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The ITC Chairman, Mr Y.C. Deveshwar, at the company's annual general meeting, in Kolkata on Friday. - Parth Sanyal

Kolkata , July 30

FOR the first quarter ended June 30, 2004, ITC Ltd has recorded a 16.3 per cent growth in its post tax profit at Rs 461.99 crore against the Rs 397.22 crore achieved during the quarter of last financial year.

Net turnover at Rs 1,775 crore (Rs 1,429 crore) has shown an increase of 24.2 per cent on the back log growth in cigarette sales (of a little over 5 per cent) ramp-up of new FMCG businesses and improved performance of the hotels and Paperboards, Paper and Packaging segments.

Profit before tax has jumped to Rs 674.51 crore (Rs 604.14 crore). Earnings per share for the quarter is placed at Rs 18.65.

Net interest payout is at Rs 12.92 crore (Rs 5.46 crore).

During the quarter, Landbase India Ltd has become a wholly owned subsidiary, consequent to ITC increasing its shareholding in the venture from 70 per cent to 100 per cent.

Ansal Hotels Ltd has now become a subsidiary of ITC consequent to conversion of loan and interest due from that company into equity.

In keeping with the strategy of providing superior value for the customer, "Insignia" was launched in a round corner pack, and "Silk Cut", in the international wave pack, was extended to all target markets.

ITC has informed that the e-Choupal network was further ramped up to nearly 4,100 installations, reaching out over 2.4 million farmers in Madhya Pradesh, Uttar Pradesh, Maharashtra, Rajasthan, Karnataka and Andhra Pradesh.

It is pointed out that the rural marketing and distribution initiatives were scaled up in MP during the quarter, leveraging the extensive and cost-efficient e-Choupal network. Construction of the country's first pilot rural `hub' is being progressed and is expected to be operational by September 2004.

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