Cigarette-FMCG-to-hotel major ITC has registered a 11.4 percent year-on-year decline in consolidated profit at Rs 3,587.09 crore in the quarter ended December 2020, impacted by slower revenue growth and weak operating performance in cigarette business.
Consolidated profit in the corresponding period stood at Rs 4,050.4 crore.
Consolidated revenue from operations grew by 6.1 percent year-on-year to Rs 14,124.48 crore in Q3FY21, with cigarette business showing 2.5 percent YoY growth in operating revenue.
The company reported revenue from its cigarette business, which contributed 43 percent to total business, at Rs 6,091.17 crore for December quarter 2020, compared with Rs 5,944.86 crore in corresponding period, the company said in its BSE filing.
Cigarette business' earnings before interest and tax (EBIT) fell 8.7 percent year-on-year to Rs 3,658.65 crore in Q3FY21, the company added.
FMCG-Others segment registered a 13 percent year-on-year growth in revenue at Rs 3,752.61 crore with its EBIT showing a massive 123.8 percent YoY rise at Rs 243.17 crore for the quarter ended December 2020.
The group's hotel business was badly hit by the COVID-19 pandemic, reporting a sharp 56.7 percent year-on-year decline in revenue at Rs 248.87 crore in Q3FY21, and at the operating level, its EBIT loss stood at Rs 72.25 crore in Q3FY21 against profit at Rs 88.9 crore in the corresponding period.Like FMCG-Others, agri-business also turned out to be strong in the quarter ended December 2020, showing a 19.3 percent year-on-year increase in revenue at Rs 2,694.27 crore and 13 percent growth in its EBIT at Rs 284.2 crore.
But paperboards, paper and packaging segment's revenue fell 5 percent to Rs 1,477.53 crore and its EBIT dropped 14.6 percent to Rs 285.03 crore compared to the corresponding period. The company declared an interim dividend of Rs 5 per ordinary share for the financial year ending March 2021.
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