The diversified conglomerate's net profit declined marginally to Rs 5,020.20 crore in Q4 FY24 as against Rs 5,086.86 crore posted in Q4 FY23.
Net revenue was at Rs 16,371 crore in the March quarter, up 1.4% from Rs 16,150 crore recorded in the corresponding quarter previous year.
Profit before exceptional items and tax rose marginally to Rs 6,534 crore in Q4 FY24 as compared to Rs 6,522 crore reported in Q4 FY23. It includes exceptional item aggregating Rs 2.05 crore incurred during the quarter in relation to the demerger of the companys Hotels Business into ITC Hotels.
EBITDA reduced to Rs 6,163 crore in the fourth quarter of FY24 as against Rs 6,209 crore registered in Q4 FY23.
Total FMCG segment revenue grew by 7.51% YoY to Rs 13,225.01 crore during the period under review.
The FMCG-others businesses delivered resilient performance amidst marked slowdown in consumption. The segment revenue grew by 7.2% YoY and margins expanded 60 bps YoY on comparable basis. The growth in this segment was driven by staples, biscuits, snacks, dairy, homecare and agarbatti while EDUCATION & stationery products business continued to witnessed strong traction.
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The FMCG Cigarettes segment witnessed consolidation of volumes on a high base after a period of sustained growth momentum. Net revenue from Cigarettes business was up by 7% YoY during the quarter. Sequentially, the net revenue increased by 5.2%, amidst subdued demand conditions in the overall consumption space.
The revenue of the Hotels segment jumped 14.9% YoY to Rs 898 crore in Q4 FY24. EBITDA margin was up by 340 bps YoY to 38.2% in Q4 FY24, driven by higher RevPARs, structural cost interventions and operating leverage.
Agri Business revenue de-grew by 13.4% YoY in Q4, impacted by trade restrictions on agri commodities. Strategic portfolio (comprising value-added agri products) and leaf tobacco revenues was up 18% YoY in Q4 FY24.
The company said that strong customer relationships and agile execution in leaf tobacco & value added agri products continued to drive growth in these categories.
The revenue from paperboards, paper & packaging declined 6.7% YoY to Rs 2,073 crore Q4 FY24. The segment remained impacted by low-priced Chinese supplies in international markets (including India), muted domestic demand, surge in wood cost and high base effect.
On full year basis, the companys net profit rose 8.9% to Rs 20421.97 crore despite of 1.1% decline in net revenue to Rs 64,713 crore in FY24 over FY23.
Meanwhile, the FMCG majors board has recommended a final dividend of Rs 7.50 per equity share for FY24. The record date for the same is fixed on Tuesday, 4 June 2024. The dividend, if declared, will be paid between Monday, 29 July 2024 and Wednesday 31 July 2024.
ITC is a diversified conglomerate with businesses spanning fast-moving consumer goods, hotels, paperboards and packaging, agribusiness and information technology.
Shares of ITC added 0.14% to Rs 440.35 on the BSE.
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