Latest News – Marginally beating the Street’s estimates, Kolkata-based FMCG (fast moving consumer goods) major, ITC Ltd posted a 12.3 per cent rise in its net profit at Rs 2,669.47 crore for the quarter ended March 31 (Q4), while its income from operations rose by 6.15 per cent at Rs 15,008.82 crore for Q4. The company’s net profit in the corresponding quarter of FY16 stood at Rs 2,380.68 crore while total income from operations came in at Rs 14,510.01 crore.
The FMCG-others business, which includes packaged foods and personal care among others, saw its segment revenue cross Rs 10,000 crore mark for the first time (Rs 10,537.46 crore) in FY17. In FY16, it was Rs 9,751 crore.
Analysts said the Street was expecting a one-two per cent decline in cigarette volumes, but the company was able to hold its ground. The cigarettes business, which contributed nearly 61.55 per cent of its annual earnings in FY17, saw an increase of 4.79 per cent in its top line at Rs 8,954.94 crore during the quarter under review while the gross profit from this segment grew by 7.96 per cent at Rs 3,258.76 crore.
This segment’s consolidated revenue growth for FY17, however, surpassed the growth in Q4 by 0.5 per cent with the net income from this (Read More)