Financial Daily from THE HINDU group of publications
Saturday, Jan 22, 2005
Financial Daily from THE HINDU group of publications Saturday, Jan 22, 2005 |
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Corporate Results
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Cigarettes ITC Q3 net up 18% Our Bureau
Kolkata , Jan. 21 ITC Ltd, for the quarter ended December 31, 2004, has recorded a growth of 17.9 per cent in its post tax profit at Rs 448.94 crore, against the Rs 380.70 crore for the same period of last financial year. The pre-tax profit increased by 12.7 per cent at Rs 638.70 crore (Rs 566.61 crore). Gross income for the period under review has touched Rs 3242.70 crore (Rs 2994.55 crore). The provision for taxation, including prior year adjustments, is placed at Rs 189.76 crore (Rs 185.91 crore). (The company, in its Notes to the Stock Exchanges has pointed out that the financial results for the quarter do not take into account the effect of the Supreme Court's judgement on Thursday, accepting the company's contention challenging levy of luxury tax on cigarettes by States. The apex court, in its verdict, has held that the States did not possess legislative competence to impose luxury tax on goods.) Total expenditure for the said quarter has climbed to Rs 1119.62 crore (Rs 1031.62 crore). Gross income comprising segment revenue and other income for the nine-month period ended December 31, 2004, has jumped to Rs 9825.63 crore (Rs 8732.89 crore). EPS for the quarter is placed at Rs 18.10. The company's net turnover, according to an official note issued here has increased by 10.6 per cent to Rs 1795.19 crore, riding on the back of growth in cigarette sales, ramp up of new FMCG businesses and improved performance of the Hotels and Paperboards, Paper & Packaging segments. The financial results were taken on record by the ITC board at its meeting here on Friday. While cigarettes and others in the FMCG segment for the quarter have notched up a revenue of Rs 2571.75 crore (Rs 2390.86 crore), agri-business has shown an increase at Rs 401.59 crore (Rs 378.11 crore), Paperboards, Paper and Packaging Rs 390.82 crore (Rs 314.14 crore) and Hotels Rs 95.77 crore (Rs 70.61 crore). In agri-business, the company's e-choupal network has been further ramped up to 5,060 installations reaching out to nearly 3 million farmers in Madhya Pradesh, UP, Maharashtra, Rajasthan, Karnataka and Andhra Pradesh. It is pointed out that while the cigarette industry during the quarter continued to operate in a challenging environment in the wake of implementation of the `Cigarettes and Other Tobacco Products (Prohibition of Advertisement and Regulation of Trade and Commerce, Production, Supply and Distribution) Act, 2003 (COTPA), the 2 per cent education cess on excise duties and the continuing increase in State-level taxes, the company could still sustain its leadership position in the market through continued focus on world class quality, and delivering superior value for the customer. ITC has introduced a limited edition pack of `Scissors Filter' in select markets of Kerala and festival packs of `Flake Filter,' `Bristol Filter,' `Berkeley Filter' and `Scissors Filter.' Market coverage of select brands in the regular filter category) in a new pack design was also extended during the quarter.
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