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ITC Addresses Economic Challenges Amid Improved Margins

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Rafia Tasleem
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ITC Addresses Economic Challenges Amid Improved Margins

Sanjiv Puri, a representative of Indian multinational conglomerate ITC Ltd., recently spoke on CNBC TV18 about the current economic challenges faced by the company. Puri highlighted that many of these challenges are external, specifically pointing to underperformance in major parts of the world, including China and Europe, which is negatively impacting India's export growth.

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ITC Navigating Through External Economic Pressures

Puri's commentary provides a window into the economic atmosphere India's businesses are grappling with. Despite international pressures resulting from geopolitical economic underperformance, ITC has reported an improvement in margins starting from the second quarter. The company's stock last traded at Rs 460.00, moving down by -0.70% from its previous close of Rs 463.25, in a market where only 0.92% of trading sessions saw intraday gains higher than 5% in the last 19 years.

ITC's Financial Performance Amidst Challenges

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ITC Ltd., operating in the Tobacco sector since its incorporation in 1910, has expanded into various other sectors including Packaged Food Item, Agricultural Products, Paper & Paper Boards, and others. Despite the external economic pressures, the company reported a Consolidated Total Income of Rs 18,439.35 Crore for the quarter ended 30-09-2023, marking a 3.09% increase from the last quarter and a 4.99% rise from the same quarter last year. Furthermore, the company has reported a net profit after tax of Rs 4,955.90 Crore in the latest quarter, demonstrating its resilience amidst the external economic challenges.

Outlook for the Future

The outlook for ITC and similar multinational companies continues to evolve amidst these challenging times. With external pressures persisting, companies are expected to adapt and navigate through these challenges with innovative strategies and robust business models. Puri's commentary on ITC's performance and the challenges it faces offers insight into the strategies that large multinational corporations are employing to weather the storm of international economic volatility.

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