Free Press Journal

ITC logs 10% rise in Q4 net profit

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New Delhi : Diversified group ITC on Wednesday reported a 9.86 per cent increase in standalone net profit at Rs 2,932.71 crore for the fourth quarter ended on March 31, 2018, driven mainly by non-cigarette FMCG and hospitality businesses.

The company, which on Wednesday re-designated its CEO and wholetime director Sanjiv Puri as managing director, had posted a net profit of Rs 2,669.47 crore in January-March period a year ago, ITC said.

ITC’s net sales during the quarter stood at Rs 10,705.75 crore against Rs 14,882.75 crore in the same period last fiscal. The company posted “muted growth of 3.6 per cent in gross sales value (GSV) due to decline in agri business revenue; GSV excluding Agri Business up 5.7 per cent driven mainly by FMCG-Others and Hotels,” it said.  According to the company, after implementation of GST in July last year, revenue for the March quarter is reported as net of GST, whereas in the year ago period excise duty and VAT was included in the revenue.