ITC's revenue grows by 2.6% reaches ₹16,550 crore in Q2 FY24

ITC’s revenue from operations ticked 2.6 % higher to reach ₹16,550 crore this quarter. The company’s net profit rose 10.3 % to reach ₹4,927 crore, compared to ₹4,466 crore in the corresponding period last year.

This is the first quarterly earning results after the board approved the demerger of ITC Hotels in August. 

The company showed strong growth in its FMCG and stationery business. “In the Stationery business, Classmate Notebooks and Pens witnessed strong growth on YoY basis. Exports continue to be scaled up leveraging capabilities of the state-of-the-art owned manufacturing facility,” says the company. 

The revenue from FMCG business is up by 8.35% YoY at Rs 5293 crore vs Rs 4885 crore.  Atta, spices, personal wash and agarbatti drove growth amidst a relatively subdued consumer demand environment, ITC says. 

The company’s hotel business revenue is up by 21.31% YoY at Rs 649 crore vs Rs 535 crore. The revenue from cigarette business is up 10.13% YoY at Rs 7657 crore vs Rs 6953 crore in the year-ago period. +