ITC registers Q1 profit of Rs.2265.44 crore, up by 3.61 percent

Kolkata headquartered Inndian Tobacco Company Limited (ITC Ltd.) on Thursday announced a net profit of Rs 2265.44 crore for the first quarter of fiscal 2015-16 ending June 30.

This figure was a 3.61 per cent rise over the profit earned in the same period last year (Rs 2,186.39 crore).

In a statement, the company said that the profit rise was slight because of a drop in cigarette sales and sluggish demand for other FMCG products.

The statement further revealed that the group's net sales have also declined by 7.18 per cent to Rs 8,505.53 crore for the quarter under review as against Rs 9,164.42 crore during June quarter of the previous fiscal.

The company's net sales in the cigarette vertical stood at Rs 2,781.10 crore for the first quarter, compared to Rs 2,721.75 crore in the same period of the previous fiscal.

The FMCG business posted a net loss of Rs 7.97 crore for the first quarter, compared to Rs 15.59 crore during the same period of 2014-15 fiscal.

The company's agri business posted net sales of Rs 233.85 crore in the period under review, compared to Rs 202.45 crore in the same period of previous fiscal.

ITC said its paperboards, paper and packaging segment reported net sales of Rs 254.44 crore during the first quarter, compared to Rs 274.90 crore in the same period of previous fiscal.

ITC shares were trading at Rs 312.25 apiece on the Bombay Stock Exchange, up 2.73 per cent from previous close.