Kolkata: Cigarette and consumer goods maker ITC Ltd on Wednesday said that its net profit for the March 2018 quarter rose 9.86% over the same period previous year to Rs2,932.71 crore as margins expanded. It was Rs 386.52 crore in the corresponding period last fiscal.
A Bloomberg poll of analysts expected ITC's net income and revenue of Rs 2,920 crore and Rs 11,940 crore in Q4FY18 respectively.
The company said the punitive and discriminatory taxation and the regulatory regime continues to exert severe pressure on the domestic legal cigarette industry even as illegal cigarette trade has been growing unabated.
In the segment-FMCG-Others-its revenue rose to Rs 3,051.82 crore during the quarter as against Rs 2,885.76 crore in the corresponding period of previous year.
Revenue from operations fell 28 per cent to Rs 10,813 crore, while excise duty paid was down about 94 per cent.
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The cigarette segment contributed Rs3,505.76 crore of pre-tax profit in the March quarter, up 7.57% from Rs3,258.76 crore a year ago.
Shares of ITC today rose 1.5 per cent after the company reported 9.86 per cent rise in standalone net profit for the fourth quarter ended March 31, 2018.
On a comparable basis, gross sales value (net of rebates/discounts) stood at Rs. 67081.92 crore, representing a growth of 4.5% driven mainly by the branded packaged foods, personal care and the education and stationery products businesses offset by decline in agri business revenue.
The Kolkata-based company's earnings before interest, tax, depreciation, and amortisation (EBITDA) grew 6.9 per cent to Rs 4,144 crore year-on-year, while EBITDA margin went up to 39.1 per cent from 38.4 per cent a year ago. However, its hotel business fared better, posting an EBIT jump of 13 per cent year-on-year in the quarter under review.
At 2:22 PM Shares of ITC today were trading 1.5 percent higher at 286.10 rupees on the National Stock Exchange.
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