Kolkata, May 20 (IANS) FMCG major ITC Ltd on Friday reported a 5.6 percent rise in its standalone net profit at Rs.2,495.20 crore in the quarter ended March 31, 2016 as compared to Rs.2,361.18 crore in the year-ago period.
“The muted growth in revenue during the quarter reflects, inter alia, the continuing impact of higher taxes and regulatory pressures on the legal cigarette industry, weak demand conditions in the FMCG industry and synchronisation of trade pipeline in the notebooks category,” the company said in a statement.
Standalone total income from operations grew by 9.4 percent to Rs.10,168.73 crore for the quarter under review as compared to Rs.9,292. 78 crore in the corresponding period last year.
Revenue from cigarettes stood at Rs.4,639.17 crore, up 10 percent in the January-March quarter as compared to Rs.4,210.70 crore in the corresponding period of 2014-15.
Company’s revenue from hotels stood at Rs.362.97 crore in the March quarter as compared to Rs. 346.42 crore in the corresponding period last year.
The city-headquartered company’s revenue from agri-business rose 26 percent to Rs.1,806.79 crore in the review quarter as compared to Rs.1,427.89 crore in the year-ago period.
It posted a net profit of Rs.9,844.71 in 2015-16, up 2.4 percent from Rs.9,607.73 crore in 2014-15.
During the period 1995-96 to 2015-16, gross revenue has grown at a compound annual rate of 12.2 percent crossing the Rs. 50000 crore mark in 2015-16, while profit after tax has grown at a compound annual rate of 19.9 percent, the company said.