ITC net profit jumps 38% to ₹4,169 crore in Q1, sales up 41%

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KOLKATA: The Sanjiv Puri-led FMCG-to-tobacco-to-hospitality conglomerate ITC has witnessed a 38. 3% year-on-year (YoY) rise in its standalone net profit to Rs 4,169 crore for the first quarter this fiscal. The surge came after a 41% YoY growth in gross sales revenue.
The diversified conglomerate had posted a Rs 3,013-crore net profit for the first quarter of the last fiscal. Gross revenue from sales stood at Rs 18,163 crore for the period under review against Rs 12,884 crore for the year-ago period, according to the company’s stock exchange filing. During the period under review, the conglomerate’s tax expenses rose 36. 8% YoY to Rs 1,370 crore.
ITC said “robust performance” continued across segments as its ebitda was up by 41. 5% year-on-year during the first quarter of FY23. During the quarter, the diversified conglomerate posted the highest quarterly revenue and profits in over 14 years for its hotels business. It also saw record quarterly revenue and profits for its paperboards, paper and packaging segment. The segment revenue for the hotel was Rs 555 crore a surge of 41. 4%. The ebitda was at Rs 268 crore.
The annual recurring revenue and occupancy was ahead of pre-pandemic levels driven by retail (packages), leisure, weddings and MICE segments.

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