ITC profit increased by 22.6% to Rs 5,225 crore in the fourth quarter of FY23, while FMCG segment revenue increased by 15% to Rs 13,033 crore.
ITC Limited, on Thursday, has reported 22.6 per cent rise in consolidated net profit at Rs 5,225.02 crore for the fourth quarter (Q4) ended on March 31, 2023. It had posted a consolidated net profit of Rs 4,259.68 crore in the corresponding quarter of the previous fiscal, according to a BSE filing.
The company’s total income also grew to Rs 19,667.94 crore in Q4 FY23 as against Rs 18,252.64 crore in the similar period of the previous fiscal, as per the regulatory filing.
ITC’s FMCG and other segments growth
ITC’s total revenue from FMCG segment jumped 15 per cent to Rs 13,033.43 crore in Q4 FY23 as compared to the corresponding quarter’s total revenue of Rs 11,325.63 crore in FY22.
During the previous fiscal (FY23), its total revenue in FMCG segment stood at Rs 50,420.55 crore as against the total revenue of Rs 42,181.63 crore in FY22 in the segment which includes cigarettes and other products.
The company has registered strong growth amidst subdued demand conditions. Robust growth was witnessed across all major categories of branded packaged foods including staples, biscuits, snacks, noodles and beverages.
In the education and stationery products business, ITC continues to witness strong traction. Its Q4 segment EBITDA grew 76 per cent year-on-year (YoY), as per the exchange filing.
Its margin expansion was driven by multi-pronged interventions including premiumisation, supply chain agility, judicious pricing actions, digital initiatives, strategic cost management and fiscal incentives (including PLI).
The company’s agri-business segment delivered a resilient performance with segment revenue and results growing by 12.2 per cent and 28.8 cent respectively. Its margin expansion was driven by leaf tobacco exports and value-added agri products, according to a company’s statement.
Recommendation for appointment of Directors
As per a seperate filing on 18th May, 2023, the board of directors of the company has recommended the appointment of Alka Marezban Bharucha as a director and also as an independent director of the company for a period of five years with effect from 12th August, 2023.
Also, ITC recommended Hemant Malik as a director and also as a wholetime director of the company for a period of three years with effect from 12th August, 2023, for the approval of the members.