ITC Q2 Results: ITC's profit increased

 ITC Results: ITC Limited on Thursday reported a consolidated net profit of Rs 4,993 crore for the quarter ending September 2024. This is 2% more than Rs 4,898 crore recorded in the last year's quarter.

ITC, a major company in the FMCG sector, on Thursday announced its financial results for the second quarter of the financial year 2024-25, in which an increase in the company's profit was recorded.

The company's operating revenue increased by 15.6% to Rs 22,282 crore in this quarter. Profit was slightly below estimates at Rs 5,078 crore, while revenue exceeded expectations at Rs 18,068 crore.

The board of the company has approved the purchase of 1.52 crore shares of EIH Limited and 34.6 lakh shares of HLV Limited from the company's wholly owned subsidiary Russell Credit. This is being done to consolidate the shareholding of EIH and HLV under the company.

The group, which does business from cigarettes to hotels, recorded EBITDA of Rs 6,335 crore in the July-September 2024 quarter, while the margin was 32.8%.

Revenue from segment-wise cigarette business increased by 7% to Rs 8,879 crore in the quarter under review as compared to Rs 8,328 crore in the same quarter last year. Profit before tax (PBT) for the cigarette business increased 5% to Rs 5,242 crore in the second quarter.

ITC shares closed 2.01% lower at Rs 470.7 on NSE on Thursday. This stock had given huge profits to its investors last year. After the latest quarterly results, a reaction can be seen in ITC stock on Friday.