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

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

ITC registered standalone net income of Rs 2,932.71 crore which surged by 9.86% compared to Rs 2,669.47 crore in the corresponding period of the previous year.

Revenue from total FMCG business, including cigarettes, was Rs 7,988.27 crore in January-March 2018 against Rs 11,840.70 crore in the corresponding quarter of the last fiscal.

Total expenses stood at Rs 6,996.46 crore against Rs 11,363.78 crore in the fourth quarter of 2016-17.

Revenue from the sale of cigarettes dropped by almost 45 per cent to Rs 4,936 crore (Rs.8,955 crore).

"Gross sales value excluding agri business grew by 5.7 per cent driven by FMCG others and hotels".

Total income in the quarter under review stood at Rs 11329.74 crore, down 26 per cent from Rs 15410.92 crore in the corresponding period past year.

ITC undertook cost management initiatives across its business verticals, it said.

Revenue from cigarettes during the March quarter fell by nearly 45 per cent to Rs 4,936.45 crore over Rs 8,954.94 crore in same period of previous fiscal.

The board of directors recommended an ordinary dividend of Rs 5.15 per share for the year ended March 31, 2018.

On its revenue from hotels business, the company said the growth in segment revenue during the year was subdued at 5.6 per cent reflecting inter alia the overhang of excess room inventory and the impact of highway liquor ban.

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.

The company on Wednesday said the agri business was affected by factors such as adverse quality of Andhra Pradesh leaf tobacco crop, limited trading in commodities such as wheat, soya and coffee and high base effect of imported wheat trading.

In comparison, it had reported a 16.75 per cent increase in its net profit at Rs 3,090.20 crore for the quarter ended December 31, 2017. ITC's shares were trading firm at Rs285.75 each on BSE, up 1.4% at 2.45pm in a weak market.

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