ITC Ltd reported a standalone net profit of Rs 5,020.20 crore in the March 2024 quarter, marking a 1.3% decline compared to the previous year. In the same period last year, the FMCG company recorded a net profit of Rs 5086.86. Sequentially, the bottom line remained relatively unchanged from the December 2023 quarter’s figure of Rs 5,572.07.

During the fourth quarter of the financial year 2023-24, ITC’s revenue from operations remained steady at Rs 17,571.72 crore, experiencing a marginal decrease of 1.4% on a YoY basis. In the corresponding quarter of the previous financial year, the company’s revenue stood at Rs 17,506.08 crore. In the quarter ending on December 31, 2023, the topline was recorded at Rs 17,224 crore.

EBITDA during the quarter stood at Rs 6,162.6 crore, a decline of 0.8%. Additionally, the EBITDA margin decreased by 70 basis points YoY, reaching 37.2%. The company’s earnings were negatively impacted by stagnant cigarette volumes and lower FMCG margins.

Furthermore, the company has proposed a final dividend of Rs 7.50 per share for the fiscal year ended on March 31, 2024. This recommendation is subject to approval by the shareholders at the upcoming annual general meeting (AGM) scheduled for Friday, July 26, 2024. If approved, the final dividend will be disbursed between July 29, 2024, and July 31, 2024.

In terms of segments, the revenue from the cigarettes business witnessed a YoY increase of 7% in the March 2024 quarter, amounting to Rs 8,689 crore compared to Rs 8,092 crore in the same quarter of the previous year. The profit before tax (PBT) for the cigarette business also rose by 5% YoY in the preceding quarter, reaching Rs 5,157 crore.