Cigarettes-Tobacco Products company ITC announced Q2FY24 results: Financial Highlights: Gross Revenue reached Rs 17,549 crores, with a 3.4% YoY growth (excluding Wheat & Rice exports, up 8.9%). PBT was reported at Rs 6,514 crores, a 9.7% YoY increase. PAT showed a 10.3% YoY growth, reaching Rs 4,927 crores. Earnings Per Share for the quarter stood at Rs 3.96 (compared to Rs 3.61 in the previous year). Segment-Wise Performance: FMCG – Others: Segment Revenue experienced an 8.3% YoY growth on a high base. The Segment EBITDA margin expanded by 150 basis points (bps) YoY to 11.0%. Segment PBIT grew by 36.8% YoY. A 2-year Compound Annual Growth Rate (CAGR) for this segment was reported at 14.5%. Cigarettes Segment: Net Segment Revenue was up 8.5% YoY. Segment PBIT grew by 8.0% YoY. The segment continued to recover volumes from illicit trade, mainly due to deterrent actions by enforcement agencies. Hotels Business: Segment Revenue and PBIT grew by 21% and 50% YoY, respectively, despite a high base. The Segment EBITDA margin increased by 170 bps YoY to 30.7%. ITC Hotels had the honor of catering to prestigious events, including the G20 summit and the visit of the President of the United States. Agri-Business: Segment Revenue (excluding Wheat & Rice exports) saw substantial YoY growth of 26.4%. Segment PBIT increased by 3.3% YoY. The company actively engaged with farmers to build resilience against extreme weather events through the Climate Smart Agriculture program. Strong customer relationships and agile execution in Leaf Tobacco and Value Added Agri products continued to drive growth. Paperboards, Paper, and Packaging Segment: The segment faced challenges due to low priced Chinese supplies, muted demand in export markets, and a high-base effect. Sharp drop in net sales realization and global pulp prices were observed during the quarter. The project for augmentation of in-house chemical pulp capacity by approximately 20% was completed during the quarter. Result PDF