ITC Q4 net up 9.8% to Rs 2933 crore

ITC Q4FY18 net income rises by 10% yoy to Rs 2,669 crore shares gain

During the day, it gained 2.41 per cent to Rs 288.60.

Diversified group ITC Ltd on Wednesday reported 9.86 percent increase in standalone net profit at Rs 2,932.71 crore for the fourth quarter ended on 31 March, 2018, driven mainly by non-cigarette FMCG and hospitality businesses.

Total income in the quarter under review stood at Rs 11329.74 crore, down 26 per cent from Rs 15410.92 crore in the corresponding period previous year.

For the financial year ended March 2018, the company posted 220 per cent year-on-year rise in net profit at Rs 6,083 crore against Rs 1,900 crore a year ago.

Gross revenue from sales rose only 3.56% to Rs17,933.48 crore which, the company said, was due to subdued demand and disruptions in supply chain.

Total expenses stood at Rs 6,996.46 crore against Rs 11,363.78 crore in the fourth quarter of 2016-17.

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During the quarter, revenue from cigarettes was at Rs 4,936.45 crore.

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. It was at Rs 14,882.75 crore in the corresponding period of the last fiscal. Pre-tax profit from other consumer goods jumped to Rs91.21 crore from Rs55.56 crore in the same period a year ago.

The board of directors of the company on Wednesday recommended a dividend at 120 per cent i.e. Rs 1.20 per equity share of face value of Re 1 each for the financial year ended March 31.

Revenue from operations fell 28 per cent to Rs 10,813 crore, while excise duty paid was down about 94 per cent. Also, agri business slumped by 5.74% yoy to Rs 1,808.31 crore and paperboards & packaging business dropped by 5.24% to Rs 1,300.81 crore.

Shares of ITC closed at Rs 285.95 on BSE, up 1.47 percent from previous close.

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