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FMCG major ITC Ltd posted 12% growth in net profit to 4,195 crore for the January-March period, compared with 3,755 crore a year ago.

Anaylsts expected the net profit to grow anywhere between 11% to 12%. 

The Kolkata-based company's revenue from operations rose 15% to 17,754 crore as against 15,404 crore in the last year period.

On Wednesday, ahead of the results, ITC's scrip closed 0.68% higher at 266.50 on NSE. The stock is up about 21% so far in 2022 (Year-to-Date).

The company's board has also recommended a final dividend of 6.25 for the financial year ended 31 March.

Segment wise, revenue from the FMCG-cigarette business rose 10% to 7,177 crore during the fourth quarter, while that from the non-cigarette business or FMCG-others segment increased 12%.

The company said it saw a robust broad-based recovery in cigarettes despite disruptions due to the third wave and the volumes surpassed pre-pandemic levels.

Revenue from the hotels business came in at 407 crore for the March quarter, up 35%, compared with the corresponding quarter of last year.

ITC recorded a sharp growth in fourth quarter agri business revenue, up 20%, driven by wheat, rice, leaf tobacco exports leveraging strong customer relationships, investments in sustainable value chains, robust sourcing network and agile execution.

ITC has beaten all the market estimates and reported growth in all the sector. The growth can be seen in all the businesses from cigarettes to FMCG, Hotels to Paperboards and agri-business The Sales growth, revenue, EBIDTA, all numbers are above expectations. The results of strategy reset made by chairman Sanjiv Puri is now visible across verticals, as all the verticals have performed above expectations. The stock has been performing well even in the bear market and such results will take it to new high. Dividend will add more value to the stock price too," said Rahul Sharma, Research analyst at Equity 99.

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