ITC Q1 Profit Drops 27% Amid High Taxes and West Asia Crisis Impact
ITC reported a 27% year-on-year decline in its first-quarter net profit, primarily driven by record-high taxes on cigarettes, which is its core business. Additionally, the ongoing West Asia crisis hampered the company's agri-business exports. On a positive note, the FMCG segment demonstrated resilience, showing growth in both revenue and profit. Despite inflationary pressures, consumption levels remained steady in both rural and urban markets, providing some stability to the company's overall diversified portfolio during this challenging quarter.
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