ITC net profit up 7.4% to Rs 2,560 cr in April-June


New Delhi: Nation’s main multi-business conglomerate ITC Limited posted a 7.4% rise in net profit at Rs 2,560 crore in the April-June quarter 2017 as next to Rs 2,385 crore in year-before period. Revenue from operations grew 4% to Rs 13,800 crore, whereas revenue from its cigarettes segment rose 6.6%.

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ITC’s net sales throughout the period under review grew 4.29 per cent to Rs 13,722.21 crore, as next to Rs 13,156.68 crore in the subsequent April-June quarter previous fiscal. Its total expenses grew 3.34 per cent to Rs 10,332.61 crore, as next to Rs 9,998.18 crore of first quarter in FY 2016-17.

Today shares of ITC settled at Rs 288.65 on BSE, downward 1.62 per cent from preceding close. The corporation’s cigarette business posted 6.6 per cent bounce in gross sales amid the quarter at Rs 8,774.16 crore, while benefit of the business went up by 8.9 per cent at Rs 3274.14 crore. The organization said the legitimate cigarette industry stayed underweight because of increment in extract obligation in February.

It said the expansion in extract obligation and the changed rate of pay cess under the GST administration will expand the taxation rate of the cigarette business by more than 20 per cent.  The non-cigarette FMCG business, including bundled sustenance, individual care, way of life retail, training and stationary items among others, posted a benefit amid the quarter at Rs 5.43 crore when contrasted with lost Rs 4.52 crore in a similar period a year ago. The business income likewise went up by 9 for every penny at Rs 2600.89 crore regardless of destocking of FMCG items in exchange channels in front of GST execution.

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ITC, which claims and runs the second biggest lodging network in the nation, announced 6.1 for every penny development in net income at Rs 304.89 crore amid the main quarter which it ascribed to change in normal room rate and development in sustenance and drink deals. ITC said the prohibition at a bargain of alcohol from outlets in vicinity to roadways brought about income misfortune at specific properties, especially the ITC Grand Chola at Chennai.