Indian Tobacco Company(ITC) has declared its Q1 results. ITC declared a decreased Net Profit YoY by 25.30% standing at Rs.2567.07 crores, it performed less by 34.61% (QoQ) than the last quarter (Q4FY20). Its total revenue stood at Rs. 11403.59 crores this quarter as compared to Rs.13228.30 in Q4FY20, which is a decreased revenue of almost 13.79% and a YoY reduction by almost -25.30%.
| Q1 FY21Rs. Cr. | Q4 FY20Rs. Cr. | Q1 FY20Rs. Cr | QoQ% | YoY% | |
| Revenue | 11403.59 | 13228.40 | 13305.45 | -13.79% | -14.29% |
| Profit | 2567.07 | 3926.45 | 3436.51 | -34.61% | -25.30% |
75% of ITC profits still came in form cigarette sales which indicates a poor growth in other areas of the company. The hotel sales of ITC were down by 94% from about Rs 392.59 Crores to about Rs 22 Crores. The Agri-business of ITC saw a growth of about 3.7% as compared to last year and a staggering 98% as compared to last Quarter(Q4FY20)
Earlier this morning the company tanked expecting an estimated sales reduction of almost 33-40% according to analysts which was a pretty accurate estimate. The ITC stock opened at 200.7 and closed at 199.85.
The reduction in sales comes in the wake of the coronavirus pandemic which has caused many state government to prohibit smoking and even prohbited sale of cigarettes in public along with making cigarettes as a non-essential commodity.
You can check out the unaudited results by clicking here.
