Robust Q2 result boosts ITC

ITC gained 1.91% to Rs 253.70 after consolidated net profit jumped 37.1% to Rs 4119.16 crore on 6.2% increase in net sales to Rs 12759.44 crore in Q2 September 2019 over Q2 September 2018.

The announcement was made after market hours yesterday, 24 October 2019.

Gross Revenue stood at Rs 11750.16 crore in Q2 September 2019, representing a growth of 6%, driven mainly by Paperboards, Hotels and FMCG-Others (excluding the Lifestyle Retailing Business).

ITC said that the operating environment was rendered particularly challenging during the quarter with further deceleration in economic activity accentuated by a drop in consumption, especially in rural areas, severe crunch in market liquidity conditions and disruptions/floods in several parts of the country. Record rainfall, albeit with significant spatial variations, and schemes to boost farmer income are expected to support consumption demand going forward.

Meanwhile, S&P BSE Sensex was up 5.83 points or 0.01% at 39,026.22.

On BSE, 1.48 lakh shares were traded in ITC counter, compared to a 2-week average of 6.35 lakh shares. The stock hit an intraday high of Rs 257.35 and an intraday low of Rs 253.50. It hit a 52-week high of Rs 310 on 15 April 2019 and a 52-week low of Rs 234.10 on 18 September 2019.

ITC is engaged in the marketing of fast moving consumer goods. The firm operates through four segments: FMCG; hotels; paperboards, paper and packaging and agri business.

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