Second quarter results of ITC have been released today. FMCG major ITC Ltd has reported 21% increase in its profits owing to higher sales in its Agri-business and cigarettes vertical in the second quarter of 2012.
In absolute terms the profits this year stood at 1,836 crore as against the 1,514 crores reported in earnings during corresponding period last year.
Figures of Net Sales reported by ITC Ltd revealed 7,144 crore this year in comparison to 5,974 crore last year.
The profits have risen 16% if data is analyzed sequentially for the quarter ending June 30, 2012.
ITC ticker was trading at 296.85, higher by 1.87% from what it was before closing on the BSE on Friday.
Increase in revenue from cigarette business rose 14% to 3385 crore whereas the non cigarette business grew by 26% to 1691 crore.
Company press statement said that branded packaged goods, agri business and cigarette’s were the highest contributors in profits. It also said, “The performance is particularly remarkable when viewed against the backdrop of the challenging business environment in which it was achieved, namely a slowdown in economic growth, sustained high inflation and impact of the steep hike in taxes on cigarettes during the year,”
Revenues from agri-business increased by 41% at 2024 crore. Revenues from hotels, paperboards and packaging business didn’t show such performance at 3% and 5% respectively.
Source: Business Line
Photos: ITC, World News, Quizzing