ITC hits 52-week low after Q1 result

ITC was down 1.7% to Rs 260.1 at 10:09 IST on the BSE, amid weak market sentiment, after net profit rose 12.6% to Rs 3173.94 crore on 6% rise in net sales to Rs 11,361.35 crore in Q1 June 2019 over Q1 June 2018.

The result was announced after market hours on Friday, 2 August 2019.

Meanwhile, the S&P BSE Sensex was down by 609.79 points or 1.64% to 36,508.43.

On BSE, 1.14 lakh shares were traded in ITC counter, compared to a 2-week average of 5.51 lakh shares. The stock hit an intraday high of Rs 265.4. The stock hit an intraday low of Rs 258.35, which is also a 52-week low for the counter. It hit a 52-week high of Rs 322.7 on 3 September 2019.

 

On consolidated basis, ITC's consolidated net profit rose 12.8% to Rs 3355.01 crore on 6.7% rise in net sales to Rs 12532.31 in Q1 June 2019 over Q1 June 2018.

The company reported that it has posted a steady performance during the quarter amid sluggish demand conditions.

ITC's flagship cigarette business grew 6% to Rs 5433.4 crore in Q1 June 2019 over Q1 June 2018.

The company's non-cigarette business which comprises of hotels rose 15% driven by robust performance of new properties, amidst relatively soft demand conditions. While segment EBITDA grew 18%, additional depreciation pertaining to new properties weighed on segment results.

Paperboards, paper & packaging segment revenue rose 13% in Q1 June 2019, driven by strong growth in value added paperboards segment and product mix enrichment. The company reported that packaging & printing business was impacted by slowdown in the FMCG industry and exports.

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

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