ITC Q1 net profit up 10% to Rs 2,385 crore

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Kolkata | Updated: July 21, 2016 11:35:37 PM

FMCG firm ITC today reported an increase of 10 per cent in standalone net profit at Rs 2,385 crore for the first quarter ended June 30, 2016.

The company had posted a net profit of Rs 2,166 crore during the April-June quarter a year ago. (Reuters)The company had posted a net profit of Rs 2,166 crore during the April-June quarter a year ago. (Reuters)

ITC on Thursday reported a 10.01% year –on- year increase in its net profit to Rs 2,384.67 crore for the quarter to June FY 17 despite continuation of pressure on legal cigarette industry and sluggish demand in FMCG industry. Operating conditions in hotels, paperboards, paper and packaging segments also remained subdued, a company statement said.

Revenue from operations for the quarter stood at Rs. 13156.68 crores registering a 8.3% y-o-y growth, while profit before tax surged 10% y-o-y to Rs 3675.40 crore. Earnings Per Share for the quarter stood at Rs. 1.97. The basic and diluted EPS was adjusted consequent to the issue of bonus shares. The company issued and allotted 402,66,57,100 ordinary shares of Re. 1 each, as fully paid-up bonus shares in the proportion of 1 bonus share of Re. 1 each for every existing 2 ordinary shares of Re. 1 each.

According to an ITC statement Total Comprehensive Income (TCI) for the quarter stood at Rs. 2488.24 crores representing a 17.6% y-o-y growth. The higher growth in TCI, relative to net profit, is attributable to a positive swing of Rs. 148.34 crores in other comprehensive income. This is primarily on account of favourable movement in fair value of the company’s strategic investments in equity.

FMCG and other segment revenue grew 9.5% during the quarter with robust growth in agri business revenue driven by sales of wheat in domestic market and exports of tobacco leaf.

ITC has extended its Fabelle Chocolate Botique, launched in ITC Gardenia, Bengaluru, to other ITC hotels this quarter.

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