Calcutta, Jan. 17: ITC’s net profit in the third quarter of the current fiscal took a giant leap to Rs 323.51 crore, taking earning per share for the quarter to Rs 13.07.
ITC’s net profit during the quarter was 21.8 per cent higher than the corresponding period of last year. The company’s net turnover over the last three months grew 12.2 per cent to Rs 1,467.60 crore.
The company said all its businesses — from cigarettes to greeting cards — registered significant growth over the last three months. Despite pressure on its cigarette business due to increase in taxes, revenues from the segment grew 5.7 per cent.
Revenues from its paperboards and paper division jumped 17 per cent year-on-year to Rs 289.61 crore. Turnover of the company’s agri-business shot up 19 per cent to Rs 397.47 crore on the back of a 38 per cent growth in export of agri products. Income from ITC’s hotel business jumped 36 per cent to Rs 54.05 crore.
ITC is aggressively expanding its relatively new businesses — packaged food, greeting cards and lifestyle retailing. The company is launching biscuits and snacks under the Bischip brand.
During the quarter, the company’s branded flour was launched across the southern India under the Ashirvaad name, and in the confectionery segment, the rollout of Mint-o and Candyman was completed.
ITC has also introduced safety matches and snacks. “All of ITC’s new initiatives in the FMCG (fast moving consumer good) segment are modelled on outsourcing products from small and medium enterprises,” the company said in a release. During the quarter, ITC earned Rs 37 crore in revenues from its new FMCG businesses.