ITC Q4 net profit up 12% to Rs 2669.47 crore
- Author: Zachary Reyes May 26, 2017,
May 26, 2017, 18:31
The company reported a net profit on Rs 2669.47 crore in Q4FY17, a jump of 12% as against Rs 2380.68 crore during the same period past year. It stood at Rs 8,545 crore in Q4 FY16.
ITC's net sales during the period under review were up 6.15 percent at Rs 15,008.82 crore, as against Rs 14,138.78 crore for the corresponding quarter last fiscal. Other FMCG business reported a de-growth of more than 29 per cent over a year ago in its operating profit to Rs 55.56 crore during March quarter last fiscal against Rs 78.60 crore in the corresponding period previous fiscal.
"The modest recovery in growth during the quarter, after severe disruption in operations in Q3, was driven mainly by Agri commodities, Branded Packaged Foods businesses, Personal Care Products Business, which was partially offset by ongoing pipeline calibration in the Education and Stationery Product Business and lower consumer offtake & heavy discounting in Apparel", the company said.
Revenue from cigarettes, at Rs8,954.94 crore, was up 4.8% year-on-year, but pre-tax profit from the segment at Rs3,258.76 crore was up 7.95%, indicating expansion in the profit margin.
Ahead of the July deadline to implement the new tax structure, ITC shares have been surging in Mumbai trade.
The paperboards, paper and packaging segment revenue was up 4.38 per cent in Q4/FY 2016-17 to Rs 1,372.73 crore, as against Rs 1,315.03 crore.
ITC, India's biggest cigarette maker, said revenue from cigarettes rose about 8 percent to Rs 8,955 crore.