ITC sinks 3% after Q2 results in sharpest single-day decline in 12 weeks

The festive season, increase in rural wages, and government spending on infrastructure are expected to propel rural demand ahead, according to analysts

Shares of ITC slipped 3 per cent to Rs 437.80 on the BSE in Friday’s intra-day trade on reporting a lower-than-expected rise in consolidated net profit for the September quarter (Q2FY24). 

The stock on Friday recorded its sharpest intra-day fall in the past 12 weeks. Earlier, on July 25, 2023, it had declined 3.3 per cent.

At Rs 4,898.07 crore, ITC's Q2 consol profit was up 6 per cent YoY, below analyst estimates as higher costs offset strong demand for its cigarettes and consumer goods. 

Gross revenue on a consolidated basis was at Rs 17,549 crore, higher by 3.4 per