ITC Ltd on Friday reported a Rs 536.83 crore net profit for the third-quarter (Q3) ended December 31, 2005, compared to Rs 466.70 crore in the corresponding period of the previous year, an increase of 15%.

The higher net is on the back of a 37.5% rise in net sales revenue during this period to Rs 2,556.04 crore from Rs 1,859.10 crore. The company's net profit for the first nine months is Rs 1,667.46 crore against Rs 1,419.65 crore in the corresponding period of the previous year. Net sales revenue is Rs 7,006.07 crore against Rs 5,462.34 crore in the previous year. The tobacco-to-hotels & FMCG company said the rise in its quarterly sales was due to higher cigarette sales and agri exports, "ramp- up of the new FMCG businesses, and improved performance of the hotels and paperboards, paper & packaging segments."

"Non-cigarette topline, which now accounts for 49% of the company's net turnover, grew by 57% during the quarter," the company informed the stock exchanges after its board meeting here on Friday. Gross income in the third quarter increased 27.9% to Rs 4,239.08 crore (Rs 3,314.09 crore). Quarterly depreciation rose to Rs 83.12 crore (Rs 75.01 crore).
Profit before tax and exceptional items registered a 26.6% growth in Q3 to Rs 842.58 crore (Rs 665.39 crore). Earnings per share or EPS (post- share split and issue of bonus shares) for the quarter was Rs 1.55.

Co to launch varied branded food products

REVENUE from ITC Ltd's hotels business in the third quarter registered a 31.4% growth to Rs 219.19 crore (Rs 166.79 crore) on account of improved room realisations and occupancies. A renovation and product upgrade exercise in various hotels is also underway. While revenue from agribusiness was up 63.1% to Rs 654.90 crore (Rs 401.59 crore), revenue from paperboards, paper & packaging grew 25.2% to Rs 489.54 crore (Rs 390.82 crore). Since revenue from branded garments, greeting, gift & stationery, packaged foods, agarbattis and matches categorised as "FMCG: others" in the company's profit-loss account rose 71.2% at Rs 260.59 crore during the third quarter, the segment cut its loss before tax and exceptional items to Rs 39.47 crore (Rs 40.75 crore). In branded foods, the company will launch a slew of differential products while simultaneously establishing outsourced and distributed manufacturing capacities to garner rapid volume growth. It also intends to scale up presence in the branded spices market. Besides, ITC's efforts to reformulate its lifestyle retail presence by relocating stores in high traffic malls appear to have borne fruit.