ITC's Q3FY18 net profit at Rs 3,090 crore; cigarettes' business down by 44% yoy

ITC surpassed analysts' estimates in terms of bottom-line during third quarter ended December 31, 2017 (Q3FY18) performance by reporting nearly 17% year-on-year (YoY) growth in standalone net profit.

The company posted standalone net profit of Rs 3,090.20 crore in Q3FY18, increasing by 16.75% from Rs 2,646.73 crore in the corresponding period of the previous year.

Q3FY18 standalone net profit was also up by 17.06% from Rs 2,639.84 crore in the preceding quarter. 

A Bloomberg poll of experts estimated ITC’s revenue and net profit to be at Rs 10,600 crore and Rs 2,830 crore in Q3FY18 respectively.

Standalone revenue from operations stood at Rs 9,952.19 crore in Q3, which declined by 26.66% from Rs 13,569.97 crore in Q3FY17, but was gradually up by 1.93% versus Rs 9,763.92 crore in Q2FY17.

On segment-wise gross revenue break up in Q3FY18, cigarettes business declined by 44.15% (YoY) to Rs 4,629.19 crore, while agri business dropped by 8.44% yoy to Rs 1,530.86 crore and that paperboards, paper & packaging business decreased by 4.20% yoy to Rs 1,279.6 crore.

On the other hand,in Q3FY18, hotel business and others category recorded growth of 9.16% yoy and 11.77% yoy to Rs 404.44 crore and Rs 2,871.78 crore respectively.

For the nine months period of FY18, ITC’s revenue stands at Rs 33,516.53 crore down by 17.11% from Rs 40,439.64 crore a year ago same period.

While in 9MFY18, net profit of ITC stood at Rs 8,290.54 crore up 10.07% versus Rs 7,531.43 crore in similar period of previous year.