ITC extends fall as Q3 results miss estimates

ITC lost 4.23% to Rs 355.50 at 13:09 IST on BSE, with the stock extending intraday fall triggered by the company reporting Q3 results which lagged estimates.

The Q3 result was announced during market hours today, 21 January 2015.

Meanwhile, the S&P BSE Sensex was up 78.97 points or 0.27% at 28,863.64

The stock fell on high volume. On BSE, so far 7.71 lakh shares were traded in the counter as against average daily volume of 4.44 lakh shares in the past one quarter.

The stock was volatile. The stock rose as much as 0.64% at the day's high of Rs 373.60 so far during the day. The stock fell as much as 4.59% at the day's low of Rs 354.15 so far during the day. The stock hit a record high of Rs 400 on 12 December 2014. The stock had hit a 52-week low of Rs 311.10 on 20 February 2014.

The stock had underperformed the market over the past one month till 20 January 2015, advancing 0.46% compared with Sensex's 5.16% rise. The scrip had also underperformed the market in past one quarter, surging 5.42% as against Sensex's 8.91% rise.

The large-cap company has equity capital of Rs 799.54 crore. Face value per share is Re 1.

ITC reported 10.46% rise in net profit to Rs 2635 crore on 2.05% rise in net sales to Rs 8800.22 crore in Q3 December 2014 over Q3 December 2013. The company's net profit and sales missed estimates.

ITC's non-operational income jumped 48.82% to Rs 581.99 crore in Q3 December 2014 over Q3 December 2013. ITC's operating profit rose 5.47% to Rs 3464.20 crore in Q3 December 2014 over Q3 December 2013. Operating profit margin (OPM) edged up to 38.73% in Q3 December 2014, from 37.63% in Q3 December 2013.

Segment wise results showed that sales of the cigarette division rose 0.62% to Rs 4141.94 crore in Q3 December 2014 over Q3 December 2013. Sales of the FMCG business jumped 11.37% to Rs 2314 crore in in Q3 December 2014 over Q3 December 2013.

ITC has a diversified presence in cigarettes, hotels, paperboards & specialty papers, packaging, agri-business, packaged foods & confectionery, information technology, branded apparel, personal care, stationery and other FMCG products. ITC is a market leader in cigarettes.

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