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ITC Limited delivered a resilient performance during the year amidst a challenging macroeconomic and operating environment on a high base (FY23 Gross Revenue and EBITDA grew 17.6 per cent and 26.5 per cent respectively).  

Overall for FY 2023-24, Gross Revenue and EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) stood at Rs 69,446.20 crore and Rs 24,478.61 crore respectively, the company said in a statement.

Profit Before Tax and Exceptional items, at Rs 26,323.34 crore, grew by 6.7 per cent over the previous year on a high base (growth of 24.4 per cent in FY23 ).

During the year, the company reassessed its provisions relating to uncertain tax positions for earlier years based on a favourable order of the Supreme Court received during the year which resulted in a credit of Rs 468.44 crore in the Current Tax expense for the year.

Profit After Tax grew by 8.9 per cent to Rs 20,421.97 crore (Rs 18,753.31 crore in the previous year ). Total Comprehensive Income for the year stood at Rs 22,703.03 crore (previous year Rs 18782.57 crore). Earnings Per Share for the year stood at Rs 16.39 (Rs 15.15 in the previous year).

The Board of Directors of the company has recommended to the shareholders for their approval on a Final Dividend of Rs 7.50 per share for the financial year ended March 31, 2024. Together with the Interim Dividend of Rs 6.25 per share paid on February 27, 2024, the total dividend for the financial year ended March 31, 2024 amounts to Rs 13.75 per share. Total cash outflow on account of dividend (including Interim Dividend of Rs 7799.45 crore paid in February 2024) will be Rs 17,162.99 crore.

The FMCG-Others Segment delivered a resilient performance despite weak demand conditions and a significant increase in competitive intensity from regional/local players. Sustained margin expansion on the back of premiumisation, delayering operations, agile cost management and judicious pricing actions led to robust growth in operating profits, ITC said. The cigarettes segment witnessed consolidation of volumes on a high base after a period of sustained growth momentum.

The hotel segment delivered a stellar performance, clocking record highs in revenue and profits.

The Paperboards, Paper & Packaging Segment had to contend with soft domestic and export demand conditions which significantly depressed net realisations, cheap Chinese supplies in international markets including India, an unprecedented escalation in domestic wood costs and high base effect, the company said in the statement.