ITC Ltd today reported a marginal increase in standalone net profit at Rs 2,652.82 crore for the third quarter ended December 31.
The company had posted a net profit of Rs 2,635.00 crore during the same period last fiscal.
Net sales of the Kolkata-based company was up 3.43 per cent at Rs 9,102.66 crore for the quarter under review as against Rs 8,800.22 crore in the previous fiscal, ITC said in a BSE filing.
Shares of the company settled at Rs 308.65, up 0.69 per cent on BSE.
When one of the shareholders pointed out that ITC was
sitting on a huge pile of cash and bank balance, Deveshwar said, "We want to consume every penny, but the main problem is getting approvals. It takes a long time to get permission which is delaying our investment plans".
Referring to Patanjali, he said, "I am proud that it has built an Indian brand...We must salute that".
He said competition was good for the customers and ITC would compete.
"Even that is true for Amul. One will like these brands to prosper. It is our aspiration to make ITC an Indian MNC. But charity begins at home. ITC will first focus on the domestic market," he said.
Regarding investments in West Bengal, he said that two new plants would be ready by September and early next year. Besides, ITC was already coming up with a 1.6 million-square-foot hotel property next to the existing ITC Sonar in Kolkata.
Yesterday, ITC launched the 'Fabelle' premium chocolate lounge at ITC Sonar.
