ITC Q1 net up 7.4 pct at Rs 2,560.5 cr

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Updated: July 28, 2017 5:16:52 AM

The cigarette business reported a revenue of Rs 8,774.18 crore for the quarter, compared with the Rs 8,230.60-crore revenue a year ago. While the cigarette business continued to remain subdued owing to pressure of higher taxes, the increased revenue came from the hike in cigarette prices made effective during the last quarter

 ITC, ITC Q1 net profit, food business, FMCG business, FMCG business in india, FMCG business post GST, agri-business, cigarette business, cigarette business in indiaThe company’s net profit stood at Rs 2,384.67 crore a year ago.

Diversified business conglomerate ITC on Thursday reported a 7.4 % year-on-year jump in its standalone net profit to Rs 2,560.50 crore for the quarter to June 2017, largely in line with analysts’ estimation. The company’s net profit stood at Rs 2,384.67 crore a year ago. Profit before tax increased 7.3 % y-o-y to Rs 3.944.58 from Rs 3,635.40 crore during the corresponding period last year. Continued ramp up of food business, higher agri-business revenues and strong performance in hotel business contributed to the growth in net profit on total income of Rs 14,277.19 crore, which grew 4% y-o-y. The company clocked a net revenue of Rs 13,800.42 crore for the quarter under review against the net revenue of Rs 13,253.06 crore a year ago. Basic earning per share increased to Rs 2.11 during the quarter under review from Rs 1.97 a year earlier.

The company’s cigarette business reported a revenue of Rs 8,774.18 crore for the quarter, compared with the Rs 8,230.60-crore-revenue in the year-ago quarter. While the cigarette business continued to remain subdued owing to pressure of higher taxes, the increased revenue came from the hike in cigarette prices made effective during the last quarter. Other FMCG business reported an income of Rs 2,600.89 crore for the quarter, compared with Rs 2,385.15 crore in the year-ago period.

The company’s revenues from other businesses such as hotels (Rs 304.89 crore), paperboards and packaging (Rs 1,359.52 crore) also reported growth in the quarter, although revenues from agri-business was a tad down during the quarter compared to the revenue from a year-ago period. Revenue from agri-business was Rs 2,760.52 crore compared to Rs 2,794.08 crore a year ago.

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