Cigarettes-to-hotels conglomerate ITC Ltd on Thursday reported a 23% year-on-year rise in its consolidated net profit at ₹5,175 crore for the quarter ended March 31, 2023. This compares with ₹4,195 crore profit clocked in the year-ago quarter and ₹5,006 crore profit in the December quarter.

Revenue from operations grew 5% year-on-year to ₹19,058 crore during the fourth quarter compared with ₹17,754 crore in the corresponding period last year.

The ITC board recommended a final dividend of ₹6.75 and a special dividend of ₹2.75 per equity share. Together with the interim dividend of ₹6 per share, the total dividend for FY23 would be ₹15.50.

If approved by shareholders at the company's annual general meeting (AGM), the dividend will be paid between August 14 and 17 to eligible members. The board has finalised May 30 as the record date to determine the eligibility of shareholders.

Reacting to Q4 results, shares of ITC fell 2.05% to ₹418 apiece on the National Stock Exchange (NSE), taking its market capitalisation to ₹5.20 lakh crore.

The fast-moving consumer goods giant entered the elite club of companies with a market cap of over ₹5 lakh crore in April. The FMCG stock has jumped 26% on a year-to-date basis and 52% over the past year.

Revenue from ITC's cigarettes business rose 13% year-on-year to ₹8,082 crore for the March quarter as compared with ₹7,177 crore in the same period last year.

ITC's agriculture business revenue declined to ₹3,607 crore in the fourth quarter from ₹4,375 crore in the corresponding period last year.

Revenue from the hotel business almost doubled to ₹808.72 crore during the January-March quarter as against ₹407.42 crore in the year-ago quarter.

ITC's board today approved the appointment of Alka Marezban Bharucha as a director and also as an independent director of the company for a period of five years with effect from August 12, 2023. It also appointed Hemant Malik as a director and also as a whole-time director of the company for a period of three years with effect from August 12, 2023.

Ahead of Q4 earnings, global brokerage CLSA had raised the target price of FMCG company's stock to ₹430 from ₹415 earlier. The agency maintained an 'outperform' rating on the stock, citing its better capital allocation and higher margin trajectory from FMCG business.

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ITC Q4 profit rises 23% to ₹5,175 crore