Cigarettes to hotels conglomerate ITC posted a 16.3 per cent growth in its net profit during the third quarter ended December 31, 2013, which was marked by new FMCG business turning profitable. Hotels and agri-business posted robust growth in revenue even as paper boards business was put back on the growth trajectory.
Net revenue grew by 13.1 per cent to touch Rs.8,623.1 crore while net profit at Rs.2,385.3 crore reflected a 16.3 per cent increase.
In a statement, the company said that its new FMCG businesses registered a revenue growth of 16.4 per cent with segment profits of Rs.10 crore during the quarter, against a Rs.23.9 crore loss a year-ago and a Rs.12.7 crore loss in the second quarter. Net revenues in this segment stood at Rs.2,077.8 crore.
Hotels business, which had been stagnating in the present economic environment recorded, improved profitability which the company said was aided by superior performance by ITC Grand Chola.
Segment revenues remained muted due to a weak pricing scenario, but segment results improved by 12.1 per cent.
Paperboards, paper and packaging segment showed an 18.2 per cent jump in revenue which touched Rs.1, 257.4 crore during the quarter.