ITC Ltd. reported a fall in net profit in the third quarter of the current financial year, even as it met street expectations. Standalone net profit fell nearly 10% to Rs 5,089 crore in the October-December quarter, compared to Rs 5,638 crore in the year-ago period, according to a stock exchange filing on Thursday. Analysts consensus estimates compile by Bloomberg projected Rs 5,234 crore.
The company had to make a one-time provision of Rs 273.83 crore with respect to increase in liability of gratuity and compensated absences, primarily arising due to change in definition of wages under the New Labour Codes.
ITC Q3 Results (Standalone, YoY)
- Revenue up 6% at Rs 18,017 crore versus Rs 17,053 crore (Estimate: Rs 18,286 crore)
- EBITDA up 7.6% at Rs 6,271 crore versus Rs 5,828 crore (Estimate: Rs 6,273 crore)
- Margin at 34.8% versus 34.2% (Estimate: 34.3%)
- Profit down 10% at Rs 5,089 crore versus Rs 5,638 crore (Estimate: Rs 5,234 crore)
The board approved an interim dividend of Rs 6.5 per share.
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