ITC posts 18% jump in Q4 net

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Diversified group ITC on Friday posted a 18.16 per cent increase in standalone net profit at Rs 2,278.01 crore for the fourth quarter ended March 31, helped by lower expenses and rise in sale of low-priced cigarettes. The Kolkata-headquartered firm had posted a profit of Rs 1,927.9 crore in the year-ago period.

During the quarter, the firm’s overall expenses declined by 8.4 per cent to Rs 5,272.95 crore from Rs 5,757.77 crore in the corresponding quarter of previous year. ITC’s revenue from the FMCG business, including cigarettes, increased by 12.57 per cent to Rs 4,078.78 crore against Rs 3,623.23 crore in the fourth quarter of the previous year.

The net sales went up by 11.79 per cent to Rs 9,145.14 crore from Rs 8,180.30 crore in the year-ago period. The revenue from ITC’s non-cigarette FMCG increased 13.66 per cent from Rs 2,036.20 crore to Rs 2,314.51 crore. Revenue from hotels business grew marginally to Rs 320.51 crore from Rs 315.45 crore in Q4 FY13.

The firm reported a 16.86 per cent rise in annual net profit at Rs 8,891 crore from Rs 7,608 crore. The net sales rose 11.68 per cent at Rs 34,984.70 crore over Rs 31,323.45 crore in the previous financial year.

“The company continued to deliver strong financial performance with healthy growth in revenues and high quality earnings. This performance is particularly commendable when viewed against the backdrop of the extremely challenging business context. Categories involving higher discretionary spends or with relatively high penetration levels were impacted the most,” the company said.

ritwikmukherjee

@mydigitalfc.com

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