CHENNAI: ITC has reported a higher net profit of Rs. 2,235 crore for the year ended March 31, 2006, as compared to Rs.2,191 crore in 2004-05. Gross turnover grew by 21.5 per cent to Rs. 16,224 crore. Net sales turnover rose to Rs. 9,790 crore from Rs. 7,639 crore. Other income accounted for Rs. 286 crore (Rs. 235 crore). Total income increased to Rs. 10,076 crore from Rs. 7,875 crore.

According to a company release, cigarette sales grew by 13.3 per cent, while non-cigarette business grew by 46.2 per cent as a result of the ramp-up of the new FMCG businesses, growth in agri-business and strong performance of the hotels and paperboard segments. The pre-tax profit (before exceptional items) increased by 22.3 per cent to Rs. 3,269 crore, while post-tax profit (before exceptional items) at Rs. 2,280 crore registered a growth of 24.1 per cent.

Net of this exceptional item, the profit after tax stood at Rs. 2,235 crore.

The company's performance for the fourth quarter was equally impressive with net turnover recording a growth of 27.9 per cent over the previous year to touch Rs. 2,784 crore. Pre-tax profit at Rs. 781 crore grew by 23.7 per cent.

The directors have recommended a dividend of Rs.2.65 per equity share of Re.1 each (previous year, adjusted for stock split and bonus: Rs. 2.07 per share).

During 2005-06, the hotels business posted a strong financial performance with segment revenues growing by 35.7 per cent to touch Rs. 783 crore on the back of improved occupancies.

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