ITC Q4 net up 9.8% at Rs 2933 cr

Sanjiv Puri

Sanjiv Puri

For the financial year 2017-18, ITC's consolidated net profit was up 9.68 percent at Rs 11,485.10 crore as against Rs 10,471.26 crore in 2016-17.

Kolkata: Cigarette and consumer goods maker ITC Ltd on Wednesday said that its net profit for the March 2018 quarter rose 9.86% over the same period a year ago to Rs2,932.71 crore as margins expanded.

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.

The company said the punitive and discriminatory taxation and the regulatory regime continues to exert severe pressure on the domestic legal cigarette industry even as illegal cigarette trade has been growing unabated. Net sales, too, reportedly dropped from Rs 14,883 crore to Rs 10, 706 crore in the same period.

The company posted "muted growth of 3.6 percent in gross sales value (GSV) due to decline in agri business revenue; GSV excluding Agri Business up 5.7 percent driven mainly by FMCG-Others and Hotels", said ITC in a statement.

Mindy Kaling, Riz Ahmed want in on Ms Marvel movie
Marvel is now in the midst of shooting Captain Marvel starring Brie Larson and will move onto introducing the teenage-superhero. However, fans and followers did not respond well to this suggestion by Ahmed and had their reservations. " Ms.

Trump Jr. says he doesn't recall much of meeting
He said he could not recall the day the Trump meeting was arranged but insisted that he had never discussed the meeting with him. The allegations, and multiple investigations into the matter, have shadowed the first 16 months of Trump's presidency.

Apple and Samsung are back in court over seven-year patent dispute
He said that Samsung should only be required to pay for profits earned due to the part of the phone that infringed Apple patents. The case centers on the issue of what exactly constitutes an " article of manufacture " that a patent governs.

Despite the challenging conditions prevailing during the year, the company's FMCG-Others businesses Segment Revenue at Rs 11,329 crore recorded an increase of 11.3 per cent (on a comparable basis) on a relatively firm base.

The company had posted a net profit of Rs 2,669.47 crore in the January-March period a year ago.

Earnings before interest, tax, depreciationand amortisation (EBITDA) is likely to surge 9 percent YoY to Rs 4,236 crore. However, its hotel business fared better, posting an EBIT jump of 13 per cent year-on-year in the quarter under review.

The board of directors of the company on Wednesday recommended a dividend at 120 per cent i.e. Rs 1.20 per equity share of face value of Re 1 each for the financial year ended March 31.

Share price of ITC was trading at Rs 288.35 per piece above Rs 6.55 or 2.32%.

Recommended News

  • Lando Might Be The Next Star Wars Spin-Off Movie

    Lando Might Be The Next Star Wars Spin-Off Movie

    Directed by Ron Howard, Solo is the second Star Wars spin-off following Rogue One . Solo: A Star Wars Story is out on May 24.
    Chelsea battle with Arsenal in pursuit of midfielder

    Chelsea battle with Arsenal in pursuit of midfielder

    His exploits had brought forth interest from a number of top clubs across Europe, including Barcelona, Arsenal and others. However, Arsenal still have a long way to go in their pursuit as Chelsea remain in pole position to sign the player.
    Police officer shoots, wounds armed suspect at IL  school

    Police officer shoots, wounds armed suspect at IL school

    Shortly thereafter the suspect was taken into custody and transported for medical attention of non-life threatening injuries. A 19-year-old former student was shot by a police officer after arriving at Dixon High School with a weapon this morning.
  • Photo of college graduate wearing AR-10 rifle goes viral

    Photo of college graduate wearing AR-10 rifle goes viral

    It is a tradition at many colleges for students to decorate their graduation caps with clever sayings and personal messages. She has no apologies for anyone who may have been offended by the photo. "#CampusCarryNow", she posted on Twitter Sunday.
    Lane Johnson triples down on his strong opinions on the Patriots

    Lane Johnson triples down on his strong opinions on the Patriots

    He also made fun of Patriots players for sounding like robots (with a choice word mixed in) during interviews. Oh, and don't bother trying to back up those claims because everyone knows they're B.S.
    Exploding vape pen killed Florida man, autopsy confirms

    Exploding vape pen killed Florida man, autopsy confirms

    Petersburg man found dead earlier this month was killed after his vape pen exploded, burning more than 80 percent of his body. Wilder told ABC Action News that he, as well as many other local store owners, won't sell unregulated e-cigarettes.
  • President Trump admits he repaid attorney Michael Cohen in financial form

    President Trump admits he repaid attorney Michael Cohen in financial form

    The footnote appears in a report giving the first extended look at Trump's income from his properties since he became president. Cohen is required to be reported and that the information provided meets the disclosure requirement for a reportable liability".
    Spike Lee Blasts Trump During Cannes Speech Over Charlottesville Riots

    Spike Lee Blasts Trump During Cannes Speech Over Charlottesville Riots

    I know my heart, I don't care what the critics say or anybody else, but we are on the right side of history with this film. Having already wrapped the film, Lee added the Charlottesville coda after the unrest in the American summer of past year .
    Stock Growth in Focus For Clean Energy Fuels Corp. (NASDAQ:CLNE)

    Stock Growth in Focus For Clean Energy Fuels Corp. (NASDAQ:CLNE)

    The stock has performed 8.56% over the last seven days, 25.31% over the last thirty, and 40.97% over the last three months. Perhaps, that suggests something about why 12.13% of the outstanding share supply is held by institutional investors.
  • Doug Ford will cancel some business grants

    Doug Ford will cancel some business grants

    The Tory leader says he would cut the provincial gas tax by 5.7 cents a litre. " Doug Ford doesn't understand this". Ford has said that he would fight the federal government's carbon tax in the courts if necessary.
    Supreme Court to examine Centre's Cauvery management scheme today

    Supreme Court to examine Centre's Cauvery management scheme today

    Also, the Centre and the Karnataka government have agreed to name the body as Cauvery Management Board, reports said. The apex court had earlier rapped the Centre over the delay in filing of the draft Cauvery management scheme.
    NAFTA deal unlikely by May 17, says Mexico

    NAFTA deal unlikely by May 17, says Mexico

    Guajardo and Canadian Foreign Minister Chrystia Freeland were in Washington, D.C., last week working on a deal with U.S. Don't expect a NAFTA deal by this week's supposed target date.

We are pleased to provide this opportunity to share information, experiences and observations about what's in the news.
Some of the comments may be reprinted elsewhere in the site or in the newspaper.
Thank you for taking the time to offer your thoughts.