ITC Announces Quarterly Results (3QFY20); Net Profit Up 29.1%

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ITC Announces Quarterly Results (3QFY20); Net Profit Up 29.1%
Mon, 3 Feb

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

ITC Quarterly Financials

No. of Mths
Qtr. Ending
3
Dec-18*
3
Sep-19*
3
Dec-19*
QoQ ChangeYoY Change
Net SalesRs m114,313118,715120,1301.2%5.1%
Other incomeRs m8,3646,5439,83650.3%17.6%
TurnoverRs m122,677125,258129,9663.8%5.9%
ExpensesRs m71,05573,09174,0031.2%4.1%
Gross profitRs m43,25845,62444,806-1.8%3.6%
DepreciationRs m3,3543,9574,1625.2%24.1%
InterestRs m56133124-6.7%121.7%
Profit before taxRs m48,21248,07750,3554.7%4.4%
TaxRs m16,1217,8468,93613.9%-44.6%
Profit after taxRs m32,09140,23141,4193.0%29.1%
Gross profit margin%37.838.437.3
Effective tax rate%33.416.317.7
Net profit margin%26.232.131.9
* 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 5.1% on a year-on-year (YoY) basis. The expenses were up by 4.1% YoY during the same period.
  • The company's operating profit increased by 3.6% YoY during the quarter. Consequently, operating profit margins witnessed a decline and stood at 37.3% in 3QFY20 as against 37.8% in 3QFY19.
  • Depreciation charges increased by 24.1% and finance costs increased by 121.7% YoY, respectively.
  • Other income increased by 17.6% YoY during the quarter.
  • Net profit for the quarter increased by 29.1% YoY. Net profit margins during the quarter increased from 26.2% in 3QFY19 to 31.9% in 3QFY20.
Quarter-on-Quarter Performance:
  • The company's operating income during the quarter grew 1.2% on a quarter-on-quarter (QoQ) basis. The expenses were up by 1.2% QoQ during the same period.
  • The company's operating profit declined by 1.8% QoQ during the quarter. Consequently, operating profit margins witnessed a decline and stood at 37.3% in 3QFY20 as against 38.4% in 2QFY19.
  • Net profit for the quarter increased by 3.0% QoQ, while net profit margins declined from 32.1% in 2QFY19 to 31.9% in 3QFY20.

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 280.8 to Rs 211.1, registering a Loss of Rs 69.7 or around 24.8%.

Overall, the S&P BSE SENSEX is up 9.5% over the year.

Current Valuations

At the current price of Rs 211.1, the price to earnings (P/E) ratio of ITC stands at 17.5 times its trailing twelve months earnings, while its price to book value (P/BV) ratio stands at 4.4 times.

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