ITC net up 21.4% on packaged foods business

Cigarette-to-cookies maker ITC on Friday reported a 21.4% year-on-year rise in net profit at Rs 1,389.1 crore for the quarter ended December 31, 2010.

Cigarette-to-cookies maker ITC on Friday reported a 21.4% year-on-year rise in net profit at Rs 1,389.1 crore for the quarter ended December 31, 2010.

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Growth was led by improved profitability in the branded packaged foods business. The group’s fast-moving consumer goods segment reported a 17.8% rise in net revenue at Rs 7,834.7 crore in the quarter.

“Overall performance hit by packaging inventory depletion,” the company said in a statement.