ITC reported on Friday a 19.65% year-on-year drop in independent net profit for ₹3,232.40 crore. The largest hotel cigarette company posted a net profit of ₹4,023.10 crore in the same quarter last year. The consolidated net profit in the analyzed quarter was ₹3,413.44 crore, down 18.23% year-on-year. Total product and service revenue increased to 11,891.9 crore in the September quarter of ₹11,750 crore a year ago. ITC’s other operating income in the second quarter decreased to ₹84.84 crore of ₹121.31 crore in the same quarter last year.
Cigarette revenue fell to ₹5,121.30 crore from ₹5,326.83 crore a year ago. ITC’s revenue from the consumer goods business increased to ₹8916.25 crore from ₹Rs 8,615.14 crore in the same quarter last year.
Its income from the hotel business dropped dramatically to ₹81.96 crore from ₹Rs 426.63 crore in the previous year. The hotel business has been severely affected by the coronavirus outbreak and closure. India announced a national shutdown in the last week of March to prevent the spread of COVID-19. Agribusiness income increased to ₹2985.2 crore of ₹Rs 2,647.52 crore in the prior year period.
ITC’s total expenditures stood at ₹Rs 9,164.68 crore in the September quarter, an increase of 8.39% compared to ₹Rs 8,455.16 crore in the same period a year ago.
ITC’s corporate strategy aims to create multiple growth drivers anchored in its core competencies, the Kolkata-based diversified conglomerate said in the regulatory filing.
ITC shares settled in ₹173.95 on the BSE, slightly below the previous close.
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