ITC net profit up 10% in Q4

Cornelia Mascio
Mag 17, 2018

Profit for the quarter ended March 31 came in at Rs 2,933 crore ($432.44 million) from Rs 2,669 crore reported past year, the company, which also makes biscuits and noodles under the Sunfeast brand, said.

However, revenue from operations declined to Rs 10,813.24 crore during the quarter under review against Rs 15008.82 crore in the same quarter a year ago.

The rise in operating profit, as indicated by earnings before interest, depreciation and taxes, has gone up 7% to Rs 4,144 crore, with a corresponding rise in margins to 39.1% from 34.8% on the back of a 38% drop in expenses to Rs 6,996.46 crore from Rs 11,363.78 crore. The profit before tax for the company's mainstay - cigarettes - stood at Rs 3,505.76 crore in Q4 FY 18 compared to Rs 3,258.76 crore in Q4 FY17, a jump of around 8 per cent.

The company had posted net sales of Rs 10,705.75 crore during the quarter under review, as against Rs 14,882.75 crore in the corresponding period of the last fiscal, it said in a BSE filing.

ITC's businesses encompasses fast moving consumer goods (FMCG), hotels, paperboards & specialty papers, packaging, agri-business, and information technology.

ITC's hotel business was at Rs 408 crore during the quarter.

Revenue from cigarettes during the March quarter fell by nearly 45 per cent to Rs 4,936.45 crore over Rs 8,954.94 crore in same period of previous fiscal.

The board of directors of the company on Tuesday re-designated Sanjiv Puri, CEO & Whole time Director, as the Managing Director of the company with effect from May 16, 2018.

A Reuters poll of analysts estimated net profit growth of 6.36 percent to Rs 2,839 crore.

"While growth in segment revenue during the year was subdued at 5.6% reflecting overhang of excess room inventory and the impact of highway liquor ban, performance during the second half was significantly better driven by increase in average room rates and robust growth in food and beverage revenue", the company said.

At 2:22 PM Shares of ITC today were trading 1.5 percent higher at 286.10 rupees on the National Stock Exchange.

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