ITC’s standalone profit witnessed a year-on-year growth of 28.6% at Rs. 3,103.5 crore for the first quarter ended June 2021. This figure stood at Rs. 2,342.76 crore in the previous fiscal’s corresponding period.
The company noted that this substantial jump was a direct result of its sequential recovery in cigarette sales. In fact, the volume of sales in this particular segment for Q4 of FY21 nearly reached its pre-Covid levels.
Although ITC gained a strong recovery momentum in recent quarters, the pandemic-induced restrictions and lockdowns had an impact on its operating environment during the quarter ended June 2021.
While its FMCG segment continues to indicate a marked growth due to higher demand, its hotels business is slowly rebounding due to a surge in leisure destinations, weekend gateways, and staycations.
Moreover, the company remains optimistic as mobility increases and restrictions are eliminated. In fact, it witnessed a week-on-week improvement since mid-June 2021 as most markets returned to normalcy.
Additionally, the company underwent a much faster recovery during the second wave of Covid-19 as compared to its first wave.
On 23 July 2021, the shares of ITC Limited closed 2.56% higher at Rs. 212.35 on the BSE.
ITC reported revenue of approximately Rs. 453 billion in FY 2020.
ITC has 13 businesses in 5 segments.
Yes, ITC stock prices have increased by 3.6% in the calendar year 2021.
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