ITC · Fast Moving Consumer Goods
ITC Ltd. reported revenue of ₹18,790 cr for October to December 2024, +9.3% on the year and −6.0% on the quarter.
Operating profit (EBITDA) was ₹6,362 cr, a margin of 33.9%, −226 bps on the year and +108 bps on the quarter. Over the last 7 quarters the margin has ranged from 32.8% to 38.9%, averaging 36.0%. Operating costs grew +13.1%, faster than revenue at +9.3%, so operating profit grew less than sales.
Net profit was ₹5,013 cr, −7.3% on the year and −0.8% on the quarter, with earnings per share of ₹3.94. Profit before other income, one-offs and tax grew faster, at +2.1%; other income, one-offs or tax held the headline back. The tax rate of 26% is in line with its recent average.
On earnings per share of ₹16.11 over the last four quarters, the stock at ₹262.25 trades at 16.3 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.
No check fired. That is a statement about the checks below, not a verdict on the company.
Operating margin slipped on the year.
EBITDA margin 33.9%, −226 bps on the year (+108 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 ₹18,790 cr (+9.3% on the year) and net profit of ₹5,013 cr (−7.3% on the year) for October to December 2024.
Profit before other income, exceptional items and tax moved +2.1% on the year, against −7.3% for reported profit.
None of the 7 checks that could run raised a question.
No. FinMinutes reports what was filed and the questions the numbers raise. It does not recommend buying, selling or holding any security.
Numbers as filed with the exchanges, read by rules. Every flag is a question with its source, not an accusation. FinMinutes is a financial data and analytics platform; nothing here is a recommendation to buy, sell or hold any security. How each check works.