ITC Shares Drop over 2% after Q3 Earnings

Shares of ITC Ltd on Friday ended over 2 per cent lower after the firm reported 7.27 per cent decline in consolidated net profit for the December quarter.

The stock dipped 2.38 per cent to settle at Rs 430.90 on the BSE. During the day, it declined 2.92 per cent to Rs 428.50.

At the NSE, shares of the firm went lower by 2.49 per cent to Rs 430.10.

The stock emerged as the biggest laggard among the Sensex and Nifty firms.

The company's market valuation dropped Rs 13,137.29 crore to Rs 5,39,129.60 crore.

ITC Ltd on Thursday reported 7.27 per cent decline in consolidated net profit at Rs 5,013.16 crore for the quarter on account of subdued demand and sharp escalation in input costs.

The company had posted a consolidated net profit of Rs 5,406.52 crore in the year-ago period, ITC said in a regulatory filing.

ITC's revenue from operations was up 9.05 per cent to Rs 20,349.96 crore in the December quarter. It was Rs 18,660.37 crore in the corresponding quarter of the previous fiscal year.

The company had a "resilient performance amidst a subdued demand environment & sharp escalation in input costs", ITC said in an earnings statement.