ITC Ltd Q4FY23 PAT up 23.4% at Rs5,175 crore on operating profit boost from FMCG and Hotels

ITC Ltd reported 7.35% higher revenues for the March 2023 quarter on consolidated basis at Rs19,058cr on improved traction across verticals. Revenues were up 0.2% sequentially. The cigarette business saw revenues grow 12.6% while FMCG grew 19.3%. Revenues from hotels almost doubled on sharp recovery in business. Revenues from paper business was flat while the revenues from agri business were lower on a yoy basis.

Operating profits for the quarter were up 21.06% in Q4FY23 at Rs6,517 crore. The share of cigarettes operating profits in the overall cake has fallen from the average of 85% to about 75% in this quarter. While operating profits of FMCG business more than doubled, the hotel industry saw operating profits turn around from losses to profit. Paper business reported flat operating profits on higher input costs and price pressure in the markets.

Financial highlights for Mar-23 compared yoy and sequentially

 ITC Ltd    

Rs in Crore

Mar-23

Mar-22

YOY

Dec-22

QOQ

Total Income (Rs cr)

₹ 19,058

₹ 17,754

7.35%

₹ 19,021

0.20%

Operating Profit (Rs cr)

₹ 6,517

₹ 5,383

21.06%

₹ 6,567

-0.76%

Net Profit (Rs cr)

₹ 5,175

₹ 4,196

23.35%

₹ 5,007

3.37%

 

 

 

 

 

 

Diluted EPS (Rs)

₹ 4.15

₹ 3.40

 

₹ 4.03

 

OPM

34.19%

30.32%

 

34.52%

 

Net Margins

27.16%

23.63%

 

26.32%

 

 

Operating margins in the quarter improved from 30.32% to 34.19% on a yoy basis while the net profits improved from 23.63% to 27.16% on a yoy basis. Most of the profit growth was driven by the operating boost from FMCG and hotels, while cigarettes remained steady. The board recommended a special dividend of Rs2.75 per ordinary share on top of Rs6.75 final dividend on the stock. For FY23 overall, the dividend paid was Rs15.50 per share.

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