ITC posts 22.45 percent rise in third-quarter net profit

ITC Ltd, the cigarettes-to-hospitality company, posted a 22.45-per cent rise in third-quarter net profit, helped by price increases of its tobacco products and robust growth across business segments.

The Kolkata-based company's standalone net profit rose to Rs1,700.98 crore in the quarter ended 31 December  2011, compared with Rs1,389.08 crore posted in the same period of previous financial year.

''The branded packaged foods business continued to grow, rapidly driven by further premiumisation of the portfolio, higher volumes and improved profitability,'' the company said in a statement.

The conglomerate has business ranging from branded packaged food to personal care products and hospitality.

During the quarter under review, the company posted net sales of Rs6,105.43 crore, up 12.56 per cent, compared with Rs 5,424.25 crore recorded in the year-ago period.

The net revenue of its fast moving consumer goods segment, including cigarettes, stood at Rs4,603.66 crore, its hotels business posted Rs 278.72 crore in revenues.