KOLKATA, 24 OCTOBER

ITC LTD has reported a 15 per cent higher turnover for the quarter ended September 30, 2002, at Rs.2,779 crore, thanks to the growth in the business segments and a rise in operating profits in paperboards. After adjusting for Rs.31 crore as interest income for the quarter ended September 2001 and for Rs.20 crore for the quarter ended September 2002, ITC’s underlying pre-tax profit registered a 17 per cent rise to Rs.546.98 crore in the quarter ended September 2002. The underlying post-tax profit grew 14 per cent to Rs.362.52 crore and earnings per share for the quarter were Rs.15.37.

Without the adjustments for the quarters, the gross income was Rs.2,827 crore, the profit before tax Rs.554 crore and the profit after tax Rs.380 crore. For the half year ended September 2002, the gross income was Rs.5,575 crore (Rs.4,833 crore for six months ended September 2001), while the profit before tax was Rs.1,087 crore (Rs.959 crore) and the net profit Rs.724 crore (Rs.637 crore).

In paperboards, paper and packaging, the segment revenue grew 13 per cent but the higher sales of value-added paperboards pushed up operating profits by 19 per cent during the quarter.

The agri commodity exports touched Rs.300 crore during the quarter from Rs.131 crore in the same quarter last year. Its e-choupal initiative was further ramped up to 1,200 installations, covering 6,500 villages. The e-choupal infrastructure was being used to source wheat for the foods business.

The cigarette business recorded nearly a 10 per cent revenue growth as volumes rose and better product-mix paid off. It contributed Rs.490 crore of the gross income from operations while the agri-business contributed Rs.43 crore, and paperboards, paper and packaging division another Rs.58 crore. ITC’s hotels and other FMCG business like garments, gifts and foods, continued to be in the red.

ITC said its initiatives in the FMCG sector would be outsourcing production from small and medium enterprises. Its lifestyle retailing business added three ‘Wills Lifestyle’, taking the chain to 48 stores in 39 cities while greeting cards cornered a 10 per cent market share. While the branded packaged foods range was being expanded, ITC’s ‘atta’ brand ‘Aashirvaad’ was rolled out in 11 cities, including a premium variant. ITC also commenced marketing safety matches sourced from the small-scale sector. Following the withdrawal of negative travel advisories, the hotel industry prospects are looking better.