Latest News | ITC Shares Fall 2 Pc Post Earnings Announcement; Mcap Tumbles Rs 9,942 Cr

New Delhi, May 18 (PTI) Shares of ITC Ltd on Thursday declined 2 per cent even as the company reported a 22.66 per cent rise in consolidated net profit for the fourth quarter ended March 2023.

The stock dipped 1.87 per cent to settle at Rs 419.65 on the BSE. During the day, it fell 2.23 per cent to Rs 418.10.

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At the NSE, it went lower by 2.04 per cent to finish at Rs 418.85.

The company's market valuation eroded by Rs 9,942.41 crore to Rs 5,21,541.76 crore.

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In traded volume terms, 8.39 lakh shares of the company were traded at the BSE and over 2.39 crore shares at the NSE during the day.

"Indian markets were dragged as profit-booking emerged in SBI and ITC despite posting strong results. These stocks had already seen up move in anticipation of better numbers," said Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.

In the equity market, the 30-share BSE Sensex fell 128.90 points or 0.21 per cent to settle at 61,431.74.

Diversified entity ITC Ltd on Thursday reported a 22.66 per cent rise in consolidated net profit at Rs 5,225.02 crore in the fourth quarter ended March 2023, led by a strong growth momentum across operating segments.

The company had posted a net profit of Rs 4,259.68 crore a year ago, ITC Ltd said in a regulatory filing.

Its revenue from operations increased 7 per cent to Rs 18,799.18 crore in the period under review against Rs 17,754.02 crore in the year-ago period.

ITC's total expenses increased 2.18 per cent to 12,907.84 crores during the fourth quarter. It was Rs 12,632.29 crore in Q4 FY22.

The total income of ITC in the March quarter grew 7.75 per cent to Rs 19,667.94 crore.

The Kolkata-headquartered company sustained "strong growth momentum" across its operating segments, said ITC in its earning statement.

According to ITC, after two years of pandemic-led disruptions, FY2022-23 marked a return to normalcy in operations. However, geopolitical tensions, continued supply chain dislocations and climate crisis resulted in unprecedented inflation and volatility in global commodity and energy prices.

"Against the backdrop of a challenging operating environment as aforestated, the company's consumer centricity, agility in seizing market opportunities, focus on execution excellence and proactive strategic interventions enabled it to post strong performance across all operating segments," it said.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)