Growth push: ITC net up 25%

Buoyed by robust performance across segments, fast-moving-consumer-goods (FMCG) major ITC on Thursday reported a 25% year-on-year growth in net profit at Rs 1,333 crore for the quarter ended June.

Buoyed by robust performance across segments, fast-moving-consumer-goods (FMCG) major ITC on Thursday reported a 25% year-on-year growth in net profit at Rs 1,333 crore for the quarter ended June.

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The company’s turnover during the quarter grew by 20% at Rs 5,767 crore driven primarily by branded packaged foods, agri, paperboards and packaging, cigarettes and hotel businesses.

Earnings per share for the quarter stood at Rs 1.7.

The branded packaged foods business expanded rapidly with sales recording an impressive 21% growth during the quarter.

“The business achieved significant improvement in profitability driven by an enriched product mix, better realisations, smart sourcing, improved market servicing and cost management actions,” ITC said in a statement.

During the quarter, the hotels business posted a topline of Rs 230 crore, representing a 10% growth and strong improvement in profits at Rs 51 crore, growing by 33%.