ITC (ITC) Q1 24/25 earnings summary

Executive summary

• Gross Revenue grew 7.3%–7.6% YoY in Q1 FY25, led by Hotels, Value Added Agri products, and Leaf Tobacco.

• FMCG - Others and Cigarettes showed resilience despite subdued demand and extreme heatwaves.

• Hotels segment delivered robust growth, with new property launches and continued asset-light expansion.

• Agri Business saw strong revenue growth, but margins were pressured by commodity cost escalation and trade restrictions.

• Profit before tax was ₹6,938.05 crore, nearly flat YoY; net profit attributable to owners was ₹5,091.59 crore.

Financial highlights

• Gross Revenue: ₹20,029.60 crore (up 7.6% YoY); Net Revenue: ₹16,873 crore (up 7.8% YoY).

• EBITDA: ₹6,295 crore (up 0.7% YoY); PBT: ₹6,938.05 crore; PAT: ₹5,091.59 crore.

• Segment Results up 10.4% YoY; EBITDA margin at 11.3%, up 25 bps YoY.

• Total expenses increased to ₹13,791.01 crore from ₹12,421.77 crore YoY.

• Basic EPS for the quarter was ₹4.08.

Outlook and guidance

• Stable growth outlook supported by strong bank and corporate balance sheets, buoyant tax collections, and all-time high forex reserves.

• FY25 GDP expected to grow by 7.2%; private consumption remains subdued.

• Strategic focus remains on growth across FMCG, Hotels, Paperboards & Packaging, and Agri Business.

• Key monitorables include geopolitical disruptions, agri commodity inflation, rural demand recovery, and extreme weather events.

• Continued investment in brand building for personal care and packaged foods.