Kolkata, July 25
ITC Ltd, for the quarter ended June 30,
2003, has recorded a 15.5 per cent growth in its post-tax profit at Rs 397.22 crore
compared to Rs 343.92 crore earned in the previous corresponding period.
The pre-tax profit has registered an
increase of 13.4 per cent at Rs 604.14 crore. Gross income for the period under review is
up at Rs 2,812.67 crore (Rs 2,747.78 crore).
Net sales are placed at Rs 1,428.85 crore
(Rs 1,408.02). Other income has shot up to Rs 57.05 crore (Rs 25.97 crore). While net
interest is down at Rs 5.46 crore (Rs 8.55 crore), depreciation has climbed to Rs 59.41
crore (Rs 53.33 crore). The results were taken on record by the board at its meeting here
today.
According to the company's note issued here
today, topline growth was hindered by the 10-day transporters' strike in April 2003, which
disrupted shipments considerably, particularly in the paperboards and agri-business
segments. Despite this, it is pointed out, the underlying net turnover — after
adjusting for once-off non-basmati rice exports last year (Rs 152 crore) — grew by 11
per cent.
While the segment revenue for total FMCG
has gone up to Rs 2,342.71 crore (Rs 2,215.37 crore), agri-business has shown lower
revenue at Rs 23.85 crore (Rs 36.06 crore).
The capital employed in agri-business has
however gone up to Rs 467.77 crore (Rs 460.42 crore).
It is clarified in the notes that
agri-business revenues during the quarter witnessed a "de-growth" over the same
period of last year owing to the transporters' strike, a significant drop in size of
export opportunity in non-basmati rice, which was available last year (Rs 152 crore in Q1
2002 against Rs 32 crore in Q1 2003) and significant appreciation of the rupee vis-à-vis
the dollar.
Despite an oversupply situation in the
global leaf tobacco industry, and the steep currency devaluation in competing countries,
the company's leaf tobacco exports grew in volume terms by 10 per cent, it is pointed out.
During the quarter, the company has made a
further investment of Rs 15 crore in the equity capital of ITC Infotech India Ltd, a
wholly owned subsidiary, and Rs 1.99 crore in the equity of ITC Hotels Ltd, yet another
subsidiary.
On the FMCG cigarettes segment, it is
stated that the first quarter saw the launch of several superior and differentiated
products targeted across market segments. The availability of "Insignia", the
new offering in the super premium category, has a now been extended to six metros and
Pune. The value added Star variants of Scissors, Capstan and Bristol were launched in the
Bingos segment.
The company has further ramped up the e-choupal network to
nearly 2,150 installations, reaching out to more than 1.3 million farmers in close to
12,000 villages in Madhya Pradesh, Karnataka, Andhra Pradesh and Uttar Pradesh.
