ITC net profit remains flat due to FMCG slowdown
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Cigartte-to-hotel-FMCG major ITC's July-September quarter earnings missed analysts' expectations on Friday with profit rising to Rs 2,431 crore from Rs 2,425 crore in year-ago period, impacted by slow revenue growth in cigarette business.
Weak revenue growth in agri-business, hotels and paper business also hurt bottomline. Strong margin expansion and other income helped profit rise marginally.
Cigarette revenue was up 1.6% to Rs 4,317.2 crore with its EBIT (earnings before interest and tax) rising 3% to Rs 2,969 crore in quarter ended September 2015. Cigarette also comes under FMCG business.
FMCG others business (which includes packaged foods, dairy products, apparel, stationery etc) has shown 7% growth during the quarter at Rs 2,351.6 crore with EBIT loss of Rs 11.10 crore against loss Rs 10.31 crore on yearly basis.
"The Company’s performance during the quarter remained subdued reflecting the unprecedented pressure on legal cigarette industry volumes, lack of trading opportunities in agri-commodities and sluggish demand environment prevailing in the FMCG industry coupled with prolonged disruption in the instant noodles category due to regulatory challenges," ITC said.
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