ITC is set to announce its Q4 FY25 (January–March 2025) results on May 22, 2025. The consumer goods conglomerate has shown steady performance over the past year. In this preview, we recap ITC’s last four quarters, highlight key trends, and discuss what analysts expect for Q4 FY25. We also examine the stock’s recent performance and latest investment rating.
Recent Quarterly Performance
Q4 FY24 (Jan–Mar 2024):
Consolidated revenue was about ₹19,446.5 crore (up ~2% YoY) and net profit was ₹5,120.5 crore (roughly flat). The cigarettes business grew ~7% YoY (revenue ₹8,689 crore). The board recommended a final dividend of ₹7.50 per share for FY24.
Q1 FY25 (Apr–Jun 2024):
Consolidated revenue was ₹20,029.6 crore (up ~7.5% YoY) and net profit was ₹5,091.6 crore (down ~0.3% YoY). ITC noted “resilient” FMCG and cigarette performance despite a challenging environment. Cigarette sales grew 5.8% (to ₹8,842 crore) with segment PBT up 6.3%.
Q2 FY25 (Jul–Sep 2024):
Consolidated revenue (net of excise) was ~₹20,736 crore (up ~15.6% YoY) and net profit was ₹4,992.9 crore (up 1.9%). The company described performance as “resilient” despite heavy rains and input cost inflation. All segments contributed, with the agri business notably strong.
Q3 FY25 (Oct–Dec 2024):
Revenue rose ~8% YoY to ₹20,350 crore, while net profit fell ~7% to ₹4,935 crore. The hotels segment (before demerger) saw sharp gains (15% revenue growth to ₹922 crore, PBT +43%). The profit dip was attributed to margin pressures even as cigarette and FMCG sales grew modestly.
ITC’s revenues in these quarters generally grew low-to-mid single digits (though Q2 saw high double-digit growth on a low base), while profits were flat to slightly lower. Cigarettes – the largest segment – showed consistent volume gains, and FMCG and other businesses held up reasonably well despite higher costs.
What to Expect in Q4 FY25
Analysts expect ITC’s Q4 FY25 revenue to be roughly flat or up just ~1% YoY, and net profit to decline about 5–7% YoY. A poll of brokerages projects average Q4 revenue ~₹16,588 crore (about 1.1% above last year) and net profit ~₹4,758 crore (down ~5.2%). These estimates imply a QoQ dip in profit from the stronger Q3 base.
Axis Securities forecasts Q4 profit of ₹4,643 crore (–7.5% YoY) on near-flat revenue of ~₹16,547 crore. Growth is expected from moderate increases in cigarette sales and FMCG turnover. For example, analysts foresee cigarette volume gains of 3–6% YoY in Q4, with some forecasts projecting ~4.5% volume growth and ~7% sales growth in cigarettes. In FMCG, staples and personal care segments might see low single-digit growth.
However, raw material inflation (e.g. tobacco, paper pulp, agri commodities) could squeeze margins. Segment analysts warn that the paperboard and FMCG other businesses may remain under pressure. Investors will watch the impact of rural demand versus urban demand and any changes in excise or taxation. The board is also likely to announce a final dividend for FY25, as it did for previous years.
Overall, given the mixed outlook, the consensus view is modest revenue growth but a profit fall, reflecting competitive pressures and cost inflation.
Stock Performance and Valuation
ITC’s share price has been relatively steady. As of May 21, 2025, ITC was trading around ₹434–435, close to its recent levels. Over the past three months, the stock has gained roughly 8.3%, outperforming some peers, and it remains well above its 52-week low (around ₹348), though below its high near ₹471. The stock’s 5-year return is about +147%, reflecting its long-term stability.
On valuation and quality, ValueResearchOnline gives ITC a 3-star overall rating. In its latest rating, ITC scores:
- Quality: 10/10
- Growth: 6/10
- Valuation: 4/10
- Momentum: 2/10
This implies that ITC is considered a very high-quality company (strong balance sheet, cash flows, etc.), but with only moderate expected growth and an expensive valuation. The low Momentum score reflects the lack of a recent price surge.
In short, ITC’s profile is that of a stable, cash-generating stock: highly rated for quality, but not seen as a fast-growth or deep-value pick in the current market. On the stock market, brokers rate ITC positively; most analysts have “buy/strong buy” views. The share’s modest recent gains and high dividend yield continue to attract long-term investors, even as near-term profit growth may be limited.
For detailed financial information, visit our stock page- ITC
Disclaimer: This article was written with the assistance of artificial intelligence. While our digital writer has been trained to follow our editorial style, we recommend applying a critical eye while reading. Enjoy the story — and keep smiling with understanding!
Ask Value Research 
New episodes every Friday 
New Process Alert 
Seems like you've uploaded a wrong QR code. Please upload the QR code downloaded from MF Central platform.
