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ITC reports 15.24% increase in net profit
Kolkata, July 26: ITC Limited on Friday reported 15.24 per cent increase in net profit at Rs 343.92 crore during the quarter ended June 2002 against Rs 298.44 crore in the corresponding quarter of the previous fiscal.
Kolkata, July 26: ITC Limited on Friday reported 15.24 per cent increase in net profit at Rs 343.92 crore during the quarter ended June 2002 against Rs 298.44 crore in the corresponding quarter of the previous fiscal.
Net sales turnover during the quarter increased by 21.42 per cent to Rs 1408.02 crore from Rs 1159.62 crore in 2001. ITC Chairman Y Deveshwar after announcing the result said the cigarette industry continues to be under pressure in the wake of fresh state level taxes and growing menace of contraband.
He said significant growth in operating profits of the agri business and paper board segments has additionally boosted the earning for the quarter.
ITC Spokesperson H S Venkatramani said these earnings were achieved despite difficult trading conditions.
Commenting on the other businesses of the company, Ventakramani said the lifestyle retailing business scaled up operations by adding seven more exclusive Wills Life Style stores during the quarter. Greeting card business continues to capture the market share gaining three percentage points in the quarter. About their hotel business, he said the incipient recovery in the first two months of the current financial year was neutralised in the wake of negative travel advisories issued by most western countries.
Venkatramani said paper boards, paper and packaging segments' result of Rs 47 crore for the quarter represented a growth of 50 per cent.
Plans are underway to realise synergies and envisage the amalgamation of the paper board business.
The agri business turned in a sterling performance with export growing 109 per cent to Rs 269 crore.
Coming back to the financial performance, he said total expenditure shot up by 29.36 per cent to Rs 839.57 crore from Rs 649.02 crore last fiscal mainly due to sharp increase in staff costs and other expenditure. Of the total gross income of Rs 2747.78 crore, revenue from cigarette amounted to Rs 2204.85 crore against Rs 2001.72 crore. Bureau Report
Net sales turnover during the quarter increased by 21.42 per cent to Rs 1408.02 crore from Rs 1159.62 crore in 2001. ITC Chairman Y Deveshwar after announcing the result said the cigarette industry continues to be under pressure in the wake of fresh state level taxes and growing menace of contraband.
He said significant growth in operating profits of the agri business and paper board segments has additionally boosted the earning for the quarter.
ITC Spokesperson H S Venkatramani said these earnings were achieved despite difficult trading conditions.
Commenting on the other businesses of the company, Ventakramani said the lifestyle retailing business scaled up operations by adding seven more exclusive Wills Life Style stores during the quarter. Greeting card business continues to capture the market share gaining three percentage points in the quarter. About their hotel business, he said the incipient recovery in the first two months of the current financial year was neutralised in the wake of negative travel advisories issued by most western countries.
Venkatramani said paper boards, paper and packaging segments' result of Rs 47 crore for the quarter represented a growth of 50 per cent.
Plans are underway to realise synergies and envisage the amalgamation of the paper board business.
The agri business turned in a sterling performance with export growing 109 per cent to Rs 269 crore.
Coming back to the financial performance, he said total expenditure shot up by 29.36 per cent to Rs 839.57 crore from Rs 649.02 crore last fiscal mainly due to sharp increase in staff costs and other expenditure. Of the total gross income of Rs 2747.78 crore, revenue from cigarette amounted to Rs 2204.85 crore against Rs 2001.72 crore. Bureau Report