New Delhi: Diversified ITC on Thursday reported 10 percent increase in standalone net profit at Rs 2,818.68 crore for the first quarter ended on 30 June, 2018, aided by lower expenses, good growth in agri-business and other FMCG business despite a decline in cigarettes sales.
The company had posted a standalone net profit of Rs 2,560.50 crore in the first quarter last fiscal, ITC said in a BSE filing.
Revenue from operations was at Rs 10,874.59 crore. It was at Rs 13,800.42 crore in the same quarter of last fiscal.
The two figures are not comparable as revenue from operations is net of GST after the implementation of the new tax regime from July 2017.
The company said its total expenses for the quarter under review stood at Rs 6,978.50 crore as against Rs 10,332.61 crore in the corresponding period last fiscal.
During the first quarter, revenue from cigarettes vertical stood at Rs 5,127.59 crore as compared to Rs 8,774.16 crore in the corresponding period last fiscal, down 41.5 percent, ITC said.
Other FMCG segment had a revenue of Rs 2,870.03 crore as against Rs 2,600.89 crore in the same period a year ago.
ITC said its agri-business had a revenue of Rs 3,151.27 crore as compared to Rs 2,760.52 crore in the corresponding quarter last fiscal.
Hotels business posted a revenue of Rs 341.28 crore in the first quarter this fiscal as compared to Rs 304.89 crore in the same period last year, while the paperboards, paper and packaging vertical posted revenue of Rs 1,355.83 crore as against Rs 1,359.82 crore in the same period last fiscal
The Great Diwali Discount!
Unlock 75% more savings this festive season. Get Moneycontrol Pro for a year for Rs 289 only.
Coupon code: DIWALI. Offer valid till 10th November, 2019 .
Updated Date: Jul 26, 2018 18:20:40 IST