ITC Share Price Gains After Q1 Profit Rises 21%

ITC share price spikes 1.45% after the company posted first-quarter results. The company reported a flat net profit, but its revenue saw a 21% rise.

The cigarette maker posted a profit of Rs 4,912.36 crore, as against Rs 4,917.45 crore in the year-ago period. The company's revenue came at Rs 19,749.91 crore as against Rs 16,374.02 crore in the same quarter last year.

Earnings before interest, tax, depreciation and amortisation went up 3% to Rs 6,261.3 crore from Rs 6,086.8 crore while margin stood at 31.7% as against 37.2%. in the year-ago period.

• Revenue up 20.6% to Rs 19,749.91 crore versus Rs 16,374.02 crore. (Bloomberg Estimate: Rs 18,261.19 crore)

• Net profit down 0.1% to Rs 4,912.36 crore versus Rs 4,917.45 crore. (Bloomberg Estimate: Rs 5,084.86 crore)

• Ebitda up 3% to Rs 6,261.27 crore versus Rs 6,086.77 crore. (Bloomberg Estimate: Rs 6,417.26 crore)

• Margin at 31.7% versus 37.2%. (Bloomberg Estimate: 35.1%)

The scrip rose as much as 1.52% to Rs 422.80 apiece. It pared gains to trade 0.67% higher at Rs 419.25 apiece, as of 09:30 a.m. This compares to a 0.40% advance in the NSE Nifty 50 Index.

It has fallen 8.95% in the last 12 months. Total traded volume so far in the day stood at 6.4 times its 30-day average. The relative strength index was at 54.

Out of 39 analysts tracking the company, 36 maintain a 'buy' rating, two recommend a 'hold,' and one suggest 'sell,' according to Bloomberg data. The average 12-month consensus price target implies an upside of 18.8%