The Hindu Business Line : ITC posts 20 pc rise in Q1 net

ITC Ltd's post-tax profit for the quarter ended June 30, 2005 has recorded a growth of 20 per cent to Rs 558.30 crore, against Rs 464.88 crore in the corresponding quarter of the previous financial year. The pre-tax profit at Rs 830.14 crore (Rs 681.57 crore) has gone up 21.8 per cent.

The Chairman, Mr Y.C. Deveshwar, announced that both these profit levels were the highest ever by the company in any quarter. EPS for the quarter is Rs 22.38 (Rs 18.68).

According to the official release issued by the company here at the venue of the AGM, the net turnover at Rs 2,266.88 crore (Rs 1,817.15 crore), representing a 24.7-per cent growth, has been driven by cigarette sales, ramp-up of the foods business, higher exports of leaf tobacco and improved performance of the hotels and paperboards, paper and packaging businesses.

ITC's gross income for the quarter increased to Rs 3,960.57 crore (Rs 3,339.92 crore). Provision for taxation (including prior year adjustments) went up to Rs 271.84 crore (Rs 216.79 crore). This includes Rs 4.32 crore (corresponding quarter nil) for fringe benefit tax.

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