ITC’s YoY standalone net profit up over 28.6% in Q1FY21

ITC’s YoY standalone net profit up over 28.6% in Q1FY21

New Delhi, July 24 (IANS) FMCG major ITC on Saturday reported a 28.6 per cent increase in its standalone net profit for the first quarter of 2021-22 financial year.

The net profit during the quarter under review grew to Rs 3,013 crore as compared to Rs 2,343 crore reported in the year-ago period.

On a comparable basis, its net revenue rose Rs 12,133 crore in the quarter, up by about 36.7 per cent from Rs 8,875 crore in the corresponding period of the previous year.

“After severe disruptions during the quarter, business is rebounding with the easing of restrictions led by leisure destinations, staycations and weekend getaways,” ITC said in a statement, adding: “Structural cost management actions aided in mitigating impact.”

The biggest revenue earning segment for the company remained its tobacco operations followed by other FMCG offerings.

The hotels business made a rebound with gross revenue from the segment jumping from a mere Rs 23 crore during the lockdown period of Q1 FY20 to Rs 127 crore in April-June quarter of FY22.

The paper and packaging business also returned high turnover growth of over 50 per cent at Rs 1,583 crore while its other large agri segment reported modest 9.2 per cent growth in gross revenue at Rs 4,091 crore in Q1 FY22.

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