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.

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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%.

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