Tobacco-to-hospitality major ITC has registered a 9.9 per cent growth in net profit for the fourth quarter ended March 31, 2018.
Revenue from operations fell 28 per cent to Rs 10,813 crore, while excise duty paid was down about 94 per cent.
Gross sales value at Rs 17,933.48 crore during the quarter recorded a muted growth of 3.6 per cent because of a decline in agri business revenue, excluding which the growth was 5.7 per cent driven by fast moving consumer goods and hotels.
The company had posted a net profit of Rs 2,669.47 crore in the January-March period a year ago, ITC said in a BSE filing.
ITC's net sales during the quarter under review stood at Rs 10,705.75 crore against Rs 14,882.75 crore in the corresponding period of the last fiscal, it added. "Agri business growth was impacted on account of a high base (imported wheat trading), limited trading opportunities in agri commodities such as wheat, soya, coffee and lower leaf exports during the quarter", the company said in a statement. Its cigarette revenue during the year ended March 31, also decreased by 32 per cent to Rs 22,894.01 crore.
"FMCG-Cigarettes performance reflects the severe pressure on legal cigarette industry volumes due to steep escalation of tax incidence under the GST regime even as illegal trade grows unabated", the company said.
Revenue from cigarettes during the March quarter fell by nearly 45 per cent to Rs 4,936.45 crore over Rs 8,954.94 crore in same period of previous fiscal.
Revenue from others segments in the FMCG category rose 5.7 per cent at Rs. 3,051.82 crore.
During the day, the Kolkata-headquartered company elevated chief executive officer and director Sanjiv Puri to the post of managing director, which was vacant following the retirement of Y C Deveshwar from his executive role in February 2017.
EBIT of the main stay cigarrette business of ITC was up 7.6 percent on year to Rs 3506 crore.
ITC shares closed at Rs 285.95 on the BSE, up 1.47 per cent over the previous close.
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