ITC declines on disappointing Q4 results
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Shares of ITC have dipped 3% to Rs 319 on the NSE in early morning trades after the company reported a lower-than-expected 3.7% year on year (yoy) growth in its net profit at Rs 2,361 crore for the fourth quarter ended March 31, 2015 (Q4) due to muted growth in cigarette business and decline in agri segment. The fast moving consumer goods (FMCG) major had posted a profit of Rs 2,278 crore in the year-ago quarter.
Net sales rose marginally by 0.47% to Rs 9,188 crore in the quarter under review from Rs 9,145 crore in the year-ago period, ITC said in a BSE filing.
The segment revenue of cigarette business, which accounts nearly half of the total revenues, increased by a mere 3.2% to Rs 4,211 crore on a yoy basis. Even though cigarettes’ EBIT (earnings before interest tax) margin expanded 170 basis points to 64.3%, it was the lowest quarterly number in FY15.
Analysts on an average had expected net profit of Rs 2,522 crore on revenues of Rs 9,689 crore.
The stock hit a high of Rs 322 so far and has seen a combined around 1.7 million shares changing hands on the counter on the NSE and BSE till 0918 hours.
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