ITC reports standalone net profit of Rs 5,090 crore, beats estimates

ITC on May 18, 2023, reported a standalone net profit of Rs 5,090 crore for the quarter ended March 2023. The profit was better than estimates as Zee Business Research had projected it to rise 16 per cent YoY to Rs 4,850 crore against Rs 4,191 crore reported in the year-ago period. Revenue from operations stood at Rs 17,506.08 crore, up 1.39 per cent against Rs 17,265.48 crore registered in the March 2022 quarter. Total income rose 0.63 per cent to Rs 18,252.38 crore, against Rs 18,137.20 crore in the year-ago period.

The company also announced a final dividend of Rs 6.75 and a Special Dividend of Rs 2.75 per ordinary share of Re 1 each for the financial year ended March 31, 2023, subject to a declaration of the same by the members at the ensuing 112th annual general meeting (AGM) of the company; such dividend, if declared, will be paid between Monday, 14th August 2023 and Thursday, 17th August 2023 to those Members entitled thereto, the company said in its earnings release. 

ITC Q4: KEY FINANCIALS

DIVIDEND ANNOUNCEMENT

The Board of Directors of the company have recommended to the Members for their approval, a special dividend of nearly 2.75 per ordinary share in addition to the final dividend of nearly 6.75 per ordinary share for the financial year ended 31st March 2023 (final dividend for the financial year ended 31st March 2022- nearly 6.25 per ordinary share). Together with the interim dividend of nearly 6.00 per ordinary share, the total dividend for the financial year ended 31st March 2023 amounts to nearly Rs 15.50 per ordinary share. The total cash outflow on account of the dividend (including the interim dividend of nearly Rs 7,448.41 crore paid in March 2023) will be nearly Rs 19,255.02 crore.

The record date fixed for the purpose of determining entitlement of the members for such dividend is Tuesday, 30th May 2023 and such dividend, if declared, will be paid between Monday, 14th August 2023 and Thursday, 17th August 2023 to those Members entitled thereto, the company said in its earnings release.

KEY HIGHLIGHTS

Source: Earnings release