Business Daily from THE HINDU group of publications
Saturday, Jul 22, 2006
Business Daily from THE HINDU group of publications Saturday, Jul 22, 2006 |
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Corporate Results
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Diversified
Our Bureau
Good show Earnings per share at Rs 1.74 Profit after tax higher at 21.1 per cent Agri-business revenues grow by 47 %
MR Y. C. DEVESHWAR, Chairman, ITC Ltd, addressing the annual general meeting of the company in Kolkata on Friday. — A. Roy Chowdhury
Kolkata , July 21 ITC Ltd has posted a post-tax profit of Rs 652.28 crore (Rs 558.30 crore) for the quarter ended June 30, 2006, recording a growth of 16.8 per cent over that in the corresponding quarter the previous year. Profit before tax and exceptional items at Rs 967.15 crore, has grown by 16.5 per cent. Announcing the results at the 95th AGM of the company here on Friday , Mr Y.C. Deveshwar, Chairman, said the earnings per share for the first quarter stood at Rs 1.74. He said the underlying growth in profit after tax was higher at 21.1 per cent, after adjusting for the once off income (Rs 19.49 crore) included in the financials for the quarter ended June 30, 2005, arising from the settlement reached with the owners of Searock Hotel in May 2005.
All round growth
According to an official release issued by the company , net turnover at Rs 2,850 crore, has shown a growth of 25.7 per cent, driven by the non-cigarette businesses, which grew by 44 per cent during the quarter, and which now account for 50.2 per cent of the company's net turnover. The key drivers were identified as the continued ramp-up of the foods business, higher agri-business revenues and a strong performance by the hotels business. ITC has posted a gross income of Rs 4,719.06 crore (Rs 3,960.57 crore), with provision for taxation (including prior adjustments) at Rs 3,14.87 crore (Rs 2,71.84 crore). The company's paid up equity as on June 30, 2006 (ordinary shares of Re 1 each) stands at Rs 375.52 crore (Rs 249.43 crore). Effective from April 1, 2006, ITC has adopted the revised Accounting Standard-15 (AS-15) Employee Benefits as issued by the Institute of Chartered Accountants of India .
Choupals do well
Overall, agri-business revenues of ITC during the first quarter recorded a growth of 47 per cent, driven primarily by increased levels of soya trade and higher wheat sales to the company's branded packaged foods business. According to the company note, segment results, however, were impacted owing to the incremental costs associated with scaling up of the e-choupal network and income from export incentives included last year. According to the company, the e-choupal network was further ramped up during the quarter to 6,270 installations , with the network now reaching out to over 3.5 million farmers in the States of Madhya Pradesh, Haryana, Uttaranchal, Uttar Pradesh, Rajasthan, Karnataka, Maharashtra, Andhra Pradesh and Kerala. Addressing shareholders, Mr Deveshwar said the business made good progress on the rural retail front with the launch of three more `Choupal Sagars' during the quarter. Some 10 Choupal Sagars are now operational in the three states of Madhya Pradesh, Maharashtra and Uttar Pradesh, while more are said to be in an advanced stage of construction . These are meant to serve as the core infrastructure to support ITC's rural distribution strategy.
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