News Column

ITC Q1 net rises 15.6 pc to ` 2,186 cr

July 30, 2014

ITC LIMITED, the country's largest cigarette maker, reported a better- thanexpected 25- per cent rise in quarterly sales at ` 9,160 crore in the April- June quarter compared to ` 7,338 crore in the same period last fiscal as demand for smaller and cheaper cigarettes went up and its consumer goods business grew.

Net profit was up 15.6 per cent to ` 2,186.39 crore on the back of robust sales in FMCG and agri- business categories compared to ` 1,891.33 crore in the April- June quarter of 2013- 14.

ITC sells four out of every five cigarettes in India and is nearly 25 per cent owned by British American Tobacco. ITC's consumer goods business grew 11 per cent. Sharp hikes in excise duties of 11- 72 per cent announced in the Union Budget in July are likely to hurt sales volumes by an estimated 3.5- 4 per cent this fiscal, analysts have said.

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Source: Mail Today (India)

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