ITC comes out with impressive results
25 May 2012
Tobacco-to-hotels major ITC Ltd on Friday announced a 26-per cent growth in post-tax profit for the fourth-quarter of the fiscal ending March 31, 2012.
For financial year 2011-12, the company reported a 23.6 per cent growth in post-tax profits. The board has recommended a dividend of Rs4.5 per share, as against Rs4.45 (which included a special dividend of Rs1.65) in the previous fiscal.
According to the company, the impressive results saw topline growth and high quality earnings, reflecting the robustness of its corporate strategy of creating multiple drivers of growth. The performance is seen to be particularly remarkable when viewed against the backdrop of the economic slowdown, sustained high inflation and ''continuing cascading impact of arbitrary increases in VAT on cigarettes.''
ITC's gross revenues for the year were up by 14.2 per cent to Rs34,871.86 crore and net revenues expanded by 17.2 per cent to Rs24,798.43 crore, primarily driven by a 23.6 per cent growth in the non-cigarette, FMCG businesses, 20 per cent growth in agri business and 16.6 per cent growth in cigarettes.
Pre-tax profit increased by 22.4 per cent to Rs8,897.53 crore while net profit at Rs6,162.37 crore registered a growth of 23.6 per cent. For the fourth quarter, net turnover was up by 17.6 per cent at Rs6,861.35 crore.
ITC is presence in multiple sectors including FMCG (branded packaged foods), personal care products, education and stationery products, lifestyle retailing, incense sticks, safety matches, cigarettes, hotels, paperboards, paper and packaging and agri-business.
