ITC Shares Surge 3% After Earnings; Market Capitalization Climbs Rs 11,276 Crore

Shares of ITC jumped over 3 per cent on Thursday after the company reported an 11.60 per cent rise in consolidated net profit for the fourth quarter ended March.

The stock gained 3.43 per cent to settle at Rs 275.65 on the BSE. During the day, it jumped 4.74 per cent to its 52-week high of Rs 279.15.

At the NSE, it went up by 3.35 per cent to end at Rs 275.75 apiece.

The company's market valuation jumped by Rs 11,276.55 crore to Rs 3,39,690.55 crore on the BSE.

In volume terms, 23.54 lakh shares were traded at the BSE and over 7.82 crore shares at the NSE during the day.

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

The BSE benchmark index Sensex tumbled 1,416.30 points or 2.61 per cent to settle at 52,792.23.

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 March 2022, driven by all-around growth across verticals.

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

Consolidated revenue from operations was up 15.25 per cent at Rs 17,754.02 crore during the quarter under review, as 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 a revenue of Rs 7,177.01 crore, up from Rs 6,508.43 crore in the year-ago period.