1. ITC Q3 results: Net profit rises over 10%, interim dividend of ₹6.25 per share

ITC Q3 results: Net profit rises over 10%, interim dividend of ₹6.25 per share

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1 min read • Updated: January 29, 2024, 7:13 PM

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Summary

ITC's standalone profit rose 10.8% to ₹5,572 crore in the third quarter ended 31 December 2023.

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ITC reports better than expected Q3 numbers

CHENNAI/BENGALURU, Jan 29 (Reuters) - FMCG major ITC reported a bigger-than-expected rise in quarterly profit on Monday as the consumer goods maker benefited from higher prices for its products ranging from cigarettes to noodles.

The company's standalone profit rose 10.8% to ₹5,572 crore ($670.3 million) in the third quarter ended 31 December 2023. Meanwhile, its revenue from operations rose 2.2% YoY to ₹17,651 crore, with the cigarette business growing 3.6%.

The company’s result was above estimates as the market expected the company to report a net profit of ₹ 5,148 crore.

As per experts, ITC and peers have benefited as a crackdown on the smuggling of international cigarette brands reduced competition.

ITC also announced an interim dividend of ₹6.25 per share along with the result. The record date is 8 February 2024. Meanwhile, the dividend will be paid between 26 to 28 February 2024.

Shares of the company ended 1.5% lower ahead of the results.