ITC Announces Quarterly Results (2QFY20); Net Profit Up 36.2%

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ITC Announces Quarterly Results (2QFY20); Net Profit Up 36.2%
Fri, 1 Nov

ITC has announced its results for the quarter ended September 2019. Here is a detailed performance review of the same:

ITC Quarterly Financials

No. of Mths
Qtr. Ending
3
Sep-18*
3
Jun-19*
3
Sep-19*
QoQ ChangeYoY Change
Net SalesRs m112,725115,028118,7153.2%5.3%
Other incomeRs m5,0416,2026,5435.5%29.8%
TurnoverRs m117,766121,230125,2583.3%6.4%
ExpensesRs m70,66569,37173,0915.4%3.4%
Gross profitRs m42,06045,65745,624-0.1%8.5%
DepreciationRs m3,2753,5893,95710.2%20.8%
InterestRs m135152133-12.4%-1.3%
Profit before taxRs m43,69148,11748,077-0.1%10.0%
TaxRs m14,14516,3787,846-52.1%-44.5%
Profit after taxRs m29,54731,73940,23126.8%36.2%
Gross profit margin%37.339.738.4
Effective tax rate%32.434.016.3
Net profit margin%25.126.232.1
* 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 grew 5.3% on a year-on-year (YoY) basis. The expenses were up by 3.4% YoY during the same period.
  • The company's operating profit increased by 8.5% YoY during the quarter. Consequently, operating profit margins witnessed a growth and stood at 38.4% in 2QFY20 as against 37.3% in 2QFY19.
  • Depreciation charges increased by 20.8% and finance costs declined by 1.3% YoY, respectively.
  • Other income increased by 29.8% YoY during the quarter.
  • Net profit for the quarter increased by 36.2% YoY. Net profit margins during the quarter increased from 25.1% in 2QFY19 to 32.1% in 2QFY20.
Quarter-on-Quarter Performance:
  • The company's operating income during the quarter grew 3.2% on a quarter-on-quarter (QoQ) basis. The expenses were up by 5.4% QoQ during the same period.
  • The company's operating profit declined by 0.1% QoQ during the quarter. Consequently, operating profit margins witnessed a decline and stood at 38.4% in 2QFY20 as against 39.7% in 1QFY19.
  • Net profit for the quarter increased by 26.8% QoQ, while net profit margins increased from 26.2% in 1QFY19 to 32.1% in 2QFY20.

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 277.5 to Rs 260.6, registering a Loss of Rs 16.9 or around 6.1%.

Overall, the S&P BSE SENSEX is up 16.6% over the year.

Current Valuations

At the current price of Rs 260.6, the price to earnings (P/E) ratio of ITC stands at 23.1 times its trailing twelve months earnings, while its price to book value (P/BV) ratio stands at 5.4 times.

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