Jobaaj Stories
Cigarette major ITC published its Q1 results for the quarter ended in June 2022 wherein the company disclosed a 34% boost in its profits.
The profit for the quarter in question came in at Rs 4,389.76 crores as opposed to Rs 3,276.48 crores reported in the corresponding quarter last year, marking a sequential rise of 4.6%.
Total revenues of the company grew 39% to Rs 19,831.27 crores, beating all estimated figures. Net cigarette sales grew 27.4% followed by FMCG sales which grew 19.5%. However, the company's other businesses reported significant growth as agri-business sales grew by 82.7%, paperboards by 43.3%, and hotels by 34%.
Sun Pharma posts Q1 results, read now.
"Consequent to the depreciation in the value of the Sri Lankan Rupee, the foreign currency translation impact on consolidating the financial statements of the company’s wholly-owned subsidiary, WelcomHotels Lanka (Pvt) Ltd, aggregating Rs 177.90 crores for the quarter ended June 30, 2022, has been recognized under ‘other comprehensive income ’." the company said in its statement as other comprehensive income grew 19.5% to Rs 3,916.47 crores.
The company's total expenses also grew as it surged 39% to Rs 14,240.76 crores. EBITDA for the relevant quarter was Rs 5,646.10 crores, resulting in a margin of 32.7%.
“As we achieve scale for the company’s FMCG portfolio, it is also our aspiration to take these world-class brands to overseas markets. In recent years, we have established distribution arrangements abroad enabling appreciable progress of exports of ITC’s ‘Proudly Indian’ brands to over 60 countries. Over time, such exports will make a substantial contribution to the growth of our Company’s value-added FMCG portfolio." ITC Chairman & MD, Sanjov Puri, said.
The stock currently trades around Rs 310.65 per share, up 1%.
Article by Aman Agarwal.
This news piece is brought to you in association with jobaaj.com
