ITC Q1 profit plunges 27% due to record cigarette taxes and West Asia crisis
ITC's first quarter net profit declined twenty-seven percent year-on-year. Record taxation on cigarettes significantly impacted the company's core business operations. The West Asia crisis also negatively affected agri-business exports during the period. However, the FMCG segment showed resilience with revenue and profit growth. Consumption remained steady across rural and urban markets despite inflation concerns.
ITC's first quarter net profit declined twenty-seven percent year-on-year. Record taxation on cigarettes significantly impacted the company's core business operations. The West Asia crisis also negatively affected agri-business exports during the period. However, the FMCG segment showed resilience with revenue and profit growth. Consumption remained steady across rural and urban markets despite inflation concerns.
