ITC, a major Fast Moving Consumer Goods company, announced its financial results for the fourth quarter, showing a significant increase in net profit. The standalone net profit for the quarter ending in March rose by 21.37% to Rs 5,086.90 crore compared to Rs 4,190.96 crore in the same quarter the previous year.
The revenue for the quarter also experienced a YoY increase of 6.14% to Rs 17,224 crore compared to Rs 16,226.63 crore in the corresponding period last year. The EBITDA margin for the quarter stood at 36.1%, indicating a YoY increase of 385 basis points.
The revenue from the cigarette segment, one of ITC’s core businesses, showed strong growth, reaching Rs 7,355.83 crore, a 14% increase compared to Rs 6,443.37 crore in the same quarter of the previous year. The segment’s profit before interest and taxes (PBIT) also saw a 14% YoY increase.
The FMCG (others) segment reported revenue of Rs 4,944.95 crore compared to Rs 4,141.97 crore in the previous year. The Hotels segment’s revenue doubled to Rs 781.71 crore from Rs 389.64 crore YoY. The Paperboard segment’s revenue remained relatively flat at Rs 2,221 crore compared to Rs 2,182.77 crore YoY. However, the Agri-business segment experienced a decline in sales, with revenue falling to Rs 3,578.60 crore from Rs 4,366.34 crore YoY.
As part of its financial announcements, ITC declared a final dividend of Rs 6.75 and a special dividend of Rs 2.75 per ordinary share for the fiscal year 2022-23. The record date for determining the entitlement of shareholders for the dividend payment is set as May 30. The dividends, if approved, will be paid between August 14 and August 17. The total cash outflow for dividend payments, including the interim dividend paid in March 2023, is expected to be Rs 19,255.02 crore for the year.
The company’s consolidated net profit for the fiscal year ended March 31, 2023, was reported at Rs 19,427.68 crore, a significant increase from Rs 15,485.65 crore in the previous fiscal year. The consolidated revenue from operations in FY23 amounted to Rs 76,518.21 crore compared to Rs 65,204.96 crore in FY22.