On 17th January 2014, ITC posted an impressive performance during the third quarter. The healthy top line growth and high quality earnings is commendable when viewed against the backdrop of the highly challenging business context in which it was achieved, namely, the significant deceleration in consumption expenditure, sustained high inflationary conditions and the steep increase in taxes/duties on Cigarettes.
The new FMCG businesses register a healthy revenue growth of 16.4%. Segment Profits at Rs. 10 crores driven by enhanced scale and improvement in operating leverage.Hotels Business records significant improvement in profitability aided by superior performance by ITC Grand Chola. Agri Business profits grow 19.0% driven by higher realisation and superior mix. Paperboards, Paper & Packaging Segment Revenue up 18.2% driven by recent capacity additions in paperboards and packaging. Price and cost control actions partially mitigate the impact of steep hike in input prices.
Gross Revenue for the quarter grew by 12.9% to Rs. 12223.44 crores driven by the new FMCG businesses and the Paperboards, Paper & Packaging segment. During the quarter, Profit Before Tax increased by 16.3% to Rs. 3440.30 crores while Net Profit at Rs. 2385.34 crores registered a growth of 16.3%. Earnings Per Share for the quarter stood at Rs. 3.01.
http://www.itcportal.com/media-centre/press-releases-content.aspx?id=1442&type=C&news=Net-Profit-up-163
