The Hindu : Business : ITC net advances to Rs. 809 crore in Q4

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Saturday, May 23, 2009
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ITC net advances to Rs. 809 crore in Q4

Special Correspondent

Non-cigarette FMCG business records 20 % growth

KOLKATA: Lower exports of agricultural commodities primarily due to the adverse market conditions, drove down ITC’s fourth quarter turnover which stood at Rs. 3,892 crore against Rs. 3,934 crore in the year-ago period, registering a de-growth of one per cent. Net profit stood at Rs. 808.99 crore against Rs. 735.64 crore.

For the entire year ending March 31, 2009, net turnover at Rs. 15,388 crore was 10.3 per cent higher than the previous year’s Rs. 13,947.53 crpre, driven mainly by a robust 20 per cent growth in non-cigarette FMCG business. The net profit stood at Rs. 3,324 crore against Rs. 3,157.76 crore in 2007-08.

A media statement said that the board recommended a dividend of Rs. 3.7 per ordinary share of Re. 1 each against Rs. 3.50 per share paid in the previous year.

The statement said that agri-business achieved impressive growth in margins with profits improving by 98 per cent over the previous year.

Leaf tobacco

Leaf tobacco performance was robust. Paperboards, paper and packaging grew by 23 per cent while biscuit sales increased by 14 per cent.

The stationery business recorded a sales growth of 60 per cent.

In Lifestyle Retailing ITC achieved success in the export market with 32 per cent growth in exports despite tough conditions in the target U.S. and European markets.

The agarbatti business grew by 20 per cent in revenues even as it facilitated income generation.

The hotel business was caught by the twin impact of the economic slowdown and the Mumbai terror strikes. Squeeze on corporate travel also impacted business. Fourth quarter saw a de-growth in revenues as well as profits.

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