Navkar Corporation Q2 Results: Revenue Jumps 43% YoY
ITC Q1 Results FY2023, PAT at Rs. 4169.38 crores
Last Updated: 10th December 2022 - 02:38 pm
On 1st August 2022, ITC announced its quarterly results for the first quarter of FY2023.
Q1FY23 Key Highlights:
- The revenue from operations stood at Rs. 18320.16 crores, with a growth of 41.36% YoY
- PBT stood at Rs. 5539.55 crores with a growth of 37.95% YoY
- PAT stood at Rs. 4169.38 crores with a growth of 38.35% YoY
Business Highlights:
FMCG Others:
- Discretionary/Out-of-Home categories such as Snacks, Beverages, Confectionery, Frozen Snacks, Fragrances, and Agarbattis recorded strong growth.
- Staples & Convenience Foods posted resilient performance driven by robust growth mainly in Sunfeast Biscuits, Sunrise Spices, Aashirvaad Salt, and Aashirvaad Svasti Dairy products. Education & Stationery Products Business bounced back with the re-opening of educational institutions.
- 'Unnati', the digitally powered eB2B platform, has been rolled out to over 3.2 lakh retailers facilitating sharp and direct engagement with retailers, superior analytics, personalized recommendations of hyperlocal baskets based on consumer purchase insights, and deeper brand engagement.
- The segment reported revenue at Rs. 4451.39 crores with a yearly growth of 19.48%
BRANDED PACKAGED FOOD SEGMENT:
- 'Aashirvaad' Atta consolidated its leadership position in the branded atta industry.
- Bingo!' Snacks sustained its high growth trajectory; its portfolio was augmented with the launch of several innovative variants such as 'Bingo! Hashtags Cream & Onion', 'Bingo! Hashtags Spicy Masala', 'Bingo! Street Bites Dahi Chaat Remix' and 'Bingo! Street Bites Pani Puri Twist'
- 'Sunfeast' Biscuits and Cakes recorded robust growth led by the 'Dark Fantasy' range of premium offerings and 'Mom's Magic' range of cookies. Sunfeast cookies portfolio was augmented with the launch of 'Sunfeast Mom's Magic Golden Edition' and 'Sunfeast Mom's Magic Butter Fills'. The recently launched thin potato biscuits range 'Sunfeast All Rounder' was fortified with the launch of All Rounder Cream and Herb variant.
- 'Mangaldeep' Agarbattis and Dhoop witnessed robust growth across product segments. The portfolio was augmented with the launch of 'Jasmine Chandan' variant of Agarbattis and 'Treya 3in1 Fragranced Sambrani' sticks in select markets.
- In the Education and Stationery Products Business, 'Classmate' Notebooks further strengthened its leadership position by leveraging its flagship campaign 'Learn with Classmate'. With the reopening of educational institutions, notebooks registered robust offtake; strong traction was also witnessed in the premium notebooks portfolio comprising 'Paperkraft', 'Classmate Pulse' and 'Classmate lnteraktiv'.
FMCG - CIGARETTES:
- The Business continues to counter illicit trade and reinforces market standing by fortifying the product portfolio through innovation, democratizing premiumization across segments, and enhancing product availability backed by superior on-ground execution.
- The Business also continues to launch several differentiated variants to further strengthen and ensure future readiness of the product portfolio. Recent interventions include innovative launches such as 'Classic Connect', 'Gold Flake lndie Mint', 'Gold Flake Neo SMART Filter', 'Capstan Excel', 'American Club Smash', 'Gold Flake Kings Mixpod', 'Wave Boss', 'Flake Nova' and 'Flake Excel Taste Pro'.
- The segment reported a revenue of Rs. 6608.98 crores with a growth of 29.02% YoY.
HOTELS:
- ARR and Occupancy ahead of pre-pandemic levels driven by Retail (packages), Leisure, Weddings, and MICE segments. The Business also leveraged its iconic cuisine brands to promote dine-ins with limited period menus, packaged along with special/festive occasions, featuring global and Indian favorites. Domestic business travel continues to witness progressive normalization; inward foreign travel, however, remains well below pre-pandemic levels.
- lTC Narmada, a luxurious 291-key property in the city of Ahmedabad, is expected to be commissioned shortly.
- The hotel business reported a revenue of Rs. 554.97 with a growth of 336.16% YoY.
PAPERBOARDS, PAPER & PACKAGING:
- Value Added Paperboard segment grew at a rapid pace aided by a higher realization, strategic capacity expansion, and strong export performance.
- Fine Paper segment bounced back with the re-opening of educational institutions.
- Higher operating leverage, investments in pulp import substitution, cost-competitive fiber chain, a sharper focus on operational efficiency leveraging data analytics, and Industry 4.0 enabled margin expansion despite an escalation in key input prices.
- The packaging and Printing Business witnessed robust growth in domestic and export segments across Cartons & Flexibles platforms
- The segment reported a revenue of Rs. 2267.22 with a growth of 43.25% YoY.
AGRIBUSINESS:
- The Business leveraged the e-Choupal network to provide strategic sourcing support to the Branded Packaged Foods Businesses with sharply aligned procurement strategies in line with category-relevant market dynamics.
- ITCMAARS (Meta market for Advanced Agriculture and Rural Services) - a crop-agnostic 'phygital' full stack AgriTech platform was launched with 200+ FPOs in 7 states encompassing 75,000+ farmers (registered till date). This platform provides farmers with AI/ML-driven personalized and hyperlocal crop advisories, access to good quality inputs and market linkages as well as allied services like preapproved loans. It also offers advanced technologies like real-time soil testing, quality assaying, and precision farming at the doorstep of farmers.
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