ITC shares in focus as ITC Infotech acquires Blazeclan Technologies

Consequently, Blazeclan and its following subsidiaries have become step-down wholly owned subsidiaries of the company with effect from October 1, 2024.

In April this year, ITC Infotech announced it would acquire Blazeclan Technologies for a total consideration of up to ₹485 crore.

Blazeclan is a "born-in-the-cloud consulting company" providing cloud services on AWS, Azure, and GCP, the company added.

This acquisition is expected to augment ITC Infotech's capabilities to service its customers in a multi-cloud and hybrid cloud environment with a focus on the partner ecosystem to accelerate future growth, the filing said.

With this fresh infusion, ITC’s shareholding in Sproutlife now stands at around 47.5% on a fully diluted basis. The total investment for this increased stake has reached ₹255 crore. 

ITC reported a standalone net profit of ₹4,917.45 crore in the first quarter of the current 2024-25 fiscal (Q1 FY25), marginally up from ₹4,902.74 crore in the year-ago period.

The total income of the company during the April-June period of FY'25 stood higher at ₹18,921.01 crore as against ₹17,704.23 crore in the corresponding quarter of the last financial year.

Profit before tax also increased marginally to ₹6,551.70 crore during the first quarter of FY'25 as compared to ₹6,545.59 crore in the similar period of the previous year, the company said in a regulatory filing.

ITC said in a statement that the FMCG business (non-cigarettes) displayed resilient growth amidst muted demand conditions and extreme heat waves in parts of the country.

The FMCG (cigarettes) net segment revenue increased 7% year-on-year. The business continued its focus on market interventions and offering differentiated and premium products to customers.