ITC consolidated PAT up 10% to Rs 3,763 crore in September quarter

Cigarette-to-hotels major ITC reported a 10.09 per cent increase in consolidated profit after tax (PAT) at Rs 3,763.73 crore in the September quarter of FY22, led by a recovery across segments. PAT was at Rs 3,418.69 crore in the year-ago period.
 
Revenues from operations were at Rs 14,844.38 crore, up by 12.90 per cent from Rs 13,147.81 crore in the same period last year. Sequentially, too, revenues and profits were higher. In the June quarter, revenues from operations were at Rs 14,240.76 crore and PAT was at Rs 3,343.44 crore.
 
The company said there was a strong pick-up across all operating segments after severe disruptions in Q1.
 
Revenues in cigarettes saw a rebound at Rs 6,219.84 crore compared to Rs 5,627.67 crore in the year-ago period and Rs 5,802.67 crore in the previous quarter. ITC said that cigarette volumes witnessed a smart recovery with exit volumes at near pre-Covid levels.
 
Non-cigarette FMCG revenues were higher at Rs 4,043.83 crore compared to Rs 3,930.63 crore in the same period last year. This was a high base quarter led by an exceptional surge in sales.
 
Revenues from the segment in the previous quarter had stood at Rs 3,731.40 crore.
 
Hotels staged a recovery with revenues at Rs 311.04 crore compared to Rs 87.73 crore in the year-ago period. In the June quarter, it was at Rs 133.67 crore. Paperboards, paper & packaging revenues were at Rs 1,829.72 crore compared to Rs 1,458.67 crore a year ago and Rs 1,582.65 crore in the previous quarter.

Revenues from agri business were lower at Rs 2,823.07 crore compared to Rs 3,040.85 crore a year ago and Rs 4,109.82 crore in the previous quarter.
 
However, pre-tax profits from the business were at Rs 298.18 crore, higher than Rs 270.27 crore in the year-ago period and Rs 195.04 crore in the previous quarter.
 
Pre-tax profits from cigarettes were at Rs 3,762 crore compared to Rs 3,409.20 crore in the year-ago period and Rs 3462.91 crore in the previous quarter. Non-cigarette FMCG business saw pre-tax profits of Rs 275.93 crore compared to Rs 282.85 crore in the same period last year. ITC said that a sharp escalation in input costs was offset largely by focused management actions, premiumisation, judicious pricing actions, fiscal incentives and favourable business mix.
 
The company has also seen a sharp rebound in out-of-home consumption on the back of improved mobility, though at-home consumption moderated.
 
Hotels narrowed losses to Rs 49.48 crore compared to a loss of Rs 193.97 crore in the year-ago period. In the previous quarter, it was at Rs 159.61 crore.
 
ITC said hotels saw a smart sequential recovery and revenues were back to Q4 of FY21 levels. With easing of travel restrictions imposed during the second wave, domestic leisure segment and staycations witnessed an uptick during the quarter, the company added.