ITC gains 1% as Q2 earnings beat forecast

FMCG major ITCgained on Friday after reporting better-than-expected Q2 earnings. It reported a growth of 21.27% in net profit for the quarter ended September, 2012 helped by healthy revenue growth and expansion in margins.

During the quarter, the net profit rose to Rs 18.36 billion as compared to Rs 15.14 billion in the same period last year. During the quarter, net sales of the company grew 19.61% to Rs 71.46 billion, while total income went up 18.65% to Rs 72.27 billion, when compared with the same period last year.

Operating profit margin during the quarter increased 146 bps to 33.85% from 32.39 for the same period last year.

Shares ofthe companyare trading at Rs 294.50, up Rs 3.1, or 1.06% at the Bombay Stock Exchange (BSE) on Friday at 1:21 p.m.The scrip has touched an intra-day high of Rs 297.90 and low of Rs 290.90. The total volume of shares traded at the BSE is 728,222.In the earlier session, the shares gained 1.32%, or Rs 3.8, at Rs 291.40. Currently, the stock is trading all time 52-week high, which is above 55.49% over the 52-week low of Rs 189.40.

Share Price Movement Period Pricein Rs Gain/(Loss) in Rs in % 1 Week 283.00 8.40 2.97 1 Month 254.10 37.30 14.68 3 Months 252.90 38.50 15.22 6 Months 245.30 46.10 18.79 1 Year 205.20 86.20 42.01 Note: Based on previous day closing price.