ITC Ltd. on Aug. 2 reported weaker-than-expected earnings for the first quarter of fiscal 2020 despite posting growth in profit during the three months.
The Indian tobacco company posted first-quarter diluted EPS of 2.57 Indian rupees, up from 2.29 rupees in the year-ago period but below the S&P Global Market Intelligence consensus normalized EPS estimate of 2.63 rupees.
Profit for the three months to June 30 increased year over year to 31.74 billion rupees from 28.19 billion rupees, while total comprehensive income climbed to 29.61 billion rupees from 28.97 billion rupees.
Revenue from operations rose to 115.03 billion rupees from 108.75 billion rupees in the year-ago period, driven by growth across all of the company's business segments.
Revenue in ITC's fast-moving consumer goods segment totaled 84.93 billion rupees, while its hotel segment revenue came in at 3.92 billion rupees. The company's agribusiness segment revenue reached 36.11 billion rupees. Its paperboards, paper and packaging segment recorded 15.28 billion rupees in revenue.
As of Aug. 1, US$1 was equivalent to 68.94 Indian rupees.