Diversified entity ITC Ltd reported a marginal decline in consolidated net profit at Rs 5,190.71 crore for the fourth quarter ended March 31, 2024 as consumption demand remained subdued. The company had logged a net profit of Rs 5,242.59 crore in the same period of the previous fiscal, ITC said in a regulatory filing.
Revenue from operations in the quarter was at Rs 19,446.49 crore as against Rs 19,058.29 crore in the year-ago period, up 2 per cent. Gross revenue from the sale of products stood at Rs 19,291.40 crore, up 2.61 per cent year-on-year. It was at Rs 18,799.18 crore in the same period last year. Total expenses of ITC were up 3 per cent in the March quarter at Rs 13,294.30 crore. Total income, which includes other income, was up 2.35 per cent to Rs 20,130.32 crore in the quarter.
“While consumption demand remained subdued in Q4 FY24, improving macro-economic indicators, prospects of a normal monsoon and green shoots witnessed in rural demand recovery after several quarters, augur well for revival in consumption demand in the near term,” said an ITC earning statement. With its focus on consumer centricity, purposeful innovation, agility, and execution excellence, the company remains confident of navigating the short-term challenges and creating sustained value for all stakeholders, it said.