ITC Posts 18% Rise In Q3 Net

Kolkata, Jan 30: | Updated: Jan 31 2004, 05:30am hrs
ITC Ltd on Friday reported a 12 per cent growth in profit before tax (PBT) and 18 per cent in profit after tax (PAT) for the quarter to December 31, 2003, compared with the same quarter of the previous year.

Profit after tax in the latest quarter was Rs 381 crore on a net sales turnover of Rs 1,665 crore, against Rs 324 crore on Rs 1,502 crore for the same period of the previous year. Other income increased by 22 per cent to Rs 42 crore.

Pre-tax profit was Rs 567 crore in the latest quarter, against Rs 506 crore in the same quarter of the previous year. Earnings per share for the quarter was Rs 15.38.

Three of the companys four main segments fast-moving consumer goods (FMCG), hotels, paperboards and specialty paper, and agribusiness reported strong growth. But agribusiness was impacted by slower marketing of the current Mysore leaf tobacco crop and delayed exports shipments of soya.

Net profit for the nine months to December 31, 2003, was Rs 1,206 crore against Rs 1,048 crore recorded during the corresponding nine months of the previous fiscal. This came on a net income of Rs 4,757 crore, against Rs 4,455 crore during the same period of the previous fiscal.

In cigarettes, the company extended market coverage of the recently- launched brands. In others under FMCG, topline grew by over Rs 50 crore in the third quarter and by Rs 151 crore in the nine months.

Others covers branded packaged foods, lifestyle retailing, greeting cards & gifts, and safety matches.

In hotels, third-quarter revenues hit Rs 71 crore, a growth of 31 per cent on the same period of the previous year.

In paperboards, paper and packaging, ITC signed a deal during the third quarter to acquire BIPCOs unit near Coimbatore for Rs 233 crore.

In agri-business, ITC continued to build its IT-backed rural distribution infrastructure in support of its FMCG growth strategy.