ITC reports net profit at Rs 3,587.20 crore

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By Ashish Mitra --
Friday, 12 Feb, 2021

ITC Ltd has reported a consolidated net profit of Rs 3,587.20 crore for the third quarter ended December 2020.The company had posted a net profit of Rs 4,047.87 crore during the October-December period of the previous fiscal, ITC said in a regulatory filing.

Its revenue from operations was at Rs 14,124.48 crore during the quarter under review. In the corresponding period of the last fiscal, it was Rs 13,307.54 crore.

'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 said.

Meanwhile, ITC said that its results for the quarter are not comparable to the year-ago period as it also includes the revenue 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 said.

The firm's total expenses were at Rs 9,765.56 crore in Q3 FY 2020-21.

During the quarter, revenue from ITC's total FMCG business was Rs 9,843.78 crore. It was Rs 9,265.31 crore in the year-ago period. Revenue from its cigarettes business came in at Rs 6,091.17 crore, compared to Rs 5,944.86 crore earlier.

ITC reports net profit at Rs 3,587.20 crore. ITC Ltd has reported a consolidated net profit of Rs 3,587.20 crore for the third quarter ended December 2020.The company had posted a net profit of Rs 4,047.87 crore during the October-December period of the previous fiscal, <a href="http://www.businessworld.in/topics/ITC-105">ITC</a> said in a regulatory filing.

Its revenue from operations was at Rs 14,124.48 crore during the quarter under review. In the corresponding period of the last fiscal, it was Rs 13,307.54 crore.

'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 said.

Meanwhile, ITC said that its results for the quarter are not comparable to the year-ago period as it also includes the revenue 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 said.

The firm's total expenses were at Rs 9,765.56 crore in Q3 FY 2020-21.

During the quarter, revenue from ITC's total FMCG business was Rs 9,843.78 crore. It was Rs 9,265.31 crore in the year-ago period. Revenue from its cigarettes business came in at Rs 6,091.17 crore, compared to Rs 5,944.86 crore earlier.