ITC Q1 net profit climbs 10% to Rs 2384 crores


KOLKATA: ITC has witnessed a 10% expansion in net profit in the June quarter of this financial from Rs 2,166 crore to Rs 2,384 crore in the year previous period. According to the corporation, the profit came among a demanding operating environment marked to carry on pressure on lawful cigarette industry volumes and tirelessly sluggish demand circumstance prevailing in the FMCG commerce.
ITC’s proceeds from procedure for the quarter stood at Rs 13,157 crore, stand for an expansion of 8.3%. Its profit earlier than tax was Rs 3,675 crore and the earnings per share for the quarter stood at Rs 1.97. The corporation has also further conveyed that, operating conditions in the hotels and paperboards, paper and packaging section also stay passive. The fresh FMCG trade of the corporation decreased losses to Rs 4.5 crore in the June quarter from almost Rs 8 crore. The hotel separation of the corporation has come back in the first quarter by position a profit of Rs 1.2 crore from a defeat of Rs 7.3 crore. Segment proceeds of the fresh FMCG trade increase by 9.5% throughout the quarter to Rs 2,385 crore amid weak demand and a price deflationary scenario, particularly in the personal care business. Most categories observer a margin expansion ambitious by an improved scale of process and product-mix enrichment.

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Segment results record improvement in comparison to the corresponding period in the previous year despite higher investment in brand building, consumer and buy and sell promotion activities and gestation costs relating to fresh categories. According to corporation representatives, the branded packaged foods commerce posted a healthy expansion in revenue led by staples, snacks and noodles categories. The personal care products business posted robust proceeds increase throughout the quarter driven by higher volumes and richer product mix. The corporation representatives also further conveyed that, the hospitality sector carry on to be adversely impacted by a weak demand and pricing scenario next to the backdrop of excessive room inventory in key household markets and sluggish macroeconomic environment both in India and markets. Alongside this backdrop, segment proceeds during the quarter were flattish in comparison to the equivalent period of the previous year.

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