ITC net falls 11.57% to Rs 3,663 crore

By: |
February 12, 2021 8:46 AM

The cigarette-to-FMCG-to-hotel major had posted a Rs 4,141.93 crore net profit for the third quarter last fiscal.

ITCHotels business posted a 57.4% y-o-y decrease in its revenue at Rs 235.20 crore, while the segment posted a Rs 67.33 crore operating loss.

Diversified conglomerate ITC on Thursday reported an 11.57% year-on-year fall in its standalone net profit to Rs 3662.85 crore for the third quarter ended December 31, 2020, although its gross revenue from sale rose 4.86% y-o-y.

The cigarette-to-FMCG-to-hotel major had posted a Rs 4,141.93 crore net profit for the third quarter last fiscal. Gross revenue from sale for the period October-December last year stood at Rs 1,2491.63 crore as against Rs 1,1912.16 crore for the same period previous year, according to the company’s stock exchange filing. During the period under review, the conglomerate’s tax expenses rose 32.59% y-o-y at Rs 1,184.79 crore.

During the third quarter this fiscal, revenue from the company’s cigarette business rose 3.53% y-o-y at Rs 5498.43 crore, while operating profit from the segment decreased by 8.1% y-o-y at Rs 3452.76 crore during the period, according to the stock exchange filing. During the quarter under review, non-cigarette FMCG business registered 7.5% y-o-y growth in its revenue to Rs 3,561.83 crore, while the segment posted a whopping 92.69% y-o-y growth in operating profit at Rs 207.38 crore during this period. Hotels business posted a 57.4% y-o-y decrease in its revenue at Rs 235.20 crore, while the segment posted a Rs 67.33 crore operating loss.

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