ITC Ltd. reported Q2FY20 earnings on Thursday. The FMCG major reported a net profit of 36% yoy at Rs4,175cr in the Sep quarter despite a challenging environment.
PAT growth could be mainly attributed to the recent tax cuts by the government.
Total income rose 6.6% yoy to Rs13,497cr in Q2 driven mainly by Paperboards, Hotels and FMCG-Others (excluding the Lifestyle Retailing Business. Gross profit rose 11.3% yoy to Rs5,042cr.
The company said that the operating environment was rendered particularly challenging during the quarter with further deceleration in economic activity accentuated by a drop in consumption, especially in rural areas, severe crunch in market liquidity conditions and disruptions/floods in several parts of the country.
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