ITC's post-tax profits rise 22% to 1,468 crore in third quarter

Our Corporate Bureau
17 January 2003

Kolkata: ITC's net turnover for the quarter ended 31 December 2002 grew by 12.2 per cent to Rs 1,468 crore on the back of an all-round growth in all its businesses, particularly in agri and fast-moving consumer goods segments.

The post-tax profit for the quarter registered an impressive growth of 21.8 per cent to touch Rs 323.51 crore. Earnings per share for the quarter stood at Rs 13.07.

FMCG
The domestic cigarette industry continues to be impacted by burgeoning state-level taxes. The company leveraged its leadership position in the industry to record a revenue growth of 5.7 per cent during the quarter driven by improved product mix.

The lifestyle retailing business expanded its product range with the introduction of the international quality Wills Classic range of formal work wear. The business also launched the distinctive John Players range of Menswear targeted at the mid-price segment. While the initial launch covered several markets in Karnataka, plans are under way to rapidly scale up market coverage. Initial consumer response has been very encouraging.

The two-year old greeting cards business, which recorded its highest sales during the current quarter, has already garnered an impressive market share of 15 per cent.

The company's branded packaged foods business continues to expand rapidly. In the branded atta segment, the Aashirvaad range was launched across South India and now covers 26 markets. In the confectionery segment, the rollout of Mint-o and Candyman to all 10-lakh plus and 5-lakh plus markets was completed during the quarter.