ITC, Everyone's Favorite Meme Stock, Posts Solid Results, Twitter Erupts In Celebration
Despite robust third-quarter results announced yesterday, ITC has again become a meme stick for netizens. Read on as we unfold all that's happening.
Until a few days back, it seemed that the ¡®UnPopulist¡¯ Budget 2022 would be followed by a dull result by ITC on Thursday (3rd February 2022).
But in fact, it's the opposite that has happened.
Yesterday, ITC revealed its December quarter results, with the company posting strong performance for the third quarter.
This was followed by a rally in the ITC stock, which has at least provided the much-needed fuel in the near term.
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These December quarter results are expected to further provide support to the bullish sentiment currently developing for the ITC stock in the near term.
The Results
ITC reported a 14.81% year-on-year (YoY) increase in consolidated profit after tax (PAT) at ?4,118.80 crores in the December quarter (Q3), led by solid growth across segments such as cigarette, Agri and hotels businesses.
Here are the highlights of the December quarter results, as posted by ITC on Twitter.
#Highlights - ITC #Financialresults for the Quarter Ended December 31, 2021 #ITCFY2022
¡ª ITC Limited (@ITCCorpCom) February 3, 2022
Media Statement - https://t.co/yojOJegBDY
Third Quarter Presentation - https://t.co/5jZjFVlzRy https://t.co/MHx2PeoKnB
1/3 pic.twitter.com/OPLkusctGo
3/3 pic.twitter.com/190Wky45gK
¡ª ITC Limited (@ITCCorpCom) February 3, 2022
Social Media Couldn't Keep Calm
Ever since the ITC announced its robust results yesterday, which included an interim dividend of ¡®?5.25 per share¡¯, social media couldn't keep calm.
Certainly, the results have been impressive, resulting in many Netizens celebrating it and now hoping that this proves to be the much-needed fuel to fire up ITC stock¡¯s price in the coming days.
Even the "slight surge" in ITC stocks yesterday, which in itself is an unusual sight for ITC stockholders, was a talking point for most memes, with some even linking it to the Budget.
Here are some tweets that flooded the internet yesterday when ITC began trending.
#ITC Q3 net profit rises 15% also dividend of ~?5
¡ª Rishabh Jain ?? (@ImRish_rj07) February 3, 2022
Holders ?? https://t.co/aGWZJPZpfl pic.twitter.com/CdI4IzgEa1
#ITC stock be like... main chalega nahi! pic.twitter.com/WWVZzBCnnJ
¡ª Stocktwits India (@StocktwitsIndia) February 4, 2022
ITC declares an interim dividend of Rs5.25/share.
¡ª Vaibhav Khandelwal (@vaibhavkh15) February 3, 2022
Which is higher than its monthly moving range.?
(hyperbole) #ITC
#ITC shareholders today after great #Q32022 results pic.twitter.com/3Y9q7WtKEF
¡ª Srishti Jain (@doc_srishti) February 4, 2022
Maybe the precise reason why #Budget2022 had no tinkering in income tax slabs & no extra taxes on cigarettes #LOL #ITC @dmuthuk pic.twitter.com/jKoCxgmNbW
¡ª ?????? ??????? : Advait (@WealthEnrich) February 2, 2022
Hotels Returning Back To Profit
In what can be seen as a ray of sunshine for the travel industry, the results of ITC showed that ITC hotels returned to profit with occupancy returning to pre-pandemic levels.
Revenues from the segment stood at ?496 crore and pre-tax profit was ?53 crore compared to a pre-tax loss in the year-ago period.
And now with the third wave seeming to have crossed its peak, the travel industry might be hopeful for the much-needed boost in demand.
Also Read: India Makes Crypto Legal By Levying 30 Percent Tax Which Gives Social Media An Excuse To Make Memes
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