ITC Limited, a multi-business conglomerate, has a diversified presence in cigarettes, hotels, specialty papers, packaging, paperboards, agricultural business and as a result is one of the biggest companies in India and also has a dominating presence in the FMCG sector.
The company has registered growth in net sales of 4.96 per cent for its first quarter in the current fiscal. Also, the company reported an increase in net income of 19.36 per cent. This was achieved by reducing the stock-in-trade and work in progress part of the expenditure column. Compared to this there was a high rise in employee cost, this was to the extent of 29.37 per cent.
Its net profit increased by Rs 130 crore, which was a jump of 17.34 per cent.
Segment break up showed increased profit from the FMCG sector, which saw a rise of 19.41 per cent – cigarettes component contributed by rising 14 per cent.
Its revenue from the hotel segment registered a fall of 28 per cent. This was due to the slowdown in the economy.
The hotel industry in general has seen a fall of 20 per cent plus in revenues.
Also See: Snapshot
ITC Limited
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