ITC Q2 net profit up 21%, shares rise

Diversified fast-moving-consumer-goods major ITC Ltd on Friday reported a 21.3% increase in net profit year-on-year at Rs 1,836.42 crore for the second quarter ended September 30, buoyed by strong performance across the group's entire spectrum of businesses.

Diversified fast-moving-consumer-goods major ITC Ltd on Friday reported a 21.3% increase in net profit year-on-year at Rs 1,836.42 crore for the second quarter ended September 30, buoyed by strong performance across the group's entire spectrum of businesses.

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"The company posted yet another quarter of impressive results with healthy topline growth and high quality earnings. This performance is particularly remarkable when viewed against the backdrop of the challenging business environment in which it was achieved, namely, a slowdown in economic growth, sustained high inflation and impact of the steep hike in taxes on cigarettes during the year," a company statement said.

The company's gross revenue during the quarter stood at Rs 10223.86 crore, growing by 19.9% driven primarily by branded packaged foods, agri business and cigarettes.

Earnings per share for the quarter stood at Rs 2.34. Shares of ITC surged over 2% to touch a record high of Rs 299.20 intraday, before closing at Rs 297.50

The branded packaged foods, business recorded significant growth during the quarter across all major categories.