ITC Q2 profit jumps 10% to ₹4,927 cr
The tobacco-to-hotel conglomerate's revenue from operations stood at ₹17,705.08 crore.
The tobacco-to-hotel conglomerate's revenue from operations stood at ₹17,705.08 crore.
ITC Hotels' demerger is expected to be completed by Sep'24, while the listing of the new entity is expected to take place in Nov'24.
During the quarter under review, the company’s standalone profit surged 17.6% year-on-year (YoY) to ₹4,902.74 crore as against ₹4,169.38 crore in the same period last year.
Shareholders seemed to be unhappy with demerger ratio as they would not get one share against each share they are holding in ITC.
ITC will hold a stake of about 40% in the new entity and the balance shareholding of about 60% to be held directly by the company's shareholders
The company has launched a listening engine, Sixth Sense, which tells what people are talking about. It listens to social conversations and picks up not just consumption trends but also concerns.
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
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