Tuesday, 22 January, 2019

ITC fourth-quarter net profit up 9.9 percent to Rs 2933 crore

ITC ITC Ltd ITC fourth-quarter net profit up 9.9 percent to Rs 2933 crore
Jean Garcia | 17 May, 2018, 04:39

Profit for the quarter ended March 31 came in at Rs 2,933 crore ($432.44 million) from Rs 2,669 crore reported a year ago, the company, which also makes biscuits and noodles under the Sunfeast brand, said.

Revenue from operations fell 28 per cent to Rs 10,813 crore, while excise duty paid was down about 94 per cent.

ITC Hotel Business EBIT stood was up 13 percent on year in quarter at Rs 75.4 crore, while FMCG other EBIT were up 64 percent at Rs 91.2 crore.

Agri-business profits dropped from Rs 134.92 crore to Rs 123.97 crore on the back of limited trading opportunities in agri-commodities such as wheat, soya, coffee and lower leaf exports during the quarter and also because of a higher base-effect in the year-ago period when the company engaged in imported wheat trading.

For FY18 period, ITC's posted net income of Rs 11,223.25 crore registering growth of 10.02% from Rs 10,200.90 crore in FY17, whereas revenue stood at Rs 44,329.71 crore which saw decrease of 20.05% from Rs 55,448.46 crore in FY17.

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While the cigarettes business came under pressure on escalation of tax incidence under the GST regime, the growth in gross sales value of the FMCG segment other than cigarettes was 11.3 per cent, driven by branded packaged foods, personal care, education and stationery products business.

ITC said it was making progress on the construction of hotels in Hyderabad, Calcutta and Ahmedabad and WelcomHotels in Guntur and Bhubaneshwar. It was at Rs 14,882.75 crore in the corresponding period of the last fiscal.

During the day, the Kolkata-headquartered company elevated chief executive officer and director Sanjiv Puri to the post of managing director, which was vacant following the retirement of Y C Deveshwar from his executive role in February 2017.

Shares of ITC closed at Rs 285.95 on BSE, up 1.47 percent from previous close.

The paperboards, paper and packaging segment was impacted by a slowdown in the legal cigarette industry, cheap imports and unutilised capacity of paperboards, ITC said.

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