ITC Limited released its quarterly standalone financial results today(4th November 2021). The meeting of the Board of Directors of ITC ltd. was held on 27th October 2021 which approved the Unaudited Standalone and Consolidated Financial Results of the company for the quarter and six months ending 30th September 2021.
The highlights of the report are as follows:
- Improvement across all operating segments after severe disruption on Q1
- Gross Revenue up by 11.1%
- PAT up by 13.7% on a year-on-year basis
- Revenue(ex-agri) up by 12%
- EBITDA up by 16%
- Cigarette volumes witnessed smart recovery, exit volumes at near pre-covid level
- The company states the recovery in terms of volume is faster than the first wave of COVID.
- Some markets in Kerala and East remains relatively subdued
- Net Segment Revenue up by 10.3% y-o-y and 10.5% q-o-q
- Segment EBIT up by 10.4% y-o-y and 11.2% q-o-q
- FMCG has shown resilient performance. The company states the segment is growing on a base quarter which witnessed an exceptional surge in sales.
- Revenue of FMCG segment up by 23% over Q2 FY20 and 8% q-o-q.
- FMCG segment EBITDA at Rs. 403 cr. up by 35% sequentially.
- FMCG segment up by 82% over Q2 FY 20, EBITDA margins sustained at 10%.
- The sharp rebound in ‘out-of-home consumption reported on the back of improved mobility even as ‘at-home consumption moderates.
- Staples and convenience foods witnessed a moderation in y-o-y growth on a high base while well above pre-covid levels.
- Improvement in Occupancy 3 times of Q2 LY drives faster recovery in hotels. Q2 turns EBITA at 134Cr.
- Strong growth in Agribusiness was reported. External revenue driven mainly by wheat, rice, and leaf tobacco exports, leveraging strong customer relationships and robust sourcing network.
- Paperboards, paper, and packing segments delivered a strong performance.
- Segment Revenue up by 25% y-o-y
- Paperboards volumes are at a record high.
- The company claimed that 100% of its employees were vaccinated with at least one dose.
- 90% eligible employees fully vaccinated.
You can view the reports by clicking on the link below.
Standalone financial results:
Consolidated Financial Results for the Quarter and Six Months ended 30th September 2021:
Media Statement by ITC ltd.: