ITC reports 15 per cent jump in net profit
ITC posted a 30.08 per cent jump in revenue from operations and a 14.8 per cent profit growth on a consolidated basis in the quarter ending December 31 compared with the same period last fiscal.
The company’s revenue for the three months stood at Rs 18,365.8 crore, while profit for the period was Rs 4,118.8 crore. The board of ITC recommenced an interim dividend of Rs 5.25 per share for the financial year 2021-22.
The strong performance was marked by broad based recovery in cigarettes, the major profit earner for ITC. The revenue for the segment went up 14.24 per cent to Rs 6,958.79 crore while segment earnings before interest and tax (EBIT) stood at Rs 4,187.1 crore, up by 14.4 per cent.
Non-tobacco FMCG business — foods, personal care, stationery and agarbatti — revenue and EBIT were up 9.24 per cent to Rs 4,099.47 crore and 1.2 per cent to Rs 246.25 crore. The company said a sharp escalation in input cost was largely offset by cost management, premiumisation and price action.
The hotels segment returned to profit in the quarter, posting EBIT of Rs 52.94 crore, compared with a loss of Rs 72.25 crore a year ago.
The company said occupancy recovered to pre-pandemic levels even as average room rent continued to be below pre-pandemic level. Agri and paperboard business also showed robust growth during the quarter.
Leading watchmaker Timex Group India Ltd on Thursday reported a net loss of Rs 5.10 crore for the third quarter ended December 2021.