ITC Q3 net profit down 11.4% at Rs3,567.09 cr

FMCG major ITC Ltd has reported an 11.4 per cent fall in consolidated net profit at Rs 3,587.09 crore for fiscal third quarter ended 31 December  2020 against Rs4,050.4 crore for the corresponding period of the previous fiscal (2019-20).

Consolidated revenue for the quarter rose 6.1 per cent to Rs14,124.48 crore from Rs13,307.54 crore year-on-year.
Cigarette business continued to be the company’s main revenue source, with a contribution of 43 per cent of the total business and YoY growth of 2.5 per cent, to Rs 6,091.17 crore. However, the cigarette business’ EBIT fell 8.7 per cent to Rs3,658.65 crore in Q3FY21.
FMCG-others segment registered a growth of 13 per cent YoY at Rs3,752.61 crore during the quarter. The segment’s EBIT jumped 123.8 per cent YoY to Rs243.17 crore.
Severely hit by the Covid-19 pandemic, ITC’s hotel business reported a sharp 56.7 per cent YoY revenue decline to Rs248.87 crore in Q3FY21. Its EBIT loss stood at Rs72.25 crore as against a profit of Rs88.9 crore in the corresponding period.
The company also declared an interim dividend of Rs5 per share.
The share price of ITC Ltd declined over 4 per cent in early trade on Friday. 
At 10:05 am, the shares of ITC were trading 3.71 per cent lower at Rs218.05 apiece on the BSE against a 0.07 per cent gain on the benchmark Sensex.