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ITC board recommends interim dividend of Rs 5 per share; Q3 net profit at Rs 3,587 crore

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Image Source : ITC WEBSITE (COMPANY LOGO)

ITC board recommends interim dividend of Rs 5 per share

ITC Ltd has reported a consolidated net profit of Rs 3,587.20 crore for the third quarter ended December 2020. The firm had posted a net profit of Rs 4,047.87 crore in the course of the October-December interval of the earlier fiscal, ITC mentioned in a regulatory submitting.

The board of the corporate has additionally beneficial an interim dividend of Rs 5 per share for FY 2020-21.

Its income from operations was at Rs 14,124.48 crore in the course of the quarter underneath evaluate. It was Rs 13,307.54 crore within the corresponding interval of the earlier fiscal.

“The operating environment remained challenging even as economic activity picked up pace progressively during the quarter with the easing of restrictions and increased mobility. High frequency lead economic indicators pointed to green shoots of recovery in aggregate demand and supply, leading to upward revisions in GDP growth estimates for FY 2020-21,” it mentioned.

Meanwhile, ITC mentioned its outcomes for the quarter will not be akin to the year-ago interval because it additionally consists of the income of Sunrise Foods, which it had acquired on July 27, 2020.

“Accordingly, the results of the quarter and nine months ended 31.12.2020 are not comparable with previous periods,” it mentioned. The agency’s complete bills have been at Rs 9,765.56 crore in Q3 FY 2020-21.

During the quarter, income from ITC’s complete FMCG enterprise was Rs 9,843.78 crore. It was Rs 9,265.31 crore within the year-ago interval.

Revenue from its cigarettes enterprise got here in at Rs 6,091.17 crore, in comparison with Rs 5,944.86 crore earlier.

“Volumes and revenue witnessed strong sequential recovery led mainly by metros and large town markets on the back of progressive easing of restrictions and enhanced mobility. On a y-o-y basis, Net Revenue was lower by 7.6 per cent compared to 14.4 per cent y-o-y in Q2,” the corporate mentioned.

FMCG Others – phase income stood at Rs 3,752.61 crore. It was Rs 3,320.45 crore within the corresponding interval final fiscal.

   
“FMCG-Others Segment sustains double-digit income development regardless of demand moderation in sure classes with customers broadening their buy assortment and decrease ‘at-home’ consumption on the again of elevated mobility,” it mentioned.

The FMCG-Others phase of ITC consists of branded packaged meals like staples, snacks, meals, dairy and drinks, confections, attire, training and stationery merchandise, private care merchandise, security matches and incense sticks.

Revenue from its motels enterprise was at Rs 248.87 crore. It was Rs 574.26 crore in the identical quarter final fiscal.

“Segment Revenue witnessed progressive recovery with improvement in Room and F&B business. Turned EBITDA positive in December’20 and break-even for the quarter,” mentioned ITC.

Its agri enterprise income stood at Rs 2,694.27 crore in the course of the October-December quarter. It was Rs 2,258.87 crore within the corresponding quarter a 12 months in the past.

“Robust growth of 18.5 per cent in Segment Revenue driven by higher wheat supplies for Aashirvaad atta and trading opportunities in rice, soya and wheat exports,” mentioned ITC.

Paperboards, paper and packaging vertical reported a income of Rs 1,477.53 crore. It was Rs 1,555.36 crore in the identical interval final 12 months.

“Paperboards and Specialty Papers business recorded strong recovery in volumes with exports continuing to grow at a rapid pace. Softer realisations weighed on revenue growth,” mentioned ITC.

Revenue from others phase was at Rs 616.12 crore.

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