ITC Q4 net up 19% at Rs 1,928 cr; FY13 profit at Rs 7,418 cr
New Delhi: ITC ltd, a leading conglomerate, Friday posted 19.42 percent rise in net profit at Rs 1,927.98 crore for its fourth quarter ended March 31, driven by robust performance in cigarettes, FMCG and agri segments.
The company had posted a net profit of Rs 1,614.36 crore in the January-March period in 2011-12.
Net sales of the company in Q4, 2012-13 rose to Rs 8,180.30 crore, compared to Rs 6,861.35 crore in the same period of previous fiscal, ITC Ltd said in a statement.
"This performance is even more encouraging when viewed against the backdrop of the extremely challenging business context in which it was achieved," the company said.
ITC highlighted the continued economic slowdown, steep increase in taxes/duties on cigarettes, gestation costs relating to the new FMCG businesses as some of the major hurdles during the period under review.
The Kolkata-based firm's net profit for the year ended March 31, 2013, rose by 20.38 percent to Rs 7,418.39 crore, as against Rs 6,162.37 crore in the 2011-12 fiscal.
Net sales of the company rose to Rs 29,605.58 crore for the year ended March 31, 2013, compared to Rs 24,798.43 crore in the 2011-12 financial year.
During the fourth quarter, the company's cigarettes business grew by 11.48 percent to Rs 3,623.23 crore, compared to Rs 3,249.88 crore in the same period of previous fiscal.
The company's non-cigarettes FMCG business grew by 25.96 percent to Rs 2,036.20 crore in the fourth quarter, as against Rs 1,616.50 crore in the same period of previous fiscal.
During the period under review, the company said its hotel business grew by 10.35 percent to Rs 315.45 crore, compared to Rs 285.84 crore in the same period of 2011-12 fiscal.
The company said revenues from agri business grew by 31.12 percent to Rs 1,854.46 crore during the fourth quarter, compared to Rs 1,414.22 crore in the corresponding period of previous financial year.
The Kolkata-based firm said its paperboards, paper and packaging business grew by 7.91 percent to Rs 1,057.50 crore during the fourth quarter, compared to Rs 979.94 crore in the same period of previous fiscal.
The company's board, which met Friday, has recommended a dividend of Rs 5.25 per share of Re 1 each for the financial year ended March 31, 2013.
ITC scrip closed at Rs 334.70 on the BSE, down 0.62 percent from the previous close.