ITC Q3 profit rises 17%; beats estimates

ITC Q3 profit rises 17%; beats estimates

ITC Ltd has reported a 16.7 per cent rise in standalone net profit at Rs 3,090.20 crore for the December quarter compared with Rs 2,646.73 crore during the same period of the previous fiscal on the back of exceptional gains from tax refunds and improved performance by cigarettes, FMCG, hotel and paperbord businesses.

On a comparable basis, gross sales during the quarter stood at Rs 16,746.20 crore representing a growth of 6.3 per cent over Rs 15,746.93 crore in the corresponding period of 2016-17.

It had reported a net profit of Rs 2,646.73 crore in the same quarter previous year.

Segment-wise, cigarette revenue was down 44.14 per cent at Rs 4,629.19 crore in October-December, compared with Rs 8,287.97 crore in the year-ago period. It had posted hotel revenue of Rs 370.51 crore in the same quarter previous year.

The company said the volumes of the legal cigarette industry were under pressure because of the sharp increase in tax and intense regulatory pressure.


While the FMCG industry witnessed progressive recovery in the quarter from the transitional impact of the GST rollout, overall demand remained subdued.

Hotels contributed Rs 404.44 crore during the quarter compared to Rs 370.51 crore during the same period previous fiscal. Net interest income rose 26.8 per cent to Rs 1,889 crore while the net interest margin stood at 3.5 per cent. Profit in the paperboards, paper and packaging segment rose 9% on higher volumes and import substitution.

Performance during the quarter was impacted by shortage of leaf tobacco in Andhra Pradesh due to successive reductions in authorised crop size exacerbated by drought in 2016, the company said.

This is published unedited from the PTI feed.

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