Brands
ITC’s Q3 smoke signals mixed as profit flattens, costs rise
MUMBAI: When the smoke cleared, the numbers told a steadier story than expected. FMCG and tobacco major ITC reported a largely flat performance in the December quarter of FY26, with consolidated net profit inching in at Rs 4,931 crore, almost unchanged from Rs 4,935 crore a year ago.
On a quarter-on-quarter basis, profit slipped 3.8 per cent from Rs 5,126 crore in Q2 FY26, weighed down by higher raw material costs and a one-time hit linked to the implementation of new Labour Codes. The company said it recognised a past service cost of Rs 354.58 crore during the quarter, reflecting higher gratuity and compensated absence liabilities following changes in wage definitions.
Revenue, however, offered some cheer. ITC’s revenue from operations rose 7.1 per cent year on year to Rs 21,577.58 crore, compared with Rs 20,140.15 crore in the same quarter last year. Sequentially, revenue grew 2.5 per cent from Rs 21,047.45 crore, supported by steady demand across key businesses.
Earnings before interest, tax, depreciation and amortisation stood at Rs 6,883 crore, up 8.2 per cent year on year, pointing to resilient operating performance despite cost pressures.
Cigarettes remained a key growth engine, with FMCG cigarette revenue rising 7.9 per cent year on year to Rs 8,791 crore. FMCG others clocked an 11 per cent increase to Rs 6,020 crore, while the agri business grew 6.3 per cent to Rs 3,560 crore. The paperboards, paper and packaging segment posted a modest 2.7 per cent rise in revenue to Rs 2,202 crore.
Even as the numbers held firm, ITC flagged fresh concerns on taxation. The company warned that recently announced changes to cigarette duties could accelerate illicit trade. From February 1, the Centre will replace the compensation cess with an additional excise duty ranging from Rs 2.05 to Rs 8.50 per stick, depending on cigarette length, on top of the existing 28 per cent GST.
ITC cautioned that steep tax hikes in the past have already made India the world’s fourth-largest illicit cigarette market, accounting for nearly one-third of the legal industry and causing an estimated annual revenue loss of Rs 23,000 crore to the exchequer.
“The unprecedented increase in tax incidence will further fuel illicit trade and impact farmers, MSMEs, retailers and local value chains,” the company said in its filing.
Meanwhile, the board approved an interim dividend of Rs 6.50 per share, with February 4 set as the record date offering shareholders a small puff of relief in an otherwise measured quarter.
Brands
Abhinav Rastogi named global marketing director for YouTube Shopping
Google veteran to scale creator commerce and expand shopping across global markets
SINGAPORE: Abhinav Rastogi has stepped into a new role as global marketing director for YouTube Shopping, marking the latest chapter in a more than decade-long career at Google.
Rastogi, who took on the position in February and is based in Singapore, will lead global marketing for YouTube Shopping, a platform designed to connect creators, viewers and merchants in a single ecosystem. His remit includes expanding the service into new markets and strengthening its positioning as a growth channel for both creators and brands.
In a reflective note on the transition, Rastogi pointed to a simple but powerful idea driving the role. For years, creators have quietly built trust with audiences through consistent and authentic content, and that trust often shapes purchasing decisions. What is changing now, he said, is the infrastructure around that behaviour. YouTube Shopping aims to make it easier for viewers to discover and buy products recommended by creators they already follow.
The scale is already significant. More than half a million creators have joined the programme, with recent expansion into Japan through a partnership with Rakuten signalling further global ambitions.
Rastogi believes the future of shopping on YouTube will be driven by a blend of creators, content and communities. In his view, it is the human voice behind the screen, not just the product, that ultimately builds trust and drives discovery.
Prior to this role, he served as director of marketing, YouTube Asia Pacific, where he led regional marketing across creator engagement, brand building and reputation. During that time, he played a key role in launching and scaling YouTube Shopping across eight markets in the region.
Earlier stints at Google include group product marketing manager, consumer apps, overseeing growth for products such as Search, Maps and Assistant across India and Southeast Asia, and product marketing manager roles spanning consumer apps and YouTube, where he contributed to launches including YouTube Music, YouTube Originals and YouTube Shorts.
Rastogi began his career in consulting with Boston Consulting Group and A.T. Kearney, before moving into the technology sector. He is an alumnus of Indian Institute of Management Calcutta and Indian Institute of Technology Kanpur.
Alongside his corporate role, he is also an active angel investor, backing early-stage startups in consumer technology and electric mobility across India and Southeast Asia.
As he settles into the new role, Rastogi is betting on a future where every video can double up as a storefront, and where commerce feels less like a transaction and more like a recommendation from a trusted voice.
