Agri business records 43 % growth
Diversified FMCG firm ITC Ltd closed the third quarter of 2012-13 with a 20.6 per cent increase in its net profit. ITC’s net operational income stood at Rs. 7627.1 crore during the quarter ending December 2012 against Rs. 6,196.43 crore in the corresponding period last year.
The company’s net profit increased to Rs. 2061.9 crore from the Rs. 1700.9 crore reported in the same period last fiscal. It said that this performance came against a challenging business environment of slowdown in economic growth, high inflation and high taxes on cigarettes.
A company statement said that during the quarter under review, the non-cigarette FMCG segment registered robust revenue growth of 30.1 per cent, with improved profitability.
The hotels segment, however, saw muted growth even as new projects in Kolkata, Bangalore and Gurgaon progressed as per plan. The ITC Grand Chola, which commenced operations in September 2012, received encouraging response in the first quarter of its launch, according to the release.
Agri-business recorded one of the highest growth rates among all segments—43 per cent—with exports of wheat and soya boosting the segment’s performance.
The paperboards, paper and packaging segment saw a 10 per cent growth in revenue. Investments at new facilities in Bhadrachalam and Haridwar are nearing completion, according to the company.