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BIZ-RESULTS-LD ITC

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ITC Q2 net rises 12% at Rs 2,955 crore (Eds: With additional inputs)

Kolkata, Oct 26 (PTI) Net profit of diversified conglomerate ITC Limited during the September quarter of the current fiscal increased 11.9 per cent at Rs 2,954.67 crore.

Gross revenue for the quarter stood at Rs 11,094.89 crore, representing a growth of 14.7 per cent, driven mainly by FMCG (non-cigarette), agri-business and hotels, the company said in a statement.

The company's profit before depreciation, interest and tax stood at Rs 4,205.97 crore, registering a rise of 11.8 per cent over the same period last fiscal.

Revenue from the FMCG (non-cigarette) segment was up 12.7 per cent, the statement said, adding that EBITDA (Earnings before interest, tax, depreciation and amortization) was up 77 per cent driven by enhanced scale, product mix enrichment and cost management initiatives, notwithstanding increase in input costs.

EBITDA for the hotels segment increased 35 per cent after absorbing gestation cost of new properties.

Paperboards, paper and packaging segment profit increased 13.4 per cent driven by higher realisation, strategic investments in imported pulp substitution, process innovation leading to improved pulp yield and benefits of cost-competitive fibre chain.

Trading opportunities in oilseeds, pulses, wheat and spices drove agri-business revenue growth it said.

ITC said pressure on legal cigarette industry volumes, adverse quality and leaf cost escalation pertaining to Andhra Pradesh 2017 crop, and lower export incentives weighed on the segment results.

Shares of ITC closed at Rs 280.65 per scrip on BSE, down 2.30 per cent from the previous close. PTI DC JM JM

Disclaimer: This story has not been edited by BW staff and is auto-generated from a syndicated feed.


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