Published: Thu, May 17, 2018
Markets | By Otis Pena

ITC net profit up 10% in Q4

ITC net profit up 10% in Q4

Its cigarette revenue during the year ended March 31, also decreased by 32 per cent to Rs 22,894.01 crore.

The cigarette-to-soap maker reported a 9.9 per cent year-on-year increase in its net profit at Rs 2,933 crore for the quarter ended March 31.

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.

The company posted "muted growth of 3.6 percent in gross sales value (GSV) due to decline in agri business revenue; GSV excluding Agri Business up 5.7 percent driven mainly by FMCG-Others and Hotels", said ITC in a statement.

In it's meeting held on Wednesday, the board of directors recommended dividend of Rs 5.15 per Ordinary Share of Rs 1/- each for the financial year ended 31st March, 2018, subject to declaration of the same by the Members at the 107th Annual General Meeting of the Company convened for Friday, 27th July, 2018; the dividend, if declared, will be paid on Tuesday, 31st July, 2018 to those Members entitled thereto.

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Total income of the company dipped marginally 0.70 per cent to Rs 11,886.02 crore in Q4FY18 over Rs 11969.66 crore in Q4FY17. However, revenue surged by 9.86% versus Rs 9,952.19 crore of preceding quarter.

The company said the punitive and discriminatory taxation and the regulatory regime continues to exert severe pressure on the domestic legal cigarette industry even as illegal cigarette trade has been growing unabated. Pre-tax profit from other consumer goods jumped to Rs91.21 crore from Rs55.56 crore in the same period a year ago.

ITC's hotel business was at Rs 408 crore during the quarter. Net sales, too, reportedly dropped from Rs 14,883 crore to Rs 10, 706 crore in the same period.

At NSE, shares of the company went up by 1.41 per cent to close at Rs 285.85.

Shares of ITC were trading at Rs 287.10 on BSE in the afternoon trade, up 1.88 per cent.

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