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ITC Posts Rs 3,413 Cr Net Profit In Jul-Sep

Revenue from operations stood at Rs 13,147.81 crore during the quarter under review. It was at Rs 12,867.39 crore in the corresponding quarter of previous fiscal.

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ITC Ltd on Friday reported a consolidated net profit of Rs 3,413.44 crore for the second quarter ended September 2020.

The company had posted a net profit of Rs 4,174.69 crore during July-September quarter a year ago, ITC said in a regulatory filing.

Revenue from operations stood at Rs 13,147.81 crore during the quarter under review. It was at Rs 12,867.39 crore in the corresponding quarter of previous fiscal.

'The operating environment remained extremely challenging during the quarter with the unabated increase in daily Covid cases prompting several states to impose localised lockdowns. This impacted the recovery momentum, particularly in the months of July'20 and August'20, and posed significant challenges to sales operations,' ITC said in a post-earnings statement.

'The situation continues to improve with the progressive easing of restrictions from September'20,' it added.

Certain markets in the south, metros and large towns were relatively more impacted due to disruption in sales operations. Temporary disruption in some wholesale markets also impacted sales, ITC said.

The company's total revenue was at Rs 13,730.06 crore during the quarter under review. It stood at Rs 13,497.27 crore in the corresponding quarter last year.

ITC said its results for the quarter are not comparable with those of previous periods as it also includes the revenue of Sunrise Foods, which it acquired on July 27, 2020.

'Accordingly, financial results of the Group and ''FMCG-Others'' segment for the quarter and six months ended 30.09.2020 include those of Sunrise from July 27, 2020 and hence are not comparable with previous periods,' it said.

ITC's total expenses stood at Rs 9,164.68 crore during the quarter under review.

The revenue from total FMCG business was at Rs 9,558.30 crore. It was at Rs 9,138.13 crore in the year-ago period.

Cigarettes business clocked a revenue of Rs 5,627.67 crore in the second quarter of the fiscal. Its revenue was at Rs 5,841.91 crore in the year-ago period.

The revenue of 'FMCG - Others' segment stood at Rs 3,930.63 crore. It was at Rs 3,296.22 crore in the corresponding period of last fiscal.

'The FMCG-Others segment delivered another quarter of strong performance driven by staples, convenience foods, health & hygiene products leveraging the strong equity of the company's brands and a robust portfolio of relevant and innovative products,' it said.

ITC's 'FMCG-Others' segment consists of branded packaged foods like staples, snacks, meals, dairy and beverages, confections, apparel, education and stationery products, personal care products, safety matches and incense sticks.

Revenue from hotels business was at Rs 87.73 crore fiscal as operations during the quarter came to a standstill due to the COVID-19 pandemic. It stood at Rs 445.82 crore in the same quarter last year.

Paperboards, paper and packaging vertical reported a revenue of Rs 1,458.67 crore. It was at Rs 1,565.42 crore in the same period of last year, ITC said.

'The hotels business continues to remain adversely impacted due to restrictions on travel and tourism, while closure of educational institutions across the country weighed on the performance of the education and stationery products business,' ITC said.

The agri business clocked a revenue of Rs 3,040.85 crore during July-September quarter. Its revenue was at Rs 2,673.59 crore in the corresponding quarter of last year.

Revenue from others segment was at Rs 579.59 crore. It was at Rs 540.18 crore in the corresponding quarter of last year.

For the first half (April-September) of this fiscal, ITC reported a consolidated net profit of Rs 5,976.17 crore, while its revenue from operations was at Rs 23,626.27 crore during the period.

Shares of ITC on Friday closed 0.49 per cent lower at Rs 173.95 on the BSE. 

(PTI)


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net profit itc revenue fmcg COVID-19 Pandemic