ITC first qtr net profit jumps 25% - The Times of India
July 29, 2011
FMCG to hotels major ITC has witnessed a 24.5% jump in net profit in the first quarter of this fiscal. It has posted a net profit of Rs 1333 crore in the quarter ended June 30, 2011 from Rs 1070 crore in the corresponding period of the last fiscal.
The healthy double-digit growth in net was fuelled by the above par performance of non cigarette business. The non cigarette profit of the company grew by 36% to Rs 360 crore in the Q1 of this fiscal. The hotel, paperboard along with cigarette registered healthy profit while the new FMCG businesses have cut down losses in the quarter to Rs 76 crore. ITC turnover grew by 19.6% at Rs 5767 crore from Rs 4823 crore driven primarily by branded packaged foods, agri, paperboards & packaging and the cigarettes business.
An official said the branded packaged foods business continued to expand rapidly with sales recording an impressive growth of 21% during the quarter.
