ITC Q2 net profit jumps 21 per cent to Rs1,836 crore

Diversified group ITC Ltd has reported a 21 per cent year-on-year increase in its net profit for the July-September 2012-13 quarter at Rs1,836 crore on the back of higher revenue from its agri business and cigarettes divisions.

ITC had posted a net profit of Rs1,514 crore during the corresponding quarter of the previous year.

On a sequential basis, ITC's net profits during the July-September 2012-13 quarter was up 15 per cent compared with the April-June 2012-13 net profit of Rs1,602 crore.

The impressive results with healthy topline growth and high quality earnings in the second quarter is particularly remarkable when viewed against the backdrop of the slowdown in economic growth, sustained high inflation and the steep hike in taxes on cigarettes during the year, the company said in a release.

Gross revenue grew 19.9 per cent to Rs10,223.86 crore during the July-September 2012-13 quarter on the back of increased sales of branded packaged foods,  agri business and cigarettes, ITC said in a release.

Profit from operations grew 21.8 per cent to Rs2,499.41 crore while profit before tax and net profit at Rs2,661.10 crore and Rs1,836.42 crore registered a growth of 20.1 per cent and 21.3 per cent, respectively.