ITC Q3 net profit rises 22.5%

Diversified business conglomerate ITC on Friday reported a 22.5% year-on-year rise in net profit at Rs 1,701 crore for the three months ended December.

Diversified business conglomerate ITC on Friday reported a 22.5% year-on-year rise in net profit at Rs 1,701 crore for the three months ended December.

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Robust growth across business segments, ranging from branded packaged food to personal care products and hospitality, led to the high growth.

During this quarter, the company’s net turnover stood at Rs 6,195 crore, up 14.2% compared to the corresponding period of the previous year.

"The branded packaged foods business continued to grow, rapidly driven by further premiumisation of the portfolio, higher volumes and improved profitability," the company said in a statement.

The company further added that its hospitality division was impacted due to weak macroeconomic environment in the US and Europe — the two key source markets and also by a slowdown in the Indian economy.