ITC share price falls 2% post Q2 results

Here we are sharing a piece of big news with you ITC share cost descended almost 2% in early deals on Friday, 20 October 2023 on BSE, a day after the company released its July to September quarter (Q2) revenues. ITC Limited is an Indian conglomerate company headquartered in Kolkata. ITC has a diversified company across industries such as FMCG, hotels, software, perborates, agribusiness, packaging, and specialty paper. Since the news has come on the internet. Now many people are very curious to know about the news. In this article, we will try to give complete information about the news.

ITC Q2 results

ITC share price opened at 449.55 against the last close of 450.30 and fell 1.6% to the level of 443.25 in Friday’s trade so far. Since the news came on the internet it went viral on many social media platforms. Now fans must be super curious to know about the ITC Q2 results. Scroll down to the next page for more information about the news.

ITC Q2 results

On Thursday ITC reported a 10% YoY rise in its standalone net profit to 4,927 crore in the September quarter of FY24. The company’s income from functions stood at 17,705.08 crore against 17,159.56 crore a year ago period. ITC’s September quarter development was led by cigarettes and hotel business segments. Moreover, the firm reported strong performance in its FMCG segment with an 8.3% YoY rise in segment revenue in Q2 FY24. Scroll down to the next page for more information about the news.

Brokerages remain positive about ITC

Most brokerage firms retained their positive views on ITC stock after the company’s impressive show in the cigarette and FMCG segments. Let’s take a look at what they say:

Motilal Oswal Financial Services – Motilal Oswal decided it buy a call on ITC stock with a target cost of 535, implying a 19% upside target, and stated ITC’s profits visibility remains better than that of peers. “At a time when tension looms more than the industry, led by high inflation, erratic monsoons, and continued weak rural sales, ITC’s recovery in cigarette volumes offers decent profit visibility at affordable valuations and attractive dividend yield,” Motilal Oswal stated.

“ITC demonstrated healthy 23.5% EPS expansion in FY23 and we expect an EPS CAGR of nearly 12% more than the next two years as well. ITC’s earning outlook is better than other large-cap stable players in FY25 and also in terms of a two-year CAGR ending FY24. Here we have shared all the information that we had. Stay tuned to us for more updates.

Gurleen Kaur

I'm a science graduate from the Ahmadu Bello University, Nigeria. My passion for writing has brought me to into the field of content.