ITC Q2 net profit falls 20% as high taxes keep margins in check
ITC reported a 20% decline in standalone net profit for the September quarter despite a 45% increase in revenue. The rise in cigarette taxation significantly impacted profitability, forcing ITC to absorb part of the price hikes. Non-cigarette businesses showed strong growth, achieving the highest revenue growth in 14 quarters. Factors such as inflation and geopolitical tensions...
Key Takeaways
- ITC reported a 20% decline in standalone net profit for the September quarter despite a 45% increase in revenue.
- The rise in cigarette taxation significantly impacted profitability, forcing ITC to absorb part of the price hikes.
- Non-cigarette businesses showed strong growth, achieving the highest revenue growth in 14 quarters.
ITC reported a 20% decline in standalone net profit for the September quarter despite a 45% increase in revenue. The rise in cigarette taxation significantly impacted profitability, forcing ITC to absorb part of the price hikes. Non-cigarette businesses showed strong growth, achieving the highest revenue growth in 14 quarters. Factors such as inflation and geopolitical tensions continue to affect the operating environment.
Original Publisher Attribution
This summary was curated from Economic Times.