ITC Limited reported a 17.6% hike in net profit to Rs 4,903 crore for the first quarter ended June 30, 2023, on the back of strong demand for consumer goods in urban and rural markets. The company's revenue from operations increased by 5.9% to Rs 15,828 crore.
ITC's cigarette business continued to be the company's largest revenue generator, contributing 47.7% to the total revenue. The company's FMCG business also performed well, with revenue growing by 11.4%. ITC's hotels business saw a decline in revenue, but the company said that it was on track to achieve its target of 100 hotels by 2025.
ITC's chairman, Sanjiv Puri, said that the company was "pleased with the performance" in the first quarter. He said that the company's focus on innovation and brand building had helped it to maintain its leadership position in the consumer goods market.
Puri also said that the company was confident of meeting its target of Rs 1 lakh crore in revenue by 2030. He said that the company would continue to invest in its core businesses and would also look for new opportunities to grow.
Here are some of the reasons for ITC's strong performance in the first quarter:
- Strong demand for consumer goods in urban and rural markets.
- Innovation and brand building efforts of the company.
- Focus on cost optimization.
- Good performance of the hotels business.
ITC's strong performance is a positive sign for the Indian economy. It shows that the consumer demand is still strong and that the company is well-positioned to grow in the future.
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