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ITC net profit up 12.1 percent in Q4
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SME Times News Bureau | 27 May, 2017
Cigarette-to-hotel-to-FMCG major
ITC Ltd on Friday posted a 12.13 per cent rise in its standalone net
profit to Rs 2,669.47 crore for the quarter ended March 31, 2017, from
Rs.2,380.68 crore in the year ago period.
The diversified
company's revenue from operation during the quarter increased to Rs
15,008.82 crore from Rs 14,138.78 crore in the corresponding period of
the previous fiscal.
While cigarette revenue grew 4.79 per cent
at Rs 8,954.94 crore during the January-March period, other FMCG
business revenue posted a 6.45 per cent growth at Rs 2,885.76 crore
during this period, the company said in a BSE filing.
The
company saw a modest recovery in the performances during the period
under review after severe disruption in operations in third quarter
last fiscal due to currency crunch post demonetisation, it said in a
statement, adding that the wholesale channel and rural markets remained
sluggish.
Operating profit from the cigarette business increased
by close to 8 per cent to Rs 3,258.76 crore during the quarter under
review. Other FMCG business reported a de-growth of more than 29 per
cent over last year 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 city-headquartered company said
despite the extremely challenging operating environment, it retained its
leadership position in the cigarette industry and improved its standing
in key competitive markets across the country.
It said the FMCG
industry witnessed further deceleration in growth rate during the last
financial year with demand conditions remaining subdued for the fourth
successive year.
"The much anticipated pick-up in consumption
expenditure on the back of good monsoons in 2016, low inflation and
implementation of the recommendations of the 7th Pay Commission did not
play out fully. The incipient recovery in demand witnessed around the
middle of the year was adversely impacted by the cash crunch especially
during the third quarter," it added.
The company said the
industry had to contend with sharp escalation in the cost of major
commodities in the midst of heightened competitive intensity, leading to
compression in margins.
In regards to its hotel business, it
said: "While second half initially indicated signs of pick-up in the
hotels industry, collateral impact on the economy on account of currency
crunch limited the recovery. Segment revenue recorded a growth of 4.3
per cent during the year driven by improvement in average room rates and
higher Food & Beverage sales."
On Friday, ITC's scrip increased by 2.99 per cent to end the day at Rs 308.65 on the BSE.
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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
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66.20
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64.50 |
UK Pound
|
87.50
|
84.65 |
Euro
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78.25
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75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
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