ITC posts Rs 2,385 cr profit in Q3

Diversified conglomerate ITC on Friday posted a 16.25 per cent rise in net profit at Rs 2,385.34 crore for the third quarter ended December 31 after robust sales across its FMCG and agri-business verticals.

The Kolkata-headquartered firm had posted a profit of Rs 2,051.85 crore in the corresponding period a year earlier.

Net sales rose 13.05 per cent to Rs 8,623.11 crore from Rs 7,627.07 crore, ITC said in a statement.

Earnings from the company's FMCG business, including cigarettes, climbed 20.52 per cent to Rs 2,662.99 crore while net sales increased to Rs 6,193.89 crore.

ITC's cigarettes brands, including 'Classic' and 'Gold Flake,' registered a gain of 18.76 per cent in earnings at Rs 2,652.64 crore on net sales of Rs 4,116.07 crore.

The company recorded an 18.98 per cent increase in its agri business profit at Rs 205.40 crore on net sales of Rs 1,786.37 for the third quarter, driven by higher realisation and superior mix.

Earnings from the company's other FMCG business, including branded packaged foods, turned positive at Rs 10.35 crore compared with a net loss of 23.98 crore in the same period of the previous financial year.

The hospitality business posted a profit of Rs 62.20 crore on net sales of Rs 315.44 crore. 

ITC's paperboards, paper and packaging business earned Rs 231.69 crore on revenue of Rs 1,257.43 crore.