ITC June quarter net profit up 18%, in line with forecast
Diversified business conglomerate ITC Ltd on Thursday reported 18.05% increase in net profit at Rs 1,891.33 crore for the first quarter ended June 30, 2013, driven by good performance across business segments.
The company had reported net profit of Rs 1,602.14 crore in the corresponding quarter a year ago.
ITC's net sales during the period under review increased by 10.31% to Rs 7,338.52 crore in the quarter under review as against Rs 6,652.21 crore in the corresponding period last year, the company said in filing to BSE.
ITC's revenue from FMCG business increased by 10.56% to Rs 5,282.05 crore in the quarter as against Rs 4,777.29 crore in the corresponding quarter last year.
The company's FMCG business is divided into two categories cigarettes and others. Revenue from cigarettes increased by 7.05% to Rs 3,537.39 crore, while others increased by 18.43% to Rs 1,744.66 crore.
Others in FMCG business include packaged foods (bakery and confectionery foods, snack foods, staples, spices and ready-to-eat foods), apparel, education and stationery products, personal care products, safety matches and incense sticks.
Revenue from non FMCG business which includes hotels, agri business and paperboard, paper and packaging were at Rs 3,601.98 crore, increase of 20.77%.
Total expenses were at Rs 4,834.69 crore, an increase of 6.81% compared with Rs 4,526.12 crore last year. Shares of ITC Ltd were trading at Rs 362 apiece in the afternoon trade, down 3.72% from their previous close.