Diversified conglomerate ITC Ltd’s standalone net profit rose 12.1% to to ₹2,669.5 crore in the fourth quarter ended March profit compared to the same period the previous fiscal year.
Revenue from operations stood at ₹15,008.8 crore against ₹14,138.7 crore. The revenue growth, after severe disruption in the third quarter operations, was driven mainly by agri-commodities, branded packaged foods and personal care business as well cigarettes.
Overall performance remained relatively subdued reflecting the continuing tightness in the liquidity in the market, weakness in wholesale channel and rural markets and increased input costs particularly in the FMCG businesses, according to an ITC statement.
ITC closed 2016-17 with a 9.4 % increase in post-tax profit to ₹10,200.9 crore on the back of a 6.3 % rise in operational income to ₹55,448.5 crore. Revenue from cigarettes rose from ₹32,348 crores to ₹35,877.7 crore during the year.
The company said that its cigarettes performance continued to be impacted by severe pressure on legal cigarette industry. It said that gross revenue rise of 6.6 % during the year was driven by a 8% rise in non-cigarette FMCG, a 5.1% increase in cigarette segment, and a 10.8% rise in agri-business.
The company’s FMCG-other segment revenue increased, with most businesses improving their market standing according to the statement. However, overall performance was impacted by the third quarter cash crunch, and heavy discounting in apparel business.
