ITC Ltd has notched up a post-tax
profit of Rs 1,371 crore for the year ended March 31, 2003, against Rs 1,190 crore
achieved in the last financial year, indicating a growth of 15.3 per cent.
While the gross turnover has crossed the Rs
10,000-crore mark at Rs 11,025 crore, pre-tax profits for the financial year have
registered a growth of 15.5 per cent over that in the previous fiscal at Rs 2,056 crore
(Rs 1,780 crore).
Net profit for the fourth quarter ended
March 31, 2003 is up at Rs 323.42 crore from Rs 286.37 crore achieved in the corresponding
quarter of last financial year. The board, which met here today to take on record the
audited financial results have recommended a dividend of Rs 15 per share (150 per cent),
up from the Rs 13.50 per share declared last year. According to the company, this will
entail a total cash outflow of Rs 418.84 crore, comprised of the proposed dividend of Rs
371.27 crore and income tax on this amount of Rs 47.57 crore. This dividend level is said
to translate into a payout ratio of 30.6 per cent.
After adjusting for one-off items such as
interest income on tax refunds (Rs 32 crore in previous year and Rs 9 crore in current
year), I-T refunds (Rs 12 crore in previous year and Rs 18 crore in the current year) and
a mark-down on certain assets relating to the company’s erstwhile edible oils
business (Rs 35 crore in current year), the underlying pre-tax profit has shown a growth
of 19.1 per cent, says the company’s note issued here.
Provision for taxation in higher at Rs
684.84 crore (Rs 590.94 crore), and the total expenditure for the period under review is
at Rs 3,712 crore (Rs 3,156 crore). EPS for the year is placed at Rs 55.41, and gross cash
generation from operations pegged at Rs 2,258 crore. This reserves excluding revaluation
reserves as on March 31, 2003 stood at Rs 5,056.48 crore (Rs 4,103.97 crore).
On the cigarettes front, the company has
pointed out that it has kept its leadership position in the industry to record a revenue
growth of 9.3 per cent, on improved product-mix and volume growth of 4.1 per cent despite
the challenge posed by taxation and regulation of consumption and communication.
In the hotels segment, the company has
reported business growth of 19 per cent over last year, aided by the improved business
climate in the second half of the year. On the agri-business front, ITC’s export of
leaf tobacco during 2002-03 grew by over 18 per cent to Rs 220 crore (Rs 187 crore). Other
agri commodities exports (soya, rice, coffee and marine products) were put at Rs 845
crore, an increase of 50 per cent over the previous year.
