ITC (ITC) Q3 24/25 earnings summary

Executive summary

• Achieved resilient Q3 FY25 performance with best-ever Hotels results, strong Agri and Cigarettes growth, and board approval of unaudited results.

• Demerged Hotels business (ITCHL) effective Jan 1, 2025; now an associate with 39.88% stake, listed on NSE and BSE Jan 29, 2025.

• Interim dividend of ₹6.50 per share declared, record date Feb 12, 2025, payout in March.

Financial highlights

• Gross Revenue up 8.4% YoY to ₹18,953 cr; Net Revenue up 8.6% YoY to ₹17,726 cr; Standalone Q3 revenue ₹18,290.24 cr.

• EBITDA up 2.9% YoY to ₹6,197 cr; PAT up 1.2% YoY to ₹5,638 cr; Standalone Q3 net profit ₹5,638.25 cr.

• Consolidated Q3 revenue ₹20,349.98 cr (up from ₹18,520.00 cr YoY); consolidated Q3 net profit ₹5,013.18 cr.

• Hotels (discontinued) Q3 revenue up 14.6% YoY to ₹931.29 cr, PBT up 43.4% YoY; EBITDA margin at 40%.

• EPS (consolidated, Q3): ₹3.95 (basic, continuing & discontinued).

Outlook and guidance

• Macro environment stable but with muted consumption, elevated food inflation, and external headwinds.

• Focus on growth in FMCG, Paperboards & Packaging, and Agri Business; strategy anchored on core competencies.

• Union Budget 2025 emphasizes capex, consumption, rural prosperity, and fiscal consolidation.

• Key monitorables: food inflation, rural recovery, urban consumption, external account, and fiscal deficit.