ITC Net Profit Rises 14.8% in the Third Quarter

ITC has reported a 14.8% year-on-year increase in its consolidated profit after tax in the third quarter of led by growth across different segments. The consolidated revenues of the company were Rs 18,366 crore up 30% from a year ago. The revenues and profits were subsequently higher.

ITC has also said that there was a strong recovery in all markets, driven by increased mobility and flexible supply chains and market offerings. 

Revenues from non-cigarettes fast-moving consumer goods (FMCG) segment was Rs 4,099.47 crore and the performance in staples and convenience foods was resilient. The company has also said that The sharp increase in input costs was largely offset by strategic cost management programs, premiumisation, judicious pricing actions, fiscal incentives and a favourable business mix.

The e-commerce sales of the company also grew rapidly during the year with the sales at nearly 3x of FY20 level. The agri-business of the company saw a sharp jump in revenues at Rs 5,157 crore driven by wheat, rice, spices, leaf tobacco exports. Revenues from Hotels stood at Rs 496 crore and the paperboards, paper & packaging segment saw higher revenues.