ITC gains 4% after March quarter results; most brokerages maintain 'buy'

Shares of ITC, the diversified conglomerate, gained as much as 4 per cent to Rs 203 apiece on the BSE on Monday after the company on Friday reported a 7.75 per cent drop in its profit before tax (PBT) at Rs 4,743.47 crore for the quarter ended March 31. The fall in PBT was due to a sharp decline in consumption, especially in rural areas due to the Covid-19 pandemic.

The company posted a 4.93 per cent decline in its revenue from operations at Rs 12,560.64 crore during the quarter.

ITC's net profit, however, rose 9.18 per cent to Rs