ITC Ltd reported a net profit of
Rs.1,371 crore for 2002-03, an 18 per cent rise from Rs1,189 crore in 2001-02. The company
also crossed the Rs10,000 crore turnover mark, with gross income at Rs11,194 crore,
against Rs9,982 crore in the previous year.
ITC will pay a dividend of Rs15 for a share
of Rs10 for 2002-03, against Rs13.50 in 2001-02. This will entail a cash outflow of
Rs418.84 crore, comprising dividend of Rs371 crore and taxes of Rs47 crore.
Profit before tax crossed the Rs2,000 crore
figure for the first time in the firm’s 92-year history to touch Rs2,056 crore after
deduction of interest charges of Rs29 crore (Rs66 crore in 2001-02) and depreciation of
Rs237 crore (Rs198 crore). Earnings per share increased to Rs55.41 from Rs48.07, and cash
generation from operations grew 15 per cent to touch Rs2,258 crore.
"The performance for the year ended
March 31, 2003, is particularly satisfying because it has been achieved in the face of
several challenges, including the economic slowdown that affected the fast-moving consumer
products industry in particular, the impact of state-level taxes on cigarettes, low
tourist arrivals in India in the first half of the year coupled with gestation of new
hotel investments and incubation costs of new business initiatives," the company said
in a release.
