

ITC’s income from activities dropped 17.4 percent YoY to Rs 9,501.75 crore in Q1FY21 from Rs 11,502.82 crore in the relating quarter a year back. A CNBC-TV18 survey had assessed the June quarter income at Rs 8,650 crore.

Income from cigarettes remained at Rs 3,853.79 crore in Q1FY21, down 29 percent against Rs 5,433.40 crore detailed in Q1FY20. Cigarettes EBIT fell 38.8 percent to Rs 2,356.4 crore against Rs 3,849.1 crore YoY.

All out income from the FMCG portion dropped to Rs 7,228.36 crore in Q1 from Rs 8,493.45 crore in the relating quarter of the past monetary year.

The organization announced Q1 EBITDA at Rs 2,646.7 crore, down 42 percent YoY against Rs 4,565.9 crore in Q1FY20. EBITDA edge remained at 27.8 percent against 39.7 percent YoY.

CNBC-TV18 survey had assessed EBITDA to the tune of Rs 2,700 crore and EBITDA edge at 31.2 percent.

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