ITC Shares Rally Nearly 5% To Hit 52-week High After Earnings

Shares of ITC rallied nearly 5 per cent in morning trade on Thursday after the company reported an 11.60 per cent rise in consolidated net profit for the fourth quarter ended in March 2022.

The stock jumped 4.74 per cent to its 52-week high of Rs 279.15 on the BSE.

At the NSE, it rallied 4.66 per cent to its 52-week high of Rs 279.25 apiece.

The surge in the counter assumes significance as the broader market was trading in the negative territory mirroring weak trends in global equities.

The BSE benchmark index Sensex was trading at 53,184.67, lower by 1,023.86 points or 1.89 per cent in morning deals.

ITC Ltd on Wednesday reported an 11.60 per cent rise in its consolidated net profit at Rs 4,259.68 crore for the fourth quarter ended in March 2022, driven by all-round growth across verticals.

The company had posted a net profit of Rs 3,816.84 crore during the January-March quarter of the previous fiscal, ITC said in a regulatory filing.

Consolidated revenue from operations was up 15.25 per cent to Rs 17,754.02 crore during the quarter under review compared to Rs 15,404.37 crore in the corresponding period of the previous fiscal.

ITC's total expenses were at Rs 12,632.29 crore, up 15.41 per cent in Q4/FY 2021-22, as against Rs 10,944.64 crore in the year-ago period.

During the quarter, the cigarette segment clocked revenue of Rs 7,177.01 crore, up from Rs 6,508.43 crore in the year-ago period.