INSUBCONTINENT EXCLUSIVE:
ITC on Friday said its gross revenue went up by 5% to Rs 11,912.16 crore for the third quarter ended December 31, compared with the same
period last year, which the company attributed to the hotel, agriculture and non-cigarette FMCG businesses
earnings release said the macro-economic environment continues to be adversely impacted as reflected in deceleration in GDP growth and
weakness in consumption demand and investments.
ITC, however, said expectations of a good rabi crop and a slew of measures announced by the
government in recent months, including reduction in corporate tax rates, initiatives to boost infrastructure and promote exports will help
in revival of the economy.
The company reported an exceptional item of Rs 132.11 crore which is the cost of leaf tobacco stocks including
taxes which were destroyed at a third-party warehouse due to fire, for which it has filed insurance claim which is under process.
ITC also
said the tax expenses for the quarter include a credit of Rs 340 crore
This is after ITC exercised an option permitted under Section 115BAA of the Income-tax Act, whereby deferred tax liabilities (net) as at
year were re-measured.
While ITC results were declared after trading hour, the scrip closed 0.6% higher at Rs 235.25 on the Bombay Stock
cigarettes sold legally, reported 4.7% growth in revenue at Rs 5310.98 crore
ITC said performance of the cigarette business reflects the persistent weakness in overall demand, especially in rural markets and wholesale
non-cigarette FMCG business -- which comprises of packaged food, personal care, stationary, safety matches and agarbatti -- revenue grew
marginally at 3.5% at Rs 3312.32 crore highlighting consumers are still cautious about buying daily necessities and impact of the
restructuring of the loss-making lifestyle retail business
ITC said excluding the lifestyle retailing business, the FMCG business revenue was up by 6.1% with most major categories recording steady
The business improved its earnings before interest, taxes, depreciation and amortization (EBITDA) by over 47% at Rs 255.82 crore.
ITC, which
The agri-business revenue grew by 8.8% at Rs 2094.71 crore, while sales at the paperboards, paper and packaging business was almost flat due
to subdued demand in the FMCG and liquor industry.
ITC said it has appointed Atul Jerath as an additional non-executive director
He is a representative of General Insurers' (Public Sector) Association of India.
