ITC Announces Quarterly Results (3QFY21); Net Profit Down 11.6%

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ITC Announces Quarterly Results (3QFY21); Net Profit Down 11.6%
Fri, 12 Feb

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

ITC Quarterly Financials

No. of Mths
Qtr. Ending
3
Dec-19*
3
Sep-20*
3
Dec-20*
QoQ ChangeYoY Change
Net SalesRs m120,130119,768124,9164.3%4.0%
Other incomeRs m9,8366,1009,71059.2%-1.3%
TurnoverRs m129,966125,867134,6267.0%3.6%
ExpensesRs m74,00379,16182,9914.8%12.1%
Gross profitRs m44,80640,60642,8145.4%-4.4%
DepreciationRs m4,1623,8253,9092.2%-6.1%
InterestRs m1241381380.1%10.8%
Profit before taxRs m50,35542,74348,47613.4%-3.7%
TaxRs m8,93610,41911,84813.7%32.6%
Profit after taxRs m41,41932,32436,62913.3%-11.6%
Gross profit margin%37.333.934.3
Effective tax rate%17.724.424.4
Net profit margin%31.925.727.2
* 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 4.0% on a year-on-year (YoY) basis. The expenses were up by 12.1% YoY during the same period.
  • The company's operating profit declined by 4.4% YoY during the quarter. Consequently, operating profit margins witnessed a decline and stood at 34.3% in 3QFY21 as against 37.3% in 3QFY20.
  • Depreciation charges declined by 6.1% and finance costs increased by 10.8% YoY, respectively.
  • Other income declined by 1.3% YoY during the quarter.
  • Net profit for the quarter declined by 11.6% YoY. Net profit margins during the quarter declined from 31.9% in 3QFY20 to 27.2% in 3QFY21.
Quarter-on-Quarter Performance:
  • The company's operating income during the quarter grew 4.3% on a quarter-on-quarter (QoQ) basis. The expenses were up by 4.8% QoQ during the same period.
  • The company's operating profit increased by 5.4% QoQ during the quarter. Consequently, operating profit margins witnessed a growth and stood at 34.3% in 3QFY21 as against 33.9% in 2QFY20.
  • Net profit for the quarter increased by 13.3% QoQ, while net profit margins increased from 25.7% in 2QFY20 to 27.2% in 3QFY21.

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 up from Rs 213.0 to Rs 215.9, registering a Gain of Rs 2.9 or around 1.3%.

Overall, the S&P BSE SENSEX is up 25.3% over the year.

Current Valuations

At the current price of Rs 215.9, the price to earnings (P/E) ratio of ITC stands at 20.3 times its trailing twelve months earnings, while its price to book value (P/BV) ratio stands at 4.1 times.

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