 "ITC hits 52-week high as Q1 profit beats estimates; stock surges 5%")
Shares of ITC surged 5% to Rs 302 per share on the BSE on Friday after the company reported a better-than-expected 10% year-on-year jump in net profit at Rs 28.19 billion in June quarter (Q1FY19).
The net profit growth during the quarter was driven by robust performance across most segments. Analysts on average had expected net profit of around Rs 28 billion for the quarter.
The stock of country’s biggest cigarette maker has hit a 52-week high today, surpassing its previous high of Rs 297 recorded on July 27, 2017. It touched an all-time high of Rs 353 on July 3, 2017 on the BSE in intra-day trade.
On a comparable basis, gross sales value (net of rebates/discounts) for the quarter stood at Rs 181.72 billion, representing a growth of 13.5% driven mainly by the agribusiness, FMCG-others and FMCG-cigarettes segments.
The FMCG-others segment witnessed an 86% jump in EBITDA (earnings before interest, taxes, depreciation and amortisation) to Rs 1.28 billion, driven by enhanced scale, enriched product-mix and improved cost management measures, ITC said in a media statement. The FMCG- others business includes food and personal care products.
At 09:41 am; ITC was trading 4.4% higher at Rs 300 on the BSE, as compared to 0.68% rise in the S&P BSE Sensex. A combined 2.73 million equity shares changed hands on the counter on the BSE and NSE so far.
The net profit growth during the quarter was driven by robust performance across most segments. Analysts on average had expected net profit of around Rs 28 billion for the quarter.
The stock of country’s biggest cigarette maker has hit a 52-week high today, surpassing its previous high of Rs 297 recorded on July 27, 2017. It touched an all-time high of Rs 353 on July 3, 2017 on the BSE in intra-day trade.
On a comparable basis, gross sales value (net of rebates/discounts) for the quarter stood at Rs 181.72 billion, representing a growth of 13.5% driven mainly by the agribusiness, FMCG-others and FMCG-cigarettes segments.
The FMCG-others segment witnessed an 86% jump in EBITDA (earnings before interest, taxes, depreciation and amortisation) to Rs 1.28 billion, driven by enhanced scale, enriched product-mix and improved cost management measures, ITC said in a media statement. The FMCG- others business includes food and personal care products.
At 09:41 am; ITC was trading 4.4% higher at Rs 300 on the BSE, as compared to 0.68% rise in the S&P BSE Sensex. A combined 2.73 million equity shares changed hands on the counter on the BSE and NSE so far.
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