ITC Q1 net up 12.6% on hotels, paperboards, new FMCG nos.

ITC has witnessed a 12.6% jump in profit after tax in the first quarter of this fiscal to Rs 3,173 crore from Rs 2,818 crore in the year-ago period. The gross revenue for the quarter stood at Rs 11,361 crore, representing a growth of 6%, driven by paperboards, hotels and FMCG-others.

The total comprehensive income stood at Rs 2,960.9 crore (previous year Rs 2,897.10 crore). The FMCG-to-tobacco-to-hospitality major has stated that new FMCG segment delivered a resilient performance during the quarter amid a marked slowdown in the sector.

“Segment revenue grew by 8% on a comparable basis (excluding the lifestyle retailing business) led by atta, potato chips, premium cream biscuits and noodles in the branded packaged foods business, liquids (handwash & bodywash) in the personal care products businesses and notebooks in the education & stationery products business,” the company has said.

It has also stated that segment EBITDA at Rs 181 crore recorded a growth of 41% despite stepped up investments in brand building, gestation and startup costs of new categories and new facilities. In the hotel business, the company has recorded a steady performance with segment revenue growing by 15% during the quarter driven by the recently commissioned hotels — ITC Kohenur, Hyderabad and ITC Grand Goa.

On agri business, ITC said in line with its focus on strengthening the value-added products portfolio, the business launched attribute-based maida in the food service channel suited for bakery and pizza products. “The recent foray into the Frozen Snacks segment under the ‘ITC Master Chef’ brand continues to be scaled up,” it added.

Source:- https://retail.economictimes.indiatimes.com/news/food-entertainment/personal-care-pet-supplies-liquor/itc-q1-net-up-12-6-on-hotels-paperboards-new-fmcg-nos-/70506993