ITC net profit rises 10% in Q1

Kolkata, July 21 (IANS) ITC Ltd on Thursday reported that its standalone net profit rose 10 per cent to Rs 2,384.67 crore for the quarter ended June 30, 2016 as compared to Rs 2,166.09 crore for the corresponding quarter last year.

Total income from operations stood at Rs 13,253.06 crore in the quarter under review as compared to Rs 12,232.65 crore in the quarter year ago.

In the April-June quarter, revenue from cigarettes was Rs 8,230.60 crore, up 6.4 percent from Rs 7,733.43 crore in the same quarter last year.

Total revenue from its hotels, paperboards, paper and packaging and agri business stood at Rs 4,404.34 crore in the first quarter ended June as compared to Rs 3,957.21 crore last year.

Company’s 105th annual general meeting will be held on Friday in the city and its Chairman Yogesh Chander Deveshwar will address shareholders for the last time.

Deveshwar would complete his present term on February 4, 2017. This AGM will be his last as CEO of the company, it said in a statement earlier.

The company had said when Deveshwar assumed office as Executive Chairman in January 1996, the company was confronted with formidable challenges.

The cigarette maker to FMCG conglomerate said early diversification efforts had either failed or were languishing, the businesses were not competitive enough in an emerging liberalised economic environment, and the company’s reputation was at a low ebb.

At the time Deveshwar took over as Executive Chairman, the revenue of the company was less than Rs 5,200 crore and Profit Before Tax (PBT) was Rs 452 crore.

“The company’s eevenue has presently grown tenfold to Rs 51,582 crores and PBT has grown 33 times to Rs 14,958 crores. Total shareholder returns grew at a compound annual rate of 23.3 per cent during this period,” it said earlier.





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