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ITC shares fall by 3% after announcement of Q3 results

Shares of ITC Ltd on Friday fell by 3%, eroding Rs 8,786 crore from its market valuation, after the company’s December quarter earnings failed to cheer investors. The stock ended the day 2.78% lower at Rs 257.50 on BSE. During the day, it lost 3.2% to Rs 256.35. On NSE, shares of the company declined by 3% to settle at Rs 257.40.

The company’s market valuation plunged Rs 8,786.55 crore to Rs 3,12,247.45 crore. On the volume front, 18.33 lakh shares of the company were traded on BSE and over two crore shares changed hands at NSE during the day. Diversified group ITC Ltd today reported a 5.71% increase in standalone net profit at Rs 2,646.73 crore for the third quarter to December as its cigarette business continued to face headwinds, coupled with demand slowdown following demonetization.

The company had posted a net profit of Rs 2,503.76 crore during the same period last fiscal. Total income from operations was up 4.69% at Rs 13,569.97 crore for the quarter under review, as against Rs 12,961.85 crore in the previous fiscal, ITC said in a BSE filing. Revenue from the FMCG business, including cigarettes, increased by 2.51% to Rs 10,857.23 crore from Rs 10,591.22 crore in the same quarter a year ago. During the quarter, revenue from cigarettes went up 2.24% to Rs 8,287.97 crore from Rs 8,106.31 crore in the year-ago period.