ITC Ltd Reports Marginal Decline in Q1 Profit Amid Challenging Environment

Diversified conglomerate ITC Ltd reported a slight decline in consolidated net profit to Rs 5,176.99 crore for Q1 2024 amid challenging economic conditions. Revenue grew by 7.45% to Rs 20,029.60 crore. Private consumption remained subdued despite resilient economic policies by the Indian government.

Diversified conglomerate ITC Ltd reported a slight decline in consolidated net profit to Rs 5,176.99 crore for the quarter ending June 30, 2024. This comes amid a challenging macro-economic and operating environment.

Despite the marginal drop in net profit from the previous year's Rs 5,189.61 crore, ITC's revenue from operations saw a 7.45% increase, reaching Rs 20,029.60 crore. Total expenses for the quarter rose by 11.02% to Rs 13,791.01 crore.

ITC's gross revenue gained 7.03% from the previous fiscal's corresponding period. The company noted a resilient performance in FMCG – Others and Cigarettes segments amid subdued demand. Shares of ITC Ltd closed at Rs 493.75 on BSE, down 0.26% from its previous close.

(With inputs from agencies.)