ITC · Fast Moving Consumer Goods
ITC Ltd. reported revenue of ₹21,495 cr for April to June 2025, +20.9% on the year and +14.5% on the quarter. It is the highest quarterly revenue in the last 9 quarters on record. Over the last four quarters revenue comes to ₹79,040 cr, +13.3% on the four before.
Operating profit (EBITDA) was ₹6,816 cr, a margin of 31.7%, −511 bps on the year and −303 bps on the quarter. It is the narrowest margin of the last 8 quarters (range 31.7% to 37.0%). Operating costs grew +30.7%, faster than revenue at +20.9%, so operating profit grew less than sales.
Net profit was ₹5,343 cr, +3.2% on the year and −73.0% on the quarter, with earnings per share of ₹4.19. Profit before other income, one-offs and tax grew 4.0%, so the profit growth came from the business itself. The tax rate of 25% is in line with its recent average. Profit over the last four quarters totals ₹35,218 cr, +69.8% on the four before.
On earnings per share of ₹27.88 over the last four quarters, the stock at ₹262.25 trades at 9.4 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow, the auditor's review, segment results, one-off items line by line and what management said on the call.
Operating margin fell sharply on the year. Pricing, input costs, or mix?
EBITDA margin 31.7%, −511 bps on the year (−303 bps on the quarter).
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹17,774 cr | ₹17,195 cr | ₹17,038 cr | ₹17,778 cr | ₹19,990 cr | ₹18,790 cr | ₹18,765 cr | ₹21,495 cr | ₹19,502 cr | ₹20,047 cr | ₹17,825 cr | ₹19,114 cr |
| YoY | — | — | — | +4% | +12% | +9% | +10% | +21% | −2% | +7% | −5% | −11% |
| EBITDA margin | 36.3% | 36.1% | 37.0% | 36.8% | 32.8% | 33.9% | 34.7% | 31.7% | 34.3% | 34.3% | 38.8% | 27.1% |
| Other income, % of PBT | 10% | 12% | 13% | 11% | 10% | 12% | 72% | 11% | 11% | 5% | 10% | 20% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 26% | 19% | 23% | 25% | 26% | 26% | 8% | 25% | 26% | 26% | 24% | 23% |
| Net profit | ₹4,965 cr | ₹5,407 cr | ₹5,191 cr | ₹5,177 cr | ₹5,054 cr | ₹5,013 cr | ₹19,808 cr | ₹5,343 cr | ₹5,187 cr | ₹5,018 cr | ₹5,470 cr | ₹4,509 cr |
| YoY | — | — | — | −0% | +2% | −7% | +282% | +3% | +3% | +0% | −72% | −16% |
| Core profit YoY | — | — | — | −1% | +2% | +2% | +3% | +4% | +2% | +8% | +6% | −26% |
| EPS | ₹3.93 | ₹4.28 | ₹4.10 | ₹4.08 | ₹3.99 | ₹3.94 | ₹15.76 | ₹4.19 | ₹4.09 | ₹3.94 | ₹4.30 | ₹3.51 |
| Flags | · | · | · | ✓ | 1 | ✓ | 3 | 1 | ✓ | ✓ | ✓ | 1 |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
ITC Ltd. reported revenue of ₹21,495 cr (+20.9% on the year) and net profit of ₹5,343 cr (+3.2% on the year) for April to June 2025.
Profit before other income, exceptional items and tax moved +4.0% on the year, against +3.2% for reported profit.
1 check raised a question: Operating margin fell sharply on the year. Pricing, input costs, or mix?
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