ITC Announces Quarterly Results (1QFY21); Net Profit Down 26.2%

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ITC Announces Quarterly Results (1QFY21); Net Profit Down 26.2%
Thu, 30 Jul

ITC has announced its results for the quarter ended June 2020. Here is a detailed performance review of the same:

ITC Quarterly Financials

No. of Mths
Qtr. Ending
3
Jun-19*
3
Mar-20*
3
Jun-20*
QoQ ChangeYoY Change
Net SalesRs m115,028114,20095,018-16.8%-17.4%
Other incomeRs m6,2027,5558,96818.7%44.6%
TurnoverRs m121,230121,756103,986-14.6%-14.2%
ExpensesRs m69,37172,56568,552-5.5%-1.2%
Gross profitRs m45,65741,63526,466-36.4%-42.0%
DepreciationRs m3,5893,9253,9821.4%10.9%
InterestRs m15214716814.0%10.3%
Profit before taxRs m48,11745,11831,284-30.7%-35.0%
TaxRs m16,3787,1487,8579.9%-52.0%
Profit after taxRs m31,73937,97123,428-38.3%-26.2%
Gross profit margin%39.736.527.9
Effective tax rate%34.015.825.1
Net profit margin%26.231.222.5
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster


Year-on-Year Performance:
  • The company's operating income during the quarter fell 17.4% on a year-on-year (YoY) basis. The expenses were down by 1.2% YoY during the same period.
  • The company's operating profit declined by 42.0% YoY during the quarter. Consequently, operating profit margins witnessed a decline and stood at 27.9% in 1QFY21 as against 39.7% in 1QFY20.
  • Depreciation charges increased by 10.9% and finance costs increased by 10.3% YoY, respectively.
  • Other income increased by 44.6% YoY during the quarter.
  • Net profit for the quarter declined by 26.2% YoY. Net profit margins during the quarter declined from 26.2% in 1QFY20 to 22.5% in 1QFY21.
Quarter-on-Quarter Performance:
  • The company's operating income during the quarter fell 16.8% on a quarter-on-quarter (QoQ) basis. The expenses were down by 5.5% QoQ during the same period.
  • The company's operating profit declined by 36.4% QoQ during the quarter. Consequently, operating profit margins witnessed a decline and stood at 27.9% in 1QFY21 as against 36.5% in 4QFY20.
  • Net profit for the quarter declined by 38.3% QoQ, while net profit margins declined from 31.2% in 4QFY20 to 22.5% in 1QFY21.

To see how ITC has performed over the last eight quarters,please visit here.

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ITC Share Price Performance

Over the last one year,ITC share price has moved down from Rs 269.0 to Rs 196.5, registering a Loss of Rs 72.5 or around 27.0%.

Overall, the S&P BSE SENSEX is up 1.7% over the year.

Current Valuations

At the current price of Rs 196.5, the price to earnings (P/E) ratio of ITC stands at 16.9 times its trailing twelve months earnings, while its price to book value (P/BV) ratio stands at 4.1 times.

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