ITC (ITC) Q2 26/27 earnings summary

Executive summary

• Consolidated net revenue rose 5.1% YoY to ₹20,454 crore; EBITDA fell 15.7% and PAT declined 18.5%, with cigarette-tax pressure weighing on results.

• Non-cigarette businesses grew 18% in revenue, led by FMCG Others and Paperboards, Paper & Packaging.

Financial highlights

• Consolidated gross revenue increased 44.6% to ₹30,431 crore; consolidated Q2 revenue from operations was ₹30,578.40 crore, while net revenue was ₹20,454 crore.

• Consolidated EBITDA declined 15.7% to ₹5,645 crore; PBT and PAT before exceptional items fell 17.0% to ₹5,720 crore and ₹4,249 crore, respectively.

• Consolidated Q2 PAT was ₹4,229.33 crore, down from ₹5,186.55 crore YoY; H1 revenue from operations was ₹60,101.70 crore and PAT was ₹8,738.12 crore.

• Standalone net revenue rose 3.1% to ₹18,449 crore; EBITDA fell 17.4% to ₹5,160 crore and PAT declined 20.1% to ₹4,137 crore.

Segment performance

• FMCG Others consolidated revenue rose 19% YoY (LTL 17.3%; ex-Atta 23%); segment PBIT grew 27.8% to ₹558 crore, with margin expansion despite input-cost inflation.

• Cigarettes revenue rose 78.1% to ₹15,536 crore, while net revenue fell 21%; consolidated Q2 segment results declined to ₹4,044.49 crore from ₹5,462.10 crore YoY amid higher taxes.

• Agri revenue rose 12.0% to ₹4,452 crore and segment results increased 11.2% to ₹511 crore; VAAP growth was led by spices and fruits & vegetables.

• Paperboards, Paper & Packaging revenue grew 35.9% to ₹3,016 crore and segment results rose 47.6% to ₹282 crore; LTL revenue increased 10% and PBIT rose 52%.

• Consolidated Q2 segment results were ₹576.69 crore for FMCG Others, ₹518.41 crore for Agri Business and ₹273.32 crore for Paperboards, Paper & Packaging.