ITC Q3 Results; PAT grew by 12.7% to Rs. 4,156.20 crores
The Company delivered strong performance across all operating segments during the quarter.
Highlights
• Board recommends Interim Dividend of Rs. 5.25 per share for the Financial Year ending 31st March, 2022
• Strong growth across operating segments; Gross Revenue up 31.3%, EBITDA up 18.2% - Gross Revenue (ex-Agri Business) up 16.2%; overall Segment PBIT margin (ex-Agri Business) up 80
bps to 36.5%.
• Sharp growth in Agri-Business revenue; up 100% y-o-y
• Robust broad-based recovery in Cigarettes
• Resilient performance in FMCG – Others Segment; Revenue up 9.3% y-o-y on a relatively high base - up 23.5% over Q3 FY20
• Sustained recovery momentum in Hotels; PBIT turns positive at 51 cr. (+118 cr. swing vs. SPLY)
• Paperboards, Paper, and Packaging Segment delivers strong performance; Revenue up 38.5% y-o-y along with margin expansion of 260 bps
• Nearly 100% of employees fully vaccinated
ITC, one of India's foremost private sector companies on Thursday posted its Standalone Financial Results for the Quarter ended 31st December 2021. The Company delivered strong performance across all operating segments during the quarter. Gross Revenue stood at Rs. 16,633.86 crores representing a growth of 31.3% y-o-y while EBITDA at Rs. 5102.10 crores grew by 18.2% y-o-y. PAT grew by 12.7% y-o-y to Rs. 4,156.20 crores. Earnings Per Share for the quarter was Rs. 3.37 (previous year Rs. 3.00). The Board has recommended an Interim Dividend of Rs. 5.25 per share (previous year Rs. 5.00 per share) for the financial year ending 31st March 2022.
ITC said, the third wave of the pandemic has led to a surge in Covid cases in the country and temporarily halted the recovery momentum, particularly in the Hotels Business. While mobility restrictions and restricted hours of business have impacted categories with higher salience of out-of-home consumption, the impact is expected to be limited in view of the progressive reduction in Covid cases being recorded across various parts of the country. The Company is closely monitoring the evolving situation and is well-geared to respond with agility to enhance its market standing while managing risks associated with uncertainties in the business environment. Learnings in dealing with the pandemic spanning sales and distribution, supply chain operations, innovation and product development continue to be leveraged in this regard.
The safety and well-being of the Company’s employees, partners and associates continue to be accorded paramount importance with the highest standards of hygiene and safety protocols being followed across all nodes of operations. Nearly 100% of employees have already been fully vaccinated. Staggered rosters have been implemented across all offices with employees being extended the flexibility of working-fromhome, wherever feasible, to ensure safety and minimise touch points in the workplace.
The FMCG Businesses delivered a resilient performance with Segment Revenue growing 9.3% y-o-y. Segment Revenue and Segment EBITDA up 23.5% and 46% respectively over Q3 FY20. FMCG - Cigarettes, this segment Net Revenue and Segment Results up 13.6% and 14.4% y-o-y respectively. In Hotels, the Revenue is up 61% q-o-q; PBIT turns positive (at 51 cr.; +118 cr. positive swing vs. SPLY). The Paperboards, Paper & Packaging Segment delivers strong performance; Segment Revenue up 38.5% y-o-y, Segment Results up 57.3% y-o-y.
In Agri- Business the revenue up 100% is driven by strong revenue growth in wheat, rice, spices, leaf tobacco exports leveraging strong customer relationships, robust sourcing network, and agile execution. Robust growth in Value-added portfolio.
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