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ITC’s second quarter profit up 13%

ITC’s second quarter profit up 13%
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First Published: Fri, Oct 26 2007. 12 29 PM IST
Updated: Fri, Oct 26 2007. 12 29 PM IST
Reuters
Mumbai: Tobacco, hotels and FMCG major ITC Ltd on 26 October beat market forecasts with a 13% rise in quarterly net profit, helped by strong growth in its packaged foods and hotels businesses.
ITC, in which British American Tobacco Plc has a 31.7% stake, also has interests in retail and information technology, and recently launched personal care products.
The Kolkata-based company said net profit rose to Rs771 crore in the fiscal second quarter to end-September from Rs680 crore a year earlier.
A value-added tax of 12.5% from April has slowed sales of cigarettes, which make up more than half its revenues, and ITC is also investing in increasing its paperboard capacity and expanding its agri-business network in rural areas.
ITC shares gained 23% during the quarter, beating an 18% gain for Sensex
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First Published: Fri, Oct 26 2007. 12 29 PM IST
More Topics: ITC | Tobacco | FMCG | Hospitality sector | Q2 results |