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ITC reports 15% jump in net profit to Rs 4,118.8 crore in December quarter – Times of India

NEW DELHI: Diversified entity ITC Ltd on Thursday reported a 15 per cent increase in consolidated net profit to Rs 4,118.8 crore for the third quarter ended December 31, 2021, on the back of robust demand across business verticals.
The company had posted a consolidated net profit of Rs 3,587.2 crore in the corresponding period last fiscal, ITC Ltd said in a regulatory filing.
Its consolidated total income stood at Rs 18,787.72 crore as against Rs 14,670.17 crore in the year-ago quarter, it added.
Total expenses were higher at Rs 13,207.28 crore as compared with Rs 9,765.56 crore in the corresponding period last fiscal, the company said.
ITC said its board has approved an interim dividend of Rs 5.25 per ordinary share of Re 1 each for the financial year ending on March 31, 2022.
During the third quarter, the cigarettes segment clocked a revenue of Rs 6,958.79 crore as compared to Rs 6,091.17 crore in the same period last fiscal.
ITC said its other FMCG division had a revenue of Rs 4,099.47 crore as against Rs 3,752.61 crore in the year-ago quarter.
There has been robust growth in discretionary, out-of-home categories such as snacks, frozen snacks and beverages, while staples and convenience foods showed resilient performance, it added.
The hygiene portfolio continues to witness demand volatility in line with Covid-19 caseload intensity and remains significantly higher than pre-pandemic levels, the company said.
The hotels segment registered a revenue of Rs 495.53 crore, up from Rs 248.87 crore in the third quarter last fiscal. Occupancy has recovered to pre-pandemic levels and there is also a strong sequential improvement in the average room rate but is still below pre-pandemic levels.
Although domestic leisure travel and the festive, wedding season boosted demand along with progressive improvement in business travel, the Omicron wave has impacted recovery momentum in January 2022, ITC said.
Its agri business revenue jumped to Rs 5,157.36 crore in the third quarter, up from Rs 2,694.27 crore in the same period a year ago. It was driven by wheat, rice, spices, leaf tobacco exports by leveraging on strong customer relationships, robust sourcing network and agile execution, it added.
Revenue from paperboards, paper and packaging vertical also improved to Rs 2,046.48 crore from Rs 1,477.53 crore in the third quarter previous year, the company said.

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