The country's largest cigarette maker rose close to 6 percent around 10 am on Friday to Rs 307.15 apiece to mark its new 52-week high. The percent rise is the highest in over 5-months.
The surge in the share price of ITC Ltd was a result of the conglomerate's rise in net profits for the April-June quarter. It reported a 10 percent year-on-year net profit growth to Rs 2,819 crore at a stock exchange filing on Thursday after market closing hours.
Its revenue was up by 7.6 percent to Rs 10,707 crore from a year ago period. During the quarter under review, net sales were at Rs 10,874 crore, up by 9.20 percent YoY, while earnings before interest, tax, depreciation, and amortization (EBITDA) was at Rs 4202.1 crore, up by 12.2 percent.
ITC is a diversified conglomerate with businesses including FMCG, paper, hotel, and agri. The EBIT for the cigarettes business rose by 9 percent during the first quarter to Rs 3,558 crore. Operational performance for the agri-business fell by 17 percent to Rs 194 crore. Revenue from cigarettes was at Rs 5,127.59 crore, while FMCG business brought Rs 2,870 crore for the June 2018 ended quarter. Revenues from ITC's hotel business rose by 12 percent to Rs 341.28 crore from a year-ago period.