ITC Revenue Up 11 Percent

ITC has released its financial results for the quarter ended June 30, 2023.

Excluding the company’s agriculture business, gross revenue was up 10.6 percent year-over-year; profit before tax was up 18.2 percent year-over-year.

The company saw continued strong performance by the cigarettes segment. Net segment revenue was up 10.9 percent year-over-year. Deterrent actions by enforcement agencies and relative stability in taxes helped sustain volume clawback from illicit trade.

Agribusiness segment revenues were up 31 percent year-over-year, excluding wheat exports. Strong customer relationships and agile execution in leaf tobacco and value-added agri-products drove growth and margins.

Amid a challenging operating environment and high base effect in some of its operating segments, the company sustained its strong growth momentum during the quarter driven by focus on customer centricity, accelerated digital adoption, execution excellence and agility.

Gross revenue stood at INR168.43 billion, representing a de-growth of 7.3 percent year-over-year while profit before tax, at INR65 billion, grew by 18.2 percent year-over-year. Profit after tax grew by 17.6 percent year-over-year to INR49.03 billion.