 "ITC Q2 net up 21% at Rs 1,836 crore")
Diversified conglomerate ITC today reported a 21.27 percent increase in its net profit at Rs 1,836.42 crore for the second quarter ended September 30, over the same period of previous fiscal.
The company had posted a net profit of Rs 1,514.31 crore for the same period of previous financial year, ITC Ltd said in a filing to the BSE. Net sales of the company rose to Rs 7,146 crore for the second quarter, as against Rs 5,974.18 crore during the corresponding period of 2011-12 fiscal.
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ITC Group has presence in verticals like-FMCG, Hotels, Paperboards, Paper & Packaging and Agri Business. Shares of ITC were trading at Rs 295.30 on the BSE in afternoon trade, up 1.34 percent from its previous close.
" The company has posted strong results in the ‘Other FMCG’ and ‘Agri-Business’ segments, while ‘Hotels’ continued to post weak performance on weak demand as well as pre-launch expenses on ITC’s Grand Chola property. Results shall likely lead to earning upgrades; however, valuations (29x PER FY14E) are demanding. National roll-out of 64mm cigarettes, and impact on volume/ margin trajectory shall be the key factor to watch," said Ritwik Rai, FMCG Analyst, Kotak Securities
PTI