Kolkata, Jan 21 (IANS) Kolkata based multi-vertical major ITC Ltd. Wednesday said its net profit in the quarter ending December grew 10.4 percent year-on-year to Rs.2,635 crore as revenues from cigarettes weakened.
The net profit for the same period in the previous fiscal year stood at Rs.2,385 crore.
Net sales during the period rose by 2.05 percent to Rs.8,800 crore against Rs.8,623 crore in the third quarter of the previous fiscal.
According to a statement from the company, the muted growth in FMCG-cigarettes segment revenue and profit was due to steep increase in excise duty and VAT.
"The full impact of the steep hike in excise duty on cigarettes announced in the Union Budget 2014 and sharp increases in VAT on cigarettes by Tamil Nadu, Kerala and Assam effected during the quarter. Cigarette revenues, as a consequence, remained flattish during the quarter compared to the same period last year," the company said in a statement.
Cigarettes registered only negligible growth of 0.63 percent, but continued to remain the majority revenue earner with 47 percent share of Rs. 4,142 crore and around 76 percent to the profit before tax. It is, however, sequentially down by 2.56 percent.
The low growth in cigarettes also impacted its other business verticals, primarily the paper and packaging segment as its revenues in this segment declined by 4.6 percent to Rs.1,199 crore compared to Rs.1,257 in the last fiscal.
After Corona, now American citizens are troubled by inflation. This is the reason why one in ever
Bengaluru, Tripura zoos to exchange animals
Agartala, Feb 18 (IANS) Bannerghatta Zoo and National ark in Bengaluru and Tripura's Sepahijala
Northeast India gets its First Solar Power Plant
Monarchak (Tripura), Feb 5 (IANS) North Eastern Electric Power Corporation (NEEPCO) has commiss
Teams of Punjab Kings and Lucknow Supergiants will face each other today at 7:30 PM. The match wi
Kanpur Violence Update: Kanpur Police Commissioner Vijay Singh Meena said on the matter of yester
Everyone was keeping an eye on how India is seeing India-China tension, but the statements of US
Smartphone Carnival sale launched on Flipkart, Huge discounts on these phones
The Smartphone Carnival sale has started on the e-commerce platform Flipkart. The sale has been s
An accurate system should be developed to issue early earthquake warnings through smartphone app
Earthquake tremors were felt twice in a large geographical area of North India including De
Roy to skip Trinamool meeting, says done no wrong by meeting Jaitley
New Delhi, Feb 27 (IANS) Sidelined Trinamool Congress national general secretary Mukul Roy Frid
Pakistan on a pile of gunpowder: Army's worst round; Shahbaz politically surrounded
In Pakistan, the political mercury has heated up amidst the knock of winter. Political developmen
