ITC shares rise 2% after Q2 results

ITC Limited’s shares rose 2.24 per cent, or 10.55 points, to ₹482.75 on the NSE on Friday after posting a 16 per cent y-o-y increase in gross revenue to ₹22,282 crore in the July-September quarter.

ITC reported that its standalone net profit increased by about 3.1 per cent y-o-y to ₹5,078.34 crore.

The company stated that, despite a challenging operating environment, it remained resilient. During the quarter, it faced low demand, unusually high rainfall in some regions, significant food inflation, and a sharp increase in the cost of certain inputs, such as wood and leaves.

The company’s total expenses rose by 20.4 per cent to ₹14,661.29 crore, with the cost of materials used climbing 13.45 per cent y-o-y from ₹5,078.34 crore to ₹6,098.77 crore, according to a stock exchange filing.