Home / Companies / Company Results /  ITC's Q1 net profit declines 26% to 2,343 cr

FMCG giant ITC on Friday reported 26% fall in its standalone net profit for the quarter ending 30 June, 2020. The conglomerate reported net profit of 2,343 crore as against 3,174 crore in the year-ago period.

Net sales decreased 17% to 9,502 crore as compared to 11,503 crore in June 2019.

The company said impact of Covid-19 on its properties, plants, assets, investments, trade receivables will not be significant.

While ITC's 'Aashirvaad' wheat flour and 'Sunfeast' biscuits were essential goods during lockdown, the company's 'Classic' cigarettes weren't.

Its consolidated revenue from operations stood at 10,478.46 crore in April-June 2020, down 17 per cent as compared with 12,657.90 crore in the year-ago period, it said.

The company said its cigarettes business clocked a revenue of 4,330.05 crore in the first quarter as against 6,141.92 crore a year ago.

Other FMCG segment revenue stood at 3,378.84 crore as compared with 3,068.07 crore a year ago, it added.

Hotels business revenue plummeted to 24.92 crore, as compared to 411.60 crore in the corresponding quarter of the previous year.

On the other hand, ITC said its agri business had a revenue of 3,764.56 crore in the first quarter, up from 3,622.40 crore a year ago.

Paperboards, paper and packaging vertical had a revenue of 1,026.44 crore as compared to 1,527.53 crore in the year-ago quarter, ITC said.

On Friday, the ITC scrip on BSE closed 0.42% lower at 199.85.

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