ITC net profit rises 24%

ITC, the cigarettes-to-hotels conglomerate, has reported a 27 per cent increase in post-tax profit to Rs 1,028 crore for the quarter ended March, compared to Rs 809 crore over the same period last year.

There has been revenue growth in all businesses, including hotels, which reversed the decline in growth in the first three quarters. Net turnover, at Rs 5,053.8 crore, grew by 27.9 per cent

For the year ended March 31, post-tax profit was Rs 4,061 crore, a rise of 24.4 per cent over the earlier one. Net turnover grew 16.3 per cent to Rs 18,153.2 crore, driven by 20.9 per cent growth in the non-cigarette FMCG (fast moving consumer goods) business, 19.8 per cent in cigarettes and 17.4 per cent in the paperboards, paper and packaging segment. Earnings per share was Rs 10.73.

The company’s cigarettes business continues to be its mainstay, accounting for 51.3 per cent of annual net turnover and 82 per cent of pre-tax profits. Consolidated net profit for the year was Rs 4,168.2 crore and total income at Rs 19,754.8 crore.

Since ITC has completed a century, the board has recommended a special centenary dividend of Rs 5.50 per share, in addition to the dividend of Rs 4.50 per share.

“Total cash outflow in this regard will be Rs 4,452.2 crore, including dividend distribution tax of Rs 634 crore, making it one of the highest-ever dividend payouts by an Indian company in the private sector,” said ITC in a statement.