ITC tanks 5% as BAT mulls stake sale
Shares of ITC drop 5% as British American Tobacco reviews its stake.
Shares of ITC drop 5% as British American Tobacco reviews its stake.
Post analysts meet, Prabhudas Lilladher has maintained ‘Accumulate’ rating on ITC shares, while Emkay Global Financial and Jefferies have retained ‘Buy’ ratings.
ITC posted 34% YoY growth in consolidated net profit at ₹4,389.76 crore in Q1 FY23; revenue from operations grew 37.2% to ₹20,152 cr
The revenue from the cigarettes business fell by 41.6% to ₹5,127.6 crore.
The FMCG giant’s profit for the quarter ended March 31, 2018 rose almost 10% year-on-year, driven by strong earnings from cigarettes.