ITC gains 4% after March quarter results; most brokerages maintain 'buy' 

 

Shares of ITC, the diversified conglomerate, gained as much as 4 per cent to Rs 203 apiece on the BSE on Monday after the company on Friday reported a 7.75 per cent drop in its profit before tax (PBT) at Rs 4,743.47 crore for the quarter ended March 31. The fall in PBT was due to a sharp decline in consumption, especially in rural areas due to the Covid-19 pandemic.

The company posted a 4.93 per cent decline in its revenue from operations at Rs 12,560.64 crore during the quarter.

ITC's net profit, however, rose 9.18 per cent to Rs 3,926.72 crore, owing to tax adjustments following the reduction in corporate tax rates last year.

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