ITC to Announce Q4 FY23 Earnings and Final Dividend Recommendation on May 18 as Shares Rally to Record Highs

 

• ITC, the leading FMCG firm, is set to announce its quarterly earnings report for the Q1 2023 on May 18, 2023. The company's Board of Directors will also recommend the final dividend on the same day. The announcement has generated a lot of interest and attention among investors and analysts, and everyone is eagerly waiting to know the outcome.

• ITC's shares witnessed a minor dip recently, closing at ₹423.90 apiece on BSE on May 9, 2023. However, in the last one month, ITC broke its 52-week-high record several times and outperformed Infosys and HDFC, making its way to the list of top 10 mcap firms. Last month, ITC surpassed Infosys to become the sixth-largest mcap firm, and beat HDFC in terms of market capitalization in the same month.

The company's share value has surged significantly, increasing by 27.39% YTD and 61.21% in the last one year on BSE, indicating its impressive performance in the market. The acquisition of 2,443 equity shares and 7,215 compulsorily convertible preference shares of Sproutlife Foods Private Limited last week is also considered a positive move by the experts.

In Q3FY23, ITC reported a 21% rise in its net profit, which amounted to ₹5,030 crore. Additionally, its revenue for the same period stood at ₹16,226 crore. The company's operating profit, or EBITDA, also increased significantly by 25% YoY to ₹5,183 crore. Furthermore, its operating margins rose by 31.95%, indicating a strong performance in the market.

The experts attribute ITC's success to its expansion in Tier III cities and rural areas. The expansion into rural areas is seen as one of the crucial driving factors behind its revenue growth, which has boosted investors' confidence in the company. ITC's expansion strategy in rural areas is expected to result in higher profits in the long run, further driving its growth and success.

Looking ahead, the upcoming announcement of ITC's quarterly earnings report and the recommendation of the final dividend by the Board of Directors on May 18, 2023, will likely generate considerable interest in the market. Investors and analysts are looking forward to the company's performance and future prospects.

Overall, ITC's impressive performance in recent quarters has made it one of the top FMCG firms in the country, and investors are keeping a close eye on its growth prospects. ITC's expansion into rural areas and its strong financial performance are significant factors that have contributed to its success in the market.