Published: Thu, May 17, 2018
Business | By Tara Barton

ITC Q4 net up 9.8% at Rs 2933 cr

ITC Q4 net up 9.8% at Rs 2933 cr

Kolkata: Cigarette and consumer goods maker ITC Ltd on Wednesday said that its net profit for the March 2018 quarter rose 9.86% over the same period past year to Rs2,932.71 crore as margins expanded.

"Shortage of leaf tobacco in Andhra Pradesh due to lower crop output on account of drought in 2016 and adverse crop quality, relative strength of the Rupee vis-à-vis currencies of competing origins and limited trading opportunities in other agri-commodities weighed on the performance of the Agri Business", said ITC. Net sales, too, reportedly dropped from Rs 14,883 crore to Rs 10, 706 crore in the same period.

ITC is a diversified conglomerate also having a business interest in FMCG, paper, hotel, and agri.

Analysts on average expected a net profit of Rs 2,845 crore, according to Thomson Reuters data.

"In view of the aforesaid restructuring of indirect taxes, Total Income from Operations for the quarter and twelve months ended 31 st March, 2018 are not comparable with the previous periods", said ITC.

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Shares of the company felt after the announcement of earnings numbers. Pre-tax profit from other consumer goods jumped to Rs91.21 crore from Rs55.56 crore in the same period a year ago.

Agri business revenue stood at Rs 1,808.31 crore.

The Cigarette-to-soap maker's net sales for March quarter is noted at Rs 12,126 crore, which is 9 percent higher on year, as per the Reuters estimates.

On a comparable basis, gross sales value (net of rebates/discounts) stood at Rs. 67081.92 crore, representing a growth of 4.5% driven mainly by the branded packaged foods, personal care and the education and stationery products businesses offset by decline in agri business revenue.

"Improvement in room rates and operating leverage aided the faster growth of 26 per cent in segment results, notwithstanding the gestation costs of ITC Grand Bharat and the recently commissioned WelcomHotel Coimbatore", it added.

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