The FMCG major reported 26.19% decline in net profit to Rs 2342.76 crore on a 17.4% fall in net sales to Rs 9501.75 crore in Q1 June 2020 over Q1 June 2019.
Profit before tax (PBT) tumbled 34.98% to Rs 3128.43 crore during the quarter. Total tax expense slumped 52% to Rs 785.67 crore in Q1 FY21 over Q1 FY20.
Revenue from sale of cigarettes stood at Rs 3,853.79 crore (down 29.07% YoY) while total FMCG revenue, including cigarettes, was at Rs 7,228.36 crore (down 14.89% YoY).
The company has considered the possible effects that may arise out of the still unfolding COVID-19 pandemic on the carrying amounts of property, plant & equipment, intangible assets, investments, inventories, trade receivables, etc. Based on the current estimates, the company does not expect any significant impact on such carrying values.
On a consolidated basis, ITC's net profit declined 25.3% to Rs 2567.07 crore on 17.22% decline in net sales to Rs 10478.46 crore in Q1 FY21 over Q1 FY20. The result was announced after market hours today, 24 July 2020.
Shares of ITC fell 0.47% to Rs 199.70 today.
ITC is engaged in the marketing of fast-moving consumer goods (FMGC). The firm operates through four segments: FMCG; hotels; paperboards, paper and packaging, and agri business. ITC is the market leader in cigarettes in India.
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