ITC Announces Quarterly Results (2QFY21); Net Profit Down 19.7%

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ITC Announces Quarterly Results (2QFY21); Net Profit Down 19.7%
Wed, 25 Nov

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

ITC Quarterly Financials

No. of Mths
Qtr. Ending
3
Sep-19*
3
Jun-20*
3
Sep-20*
QoQ ChangeYoY Change
Net SalesRs m118,71595,018119,76826.0%0.9%
Other incomeRs m6,5438,9686,100-32.0%-6.8%
TurnoverRs m125,258103,986125,86721.0%0.5%
ExpensesRs m73,09168,55279,16115.5%8.3%
Gross profitRs m45,62426,46640,60653.4%-11.0%
DepreciationRs m3,9573,9823,825-3.9%-3.3%
InterestRs m133168138-18.0%3.2%
Profit before taxRs m48,07731,28442,74336.6%-11.1%
TaxRs m7,8467,85710,41932.6%32.8%
Profit after taxRs m40,23123,42832,32438.0%-19.7%
Gross profit margin%38.427.933.9
Effective tax rate%16.325.124.4
Net profit margin%32.122.525.7
* 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 0.9% on a year-on-year (YoY) basis. The expenses were up by 8.3% YoY during the same period.
  • The company's operating profit declined by 11.0% YoY during the quarter. Consequently, operating profit margins witnessed a decline and stood at 33.9% in 2QFY21 as against 38.4% in 2QFY20.
  • Depreciation charges declined by 3.3% and finance costs increased by 3.2% YoY, respectively.
  • Other income declined by 6.8% YoY during the quarter.
  • Net profit for the quarter declined by 19.7% YoY. Net profit margins during the quarter declined from 32.1% in 2QFY20 to 25.7% in 2QFY21.
Quarter-on-Quarter Performance:
  • The company's operating income during the quarter grew 26.0% on a quarter-on-quarter (QoQ) basis. The expenses were up by 15.5% QoQ during the same period.
  • The company's operating profit increased by 53.4% QoQ during the quarter. Consequently, operating profit margins witnessed a growth and stood at 33.9% in 2QFY21 as against 27.9% in 1QFY20.
  • Net profit for the quarter increased by 38.0% QoQ, while net profit margins increased from 22.5% in 1QFY20 to 25.7% in 2QFY21.

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 247.8 to Rs 195.9, registering a Loss of Rs 51.9 or around 20.9%.

Overall, the S&P BSE SENSEX is up 8.6% over the year.

Current Valuations

At the current price of Rs 195.9, the price to earnings (P/E) ratio of ITC stands at 17.8 times its trailing twelve months earnings, while its price to book value (P/BV) ratio stands at 4.1 times.

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