ITC Q1 proft up 10% at Rs 2,819 crore

New Delhi: Diversified ITC on Thursday reported 10 per cent increase in standalone net profit at Rs 2,818.68 crore for the first quarter ended on June 30, 2018, aided by lower expenses, good growth in agri-business and other FMCG business despite decline in cigarettes sales.

The company had posted a standalone net profit of Rs 2,560.50 crore in the first quarter last fiscal, ITC said in a BSE filing.

Revenue from operations was at Rs 10,874.59 crore. It was at Rs 13,800.42 crore in the same quarter of last fiscal.

The two figures are not comparable as revenue from operations are net of GST after the implementation of the new tax regime from July 2017.

The company said its total expenses for the quarter under review stood at Rs 6,978.50 crore as against Rs 10,332.61 crore in the corresponding period last fiscal.

During the first quarter, revenue from cigarettes vertical stood at Rs 5,127.59 crore as compared to Rs 8,774.16 crore in the corresponding period last fiscal, down 41.5 per cent, ITC said.

Other FMCG segment had a revenue of Rs 2,870.03 crore as against Rs 2,600.89 crore in the same period a year ago.

ITC said its agri business had a revenue of Rs 3,151.27 crore as compared to Rs 2,760.52 crore in the corresponding quarter last fiscal.

Hotels business posted a revenue of Rs 341.28 crore in the first quarter this fiscal as compared to Rs 304.89 crore in the same period last year, while the paperboards, paper and packaging vertical posted revenue of Rs 1,355.83 crore as against Rs 1,359.82 crore in the same period last fiscal.