ITC registers 18 percent Q2 profit growth
Monday, 30 October 2006, 08:00 Hrs
Kolkata: Tobacco giant and FMCG major ITC earned 18.74 percent net rise in quarterly earnings, posting a net profit of 6.79 billion ($150.5 million) after tax. ITC's profit before tax at about 9.57 billion grew by 17.5 percent while the earning per share for the quarter July-September stood at 1.81. ITC, the Kolkata-based firm in which British American Tobacco Plc holds 31.7 percent stake, said its net turnover at 28.88 billion posted a strong growth of 32.3 percent driven by the non-cigarette businesses -- which grew by 53 percent during the quarter and now account for 51.2 percent of the company's net turnover. The key growth drivers were the continued ramp up of the foods business, higher agribusiness revenues and a strong performance by the hotels business. The company's branded packaged foods business continued to expand rapidly with sales growing 54 percent over last year. The board of directors of ITC at its meeting in Kolkata Monday approved the financial results for the quarter ended Sep 30, 2006.