Amid a challenging macro-economic and operating environment and high base effect in some of its operating segments, ITC Limited delivered resilient performance during the quarter ended December 31, 2023.

ITC’s gross revenue stood at Rs 17,483 crore, representing a growth of 2.1 per cent YoY (excl. Agri Business: up 3.9 per cent), while PBT (before exceptional items) at Rs 6,731 crores grew by 0.8 per cent YoY.

Its PAT grew by 10.8 per cent YoY to Rs 5,572 crore, while earnings per share for the quarter stood at Rs 4.47 (previous year Rs 4.06).

Exceptional items represent expenses aggregating Rs 5.52 crore incurred during the quarter and nine months ended December 31, 2023 in relation to the demerger of the company’s hotels business into ITC Hotels Limited.

The company has reassessed its provisions relating to uncertain tax positions for earlier years based on a favourable order of the Supreme Court received during the quarter. This has resulted in a credit of Rs 468.44 crore in the Current Tax expense for the quarter and nine months ended December 31, 2023.

The Board of Directors has recommended an interim dividend of Rs 6.25 per share (previous year Rs 6 per share) for the financial year ending March 31, 2024.

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, ITC said.

ITC posted resilient performance in FMCG – Others amid subdued demand conditions; Segment revenue is up 7.6 per cent YoY on a high base; 2-yr CAGR @ 12.8 per cent.

Segment EBITDA margin expanded 100 bps YoY to 11 per cent; Segment PBIT up 24.1 per cent YoY.

The cigarettes segment witnessed consolidation on a high base after a period of sustained growth momentum; Net segment revenue and segment PBIT up 2.3 per cent YoY.

ITC’s differentiated and premium offerings continued to perform well. Another feature was sustained volume claw back from illicit trade on the back of deterrent actions by enforcement agencies and relative stability in taxes.

ITC posted the best ever quarter for the hotels segment; Segment revenue and PBIT up 18 per cent and 57 per cent YoY, respectively.

The stock exchanges have given their no-objection to the Scheme of Arrangement for demerger.