ITC (ITC) Q2 24/25 earnings summary

Executive summary

• Gross revenue for Q2 FY25 grew 16% YoY, led by Agri Business and Hotels, with revenue from operations at ₹22,281.89 crore, up from ₹19,270.02 crore in Q2 FY24.

• EBITDA increased 5% YoY; profit after tax rose 3.7% YoY after adjusting for LTCG tax changes; profit attributable to owners was ₹4,992.87 crore.

• Earnings per share for the quarter stood at ₹3.99, up from ₹3.93 last year.

• Resilient results achieved despite subdued demand, heavy rains, high food inflation, and input cost escalation.

Financial highlights

• Gross revenue: ₹20,360 Cr (+16% YoY); Net revenue: ₹19,121 Cr (+16.9% YoY); total income: ₹22,897.85 crore.

• EBITDA: ₹6,335 Cr (+4.9% YoY); PBT: ₹6,847.95 Cr; PAT: ₹5,078 Cr (+3.1% YoY).

• Segment revenue growth: Agri Business +47%, Hotels +12%, FMCG Cigarettes +7%, FMCG Others +5%, Paperboards +2%.

• Net cash from operating activities for H1 FY25 was ₹5,738.84 crore.

• Dividend payout during H1 FY25 was ₹9,367.04 crore.

Outlook and guidance

• FY25 GDP expected to grow by 7.2% (vs 8.2% in FY24); India remains resilient amid global uncertainties.

• The company continues to invest in brand building, especially in personal care and packaged foods, to support future growth.

• Key monitorables: food inflation, rural recovery, capital expenditure, consumer sentiment, and wage growth.