ITC Ltd’s financial performance in the April-June quarter of the current fiscal year compared to the same period in the previous year. Here’s a breakdown of the key details:
- Net Profit Increase: ITC Ltd reported a significant increase in its net profit for the April-June quarter. The net profit jumped by 18 percent year-on-year (YoY) to Rs 4,903 crore. This indicates a strong growth in profitability compared to the corresponding period in the previous fiscal year.
- Previous Year’s Performance: In the same period of the previous fiscal year, ITC Ltd had posted a consolidated net profit of Rs 4,462.25 crore. The YoY comparison shows a notable improvement in the company’s financial performance.
ITC Ltd’s total expenses during the first quarter of the fiscal year 2023-2024 (Q1FY24) compared to the same period in the previous year. Here’s a breakdown of the key details:
- Total Expenses Decline: ITC Ltd’s total expenses for Q1FY24 experienced a notable decline of 12.53 percent year-on-year (YoY). The total expenses dropped to Rs 12,421.77 crore during this quarter.
ITC Ltd’s decision to demerge its hotels business. Here’s a breakdown of the key points:
- Demerger of Hotels Business: As previously mentioned, ITC Ltd’s board has approved the demerger of its hotels business. This involves separating the hotels business into a distinct entity from the rest of the company.
- Listing Timeline: The board has set an indicative timeline of 15 months for the listing of the new firm that will manage the hotels business. This suggests that the new entity is expected to be listed on the stock exchange within this timeframe.
- Use of ITC Brand Name: The board also approved that the hotels business, which will operate as a separate entity, will have the license to use the ITC brand name. This indicates that the new firm will have the right to continue leveraging the brand identity and recognition associated with ITC.
