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ITC Q2 net up 13 p.c.

By Our Staff Correspondent

KOLKATA OCT. 29. ITC registered a 12.5 per cent growth in net profit at Rs. 427.87 crores during the second quarter ended September 30, 2003 against Rs. 380.50 crores. The profit could have been higher but for the losses registered during the run-up to consolidate its position in other FMCG products but cigarette.

With significant increase in revenue from a mere Rs. 16 crores during the second quarter of the last fiscal to Rs. 74 crores, losses in other FMCG products grew from Rs. 27 crores to Rs. 39 crores.

The high rate of depreciation at the newly opened hotel in Kolkata had restricted the operating profit of hotels segment to Rs. 1.53 crores. Despite decrease in revenue by about Rs. 62 crores as compared to the corresponding period in 2002-03, agri-business maintained its profitability at the level of last year.

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