ITC Q2 Results FY2023, PAT at Rs. 4466 crores
On 20th October 2022, ITC announced its second quarter results for the period ending 30th September 2022.
Q2FY23 Performance updates:
- Revenue from Operations for the quarter at Rs 15976 Crores, up by 27.4%.
- EBITDA for the quarter at Rs 5864 Crores, a growth of 27.1%
- Net Profit for the quarter was reported at Rs 4466 Crores, with a growth of 20.8%.
- The FMCG Businesses witnessed strong growth across channels and markets (both urban and rural) driven by a ramp-up in outlet coverage, enhanced penetration, and last-mile execution. A sharp escalation in input costs was mitigated through multi-pronged interventions viz. strategic cost management, premiumization, supply chain agility, judicious pricing actions, fiscal incentives, leveraging digital and optimizing channel assortments. Segment EBITDA margins have expanded by 280 bps over Q2 FY20.
- e-Commerce continues to scale up rapidly leveraging account-specific strategies, new product introductions (including e-Commerce first brands), and customized supply chain solutions; availability of products has been further expanded with new trade partners on Quick Commerce and Social Commerce platforms ’
- Dairy & Beverages Business posted strong growth during the quarter, gaining strong consumer traction on the back of best-in-class quality standards, differentiated offerings, and superior taste profile
- ‘Mangaldeep’ Agarbattis and Dhoop witnessed strong growth across product segments. The Agarbatti portfolio continues to provide differentiated offerings to consumers and further strengthened its presence in emerging channels with the launch of channel-specific assortments
- In the Education and Stationery Products Business, ‘Classmate’ Notebooks further strengthened its leadership position leveraging its flagship campaign ‘Learn with Classmate’.
- Within the Personal Care Products Business, the Fragrances category registered strong growth driven by ‘Engage’. ‘Fiama’ and ‘Vivel’ range of personal wash products performed well during the quarter; ‘Nimyle’ also continued to scale up in the Homecare segment leveraging the Naturals proposition of the brand
- Cigarettes Segment Revenue and Segment Results up 23.3% and 23.6% YoY respectively. The Business continues to launch several differentiated variants to further strengthen and ensure the future readiness of the product portfolio.
- Hotel Segment EBITDA margin for the quarter stood at 29.0% (Vs. 20.4% in Q2FY20); margin expansion driven by higher RevPAR, operating leverage, and structural cost interventions
- Paperboards, Paper & Packaging Segment continues to deliver strong performance; Segment Revenue up 25.0% and Segment Results up 54.0% YoY; Segment PBIT margin for Q2 FY23 stands at 27.5%
- Agribusiness reported robust growth in Segment Revenue, up 44.0% driven by wheat, rice, and leaf tobacco exports.
ITC share price dropped by 1.1%
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