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Indian FMCG major ITC Ltd posted a 12% YoY growth in its net profits as net profit for the quarter ended in March 2022 came in at Rs 4,195 crores against Rs 3,755 crores for the corresponding quarter one year ago.
Consolidated revenue for the quarter rose 15.3% YoY from Rs 15,404 crores last year to Rs 17,754 crores this quarter. Revenues registered a growth of 3.3% QoQ.
Bharti Airtel Q4 results are posted, read more.
Revenues from cigarettes came in at Rs 7,177 crores, as revenues from agri-business, non-cigarettes FMCG registered robust growth during the quarter. The omicron wave impacted the group's Hotel business as its revenues grew 35%YoY but declined 18% QoQ with a loss of Rs 29 crores at the EBITDA level.
Operating revenues for the full year ended on 31st March 2022 surged 23% to Rs 65,205 crores as the sale of cigarettes continued to be the largest contributor to the company's revenues. Sales of cigarettes grew 16% YoY as it contributed to over 40% of the company's operating revenues. Agri-business became its second-largest segment as it dethroned the non-cigarette FMCG segment and grew 28% YoY.
Revenues of the segment came in at Rs 16,466 crores, amounting to over 25% of total operating revenues, driven by strong growth in wheat, rice, spices, and tobacco leaf exports. In FY22, the company improved its position as the largest exporter of unmanufactured tobacco. Consolidated profit for the full year grew 16% to Rs 15,243 crores.
“After a challenging FY 2020-21, and despite repeated disruptions this year, the Business progressively recovered on the back of improved mobility and easing of restrictions, surpassing pre-pandemic levels in the latter half of the year. The Business effectively leveraged institutional strengths, digital technologies, and learnings from previous waves to respond with agility across all nodes of operations”, the company said in a statement.
The stock of ITC has moved well even though the markets have been down for a while. The stock grew through almost all of March before facing some decline. After the announcement of the result, the stock witnessed a full gap down opening but bulls have shown great interest as the stock surged 2.7% today.
The Board of the company has recommended a dividend of Rs 6.25 per share. It currently trades around Rs 274 per share, a price level that the share hadn't climbed back to since July 2019 before today, resulting in a 25.2% gain for investors since the beginning of 2022.
Article by Aman Agarwal.
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