Strong Q1 earnings propel ITC to a fresh 3-year high, stock gains 3%

Analysts believe ITC would be able to continue to grow in high single digit in cigarettes & log a double-digit growth in all the other segments going forward.

Shares of ITC hit a fresh over three-year high at Rs 316.65, up 3 per cent on the BSE in Tuesday’s intra-day trade after  cigarettes-to-hotels major reported better than expected sales growth momentum across businesses for the quarter ended June 2022 (Q1FY23). The stock traded at its highest level since September 2018.

ITC reported a 38 per cent year-on-year (YoY) growth in its consolidated net profit, which came in at Rs 4,169 crore, amid growth across segments. In the year-ago period, profit stood at Rs 3,013 crore. Net sales came in at Rs 18,164 crore, up 41 per cent YoY