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ITC Q2'20 earnings beat expectations

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ITC Q2'20 earnings beat expectations

India's ITC Ltd. on Oct. 24 posted better-than-expected earnings for the second quarter of fiscal 2020 as revenue climbed across all its business segments.

ITC, whose activities range from cigarette manufacturing to hotels, said diluted EPS for the three months to Sept. 30 came in at 3.27 Indian rupees, up from 2.40 rupees in the year-ago period and above the S&P Global Market Intelligence consensus normalized EPS estimate of 3.05 rupees.

Net profit for the period rose to 40.23 billion rupees from 29.55 billion rupees in the second fiscal quarter of 2019 while revenue from operations amounted to 118.71 billion rupees, compared to 112.73 billion rupees in the year-ago period.

Total revenue rose to 86.15 billion rupees from 81.86 billion rupees in ITC's fast-moving consumer goods segment, 4.27 billion rupees from 3.63 billion rupees in its hotel segment, 26.48 billion rupees from 22.20 billion rupees in its agribusiness and 15.65 billion rupees from 14.24 billion rupees in its paperboards, paper and packaging segment.

As of Oct. 23, US$1 was equivalent to 70.76 Indian rupees.