ITC Q2 Results: Net profit drops 20% at​​ Rs 3,232.40 crore, below St estimates

MUMBAI: Cigarettes-to-hotels major ITC on Friday reported a standalone net profit of Rs 3,232.40 crore, down 19.65 per cent from a year ago. The company had reported a net profit of Rs 4,023.10 crore in the same quarter a year ago. An ET Now poll had projected the net profit at Rs 3,522 crore.

ITC's revenue from operations rose a mere 0.1 per cent to Rs 11,976.75 crore from Rs 11,871.47 crore a year ago.

Total revenue from cigarettes business dropped to Rs 5,121.30 crore from Rs 5,326.83 crore a year ago, while that from other FMCG businesses rose to 3,794.95 crore as compared to Rs 3,288.31 crore a year ago.

Its revenue from hotels business fell sharply to Rs 81.96 crore from Rs 426.63 crore in the year ago period.

Revenues from agri-business rose to Rs 2,985.26 crore, from Rs 2,647.52 crore a year ago.

Ahead of the announcement, ITC shares closed 0.49 per cent lower at Rs 173.95, while benchmark Sensex climbed 1.34 per cent to 41,893.06 points.