ITC Q2 : CONS NET PROFIT DOWN 18.5% AT 4,229 CR (YOY), DOWN 6.2% (QOQ). MIX (ON 1ST LOOK)

• Revenue up 43.8% at ₹30,578 crore (YoY), up 3.6% (QoQ). • PBT before exceptional down 17.0% at ₹5,720 crore (YoY), up 4.9% (QoQ). • FMCG cigarettes segment results down 26.0% at ₹4,044 crore (YoY); FMCG others up 31.4% at ₹577 crore (YoY). • Caution: sharp excise duty rise and Century Pulp & Paper/Sproutlife consolidation make periods not comparable; Q2 has ₹25.66 crore exceptional cost. Impact: Profit decline despite revenue growth; comparability distorted by excise duty rise and consolidation.

ITC Ltd

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