ITC shares drop nearly 3% after Q3 earnings

New Delhi: Shares of ITC Ltd on Friday dropped nearly 3 per cent after the firm reported 7.27 per cent decline in consolidated net profit for the December quarter.

The stock declined 2.66 per cent to Rs 429.65 on the BSE.

At the NSE, shares of the firm went lower by 2.62 per cent to Rs 429.50.

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

ITC Ltd on Thursday reported 7.27 per cent decline in consolidated net profit at Rs 5,013.16 crore for the December 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, according to a regulatory filing from ITC.

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.