Agri drags ITC revenue, but profit increases 4%

The GST rate cut led to an over 50% fall in prices of ITC's FMCG portfolio

- Soumya Gupta

ITC said the figures for its FMCG-Others portfolio were not strictly comparable on the impact of 24mantra's acquisition and amalgamation.

(MINT)

Cigarettes-to-atta conglomerate ITC Ltd reported a nearly 2% year-on-year decline in consolidated revenue from operations to ₹21,047 crore, even as profit after tax rose 4.2% to ₹5,187 crore. The agri business was the big drag on the revenue; without this segment, the company's gross revenue grew 7.9%.

A strong performance by ITC Hotels and ITC Infotech boosted consolidated revenue for the company, while its mainstay cigarettes business grew 6.8% year-on-year (yo-y) to ₹8,723 crore, helped by growth in the premium segment.