ITC reports 16 pc growth in profit

ITC Ltd on Friday reported a net profit of Rs 1,592.85 crore for the year ended March 31, 2004, as against Rs 1,371.35 crore in the previous fiscal — a growth of 16.15 pc. Gross turnover (excluding other income) has risen 7.2 pc, from Rs 11,024.78 crore to Rs 11,815.04 crore. The cigarettes major, whose other businesses now range from hotels and paper to branded garments and foods, said the net income was Rs 6,695.32 crore, up from Rs 6,035.37 crore in 2002-03. Of that, net sales was Rs 6,470.44 crore as against Rs 5,866.78 crore.

The company has declared a dividend of 200 pc compared with 150 pc in the previous fiscal. For the year under review, ITC incurred a total expenditure of Rs 4,109.85 crore, an increase of 10.72 pc on the previous year’s expenditure of Rs 3,712 crore. Profit before tax increased by 13 pc to Rs 2,319.06 crore from Rs 2,056.19 crore. Earning per share worked out to Rs 64.31.

In its segment-wise announcement of results, the company has declared a three per cent rise in profit to Rs 1,857 crore from its FMCG business.