ITC net profit rises over 20 per cent to Rs1,602 crore in Q1

ITC Ltd has reported a 20.2-per cent increase in its net profit for the April-June 2012 quarter, at Rs1,602 crore, compared with Rs1,333 crore during the same quarter of the previous year.

Sequentially, however, profit for the April-June 2012 quarter was marginally lower from Rs1,614 crore recorded in the January-March 2012 quarter.

The company posted yet another strong performance during the quarter with healthy topline growth and high quality earnings.  Gross revenue/income from operations at Rs9,457 crore grew 15.3 per cent year-on-year, driven primarily by branded packaged foods, education and stationery and the cigarettes businesses.

Net sales grew 15 per cent to Rs6,652 crore.

Profit from operations grew 21.3 per cent to Rs2,174 crore while profit before tax grew 20.6 per cent to Rs2,337 crore during the April-June 2012 quarter. Earnings per share for the quarter stood at Rs2.05.

ITC's exceptional revenue growth was led by a 23-per cent increase in its FMCG business while revenue from its traditional cigarette business increased by 15 per cent.