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ITC Ltd has reported a standalone net profit of Rs 1,928 crore in the fourth quarter of FY2013 against Rs 1,614 crore in the comparable quarter of FY2012.
Non-cigarette FMCG segment recorded its maiden profit of Rs 10 crore during Q4 2012-13, according to an ITC official. Non-cigarette FMCG segment registered a revenue growth of 26.4 per cent.
The whole year’s net profit stood at Rs 7,418 crore (Rs 6,162 crore). The consolidated net profit also improved to Rs 7,608 crore (Rs 6,258 crore).
The total income in the fourth quarter from the operations stood at Rs 8,257 crore (Rs 6,950 crore). The total annual income from operations was at Rs 29,901 crore (Rs 25,147 crore).
The ITC Board recommended a dividend of Rs 5.25 a share (of Re 1 each).
The 102nd AGM will be held on July 26.
Owing to issue of 2.36 crore shares in Q4 under ESOP schemes, the total equity has gone up to Rs 790.18 crore.
According to Varun Lohchab, MD & Co-Head of Research, Religare Capital Markets, cigarettes business performed strongly with 17.5 per cent gross sales growth driven by around 2.5 per cent volume growth.
He noted cigarettes business’ operating profit growth was 20.2 per cent (margins up 60 basis points Y-o-Y).
Other FMCG segment (non-cigarette) growth was more than 26 per cent Y-o-Y.
He said though hotels revenue was up 10 per cent Y-o-Y, operating profit was weak (51 per cent Y-o-Y decline).
V. Srinivasan, Angel Broking FMCG analyst, also underlined the cigarette business’ 421 basis points margin expansion and other FMCG profit. “However, other divisions posted margin contraction on a Y-o-Y basis,” Srinivasan noted.
Gautam Sinha Roy, Vice-President (Equities), Motilal Oswal Securities, said PAT was in line with brokerage’s estimate despite an EBITDA miss.
The stock closed at Rs 334.7, down 0.62 per cent, on the BSE.
jayanta.mallick@thehindu.co.in
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