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ITC registers 22 % rise in net

KOLKATA: Aided by a robust growth in its non-cigarette businesses, ITC posted a 22 per cent rise in post-tax profit to Rs. 1,070 crore in the first quarter of 2010-11 as compared to the corresponding period in the previous year. The turnover grew by 16 per cent to Rs. 4,817 crore driven by foods, personal care, agri-business and cigarette business.

A company release said that agri-business delivered a strong performance with a 43.5 per cent increase in segment revenues on the back of higher sales of soya, leaf tobacco and wheat. ITC completes 100 years on August 24.

The hotels sector, which was caught in the aftermath of 26/11 as well as the economic meltdown, has begun to show signs of recovery as well as improvement with revenues growing by 21 per cent while the segment profit improved by 26 per cent, the release added.

In the paper segment, investments are under way in a new carton line and also in new state-of- the-art machinery which are likely to be in place by early 2012.

In agri-business, construction activity of the new green leaf threshing facility in Karnataka is progressing well the company said.

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