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ITC shares gain 3% after Q1 results. Here’s why Nomura upgraded the stock to Buy
ITC shares rose 2% after the FMCG major reported June-quarter results, despite a 27% YoY decline in standalone net profit. Revenue grew 28%, while Nomura upgraded the stock to Buy, citing an attractive risk-reward profile and potential recovery in cigarette profitability. ITC also warned that imported inflation, a weak monsoon, lower kharif sowing and West Asia tensions could pose near-term risks.
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economictimes.indiatimes.com
ITC Q1 Results: Standalone profit falls 27% YoY to Rs 3,579 crore, but revenue grows 28%
ITC's net profit declined twenty-seven percent year-on-year for the first quarter. Revenue from operations, however, saw a significant twenty-eight percent increase during the…
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thehindubusinessline.com
ITC profit falls as cigarette tax hike weighs
ITC's quarterly profit drops 27% to ₹3,579 crore due to cigarette tax hikes impacting margins and demand.
