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ITC Q4 net up 26% at Rs 1,614.36 cr

Diversified conglomerate ITC on Friday reported 25.98 per cent increase in its standalone net profit for the quarter ended 31 March 2012 at Rs 1,614.36 crore on the back of good performance. The company had posted a net profit of Rs 1,281.48 crore in the same period last year.

The total income during the fourth quarter also went up by 18.13 per cent to Rs 7,162.51 crore from Rs 6,063.38 crore in the year-ago period, it added. For the 2011-12 financial year, the consolidated net profit rose by 24.72 per cent to Rs 6,258.14 crore from Rs 5,017.93 crore in the previous fiscal.

The company's total income in 2011-12 stood at Rs 27,336.14 crore compared to Rs 23,110.80 crore in2010-11, up 18.28 per cent.

The board of directors has recommended a dividend of Rs 4.50 per ordinary share of Re 1 each for the year ended 31 March 2012.

'Total cash outflow in this regard will be Rs 4,089.04 crores, including dividend distribution tax of Rs 570.75 crores,' ITC said.

'During the year, the business witnessed sustained inflationary pressure on input costs. Supply side driven constraints coupled with growing demand caused prices of packaging materials, edible oil and industrial fuels to remain at inflated levels,' ITC said.

The cost pressures were mitigated through a combination of improvements in product and process efficiencies, smart sourcing and supply chain initiatives.

'The cigarettes industry in India continues to be impacted by an environment of rapidly escalating challenges and discriminatory taxation. The steep increase in the tax rates on cigarettes, both at the central and at the state levels, has led to the undesirable consequence of shifting consumption patterns to lightly taxed or tax evaded tobacco products besides fuelling the rampant growth of illegal cigarettes,' ITC said.
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