The Hindu Business Line : ITC net up 36% in Q4, to pay Rs 2.65

ITC Ltd, for the quarter ended March 31, 2006, has achieved a post-tax profit (before exceptional items) of Rs 567.47 crore (Rs 417.42 crore), registering a growth of 36 per cent. However, profit after tax for the said quarter has come down to Rs 567.89 crore compared with the previous quarter's Rs 771.75 crore, which included exceptional items (net of tax) of Rs 354.33 crore.

The board has recommended a dividend of Rs 2.65 per ordinary share of Re 1 each (previous year adjusted for stock split and bonus Rs 2.07 per share). Provision for taxation (including prior year adjustments) for the said quarter is at Rs 213.76 crore (Rs 214.12 crore).

Net turnover for the quarter has recorded a growth of 27.9 per cent to touch Rs 2,784 crore (Rs 2177.11 crore). Pre-tax profit for the period under review grew by 23.7 per cent at Rs 781 crore (Rs 631.54 crore).

The post-tax profit for 2005-06 (before exceptional items) at Rs 2,280 crore (Rs 1,837 crore) registered a growth of 21.4 per cent. Pre-tax profit before exceptional items, increased by 22.3 per cent to Rs 3,269 crore.

The financials for 2005-06 year include Rs 45 crore (post-tax) representing exceptional items relating to a one-off assistance to contract manufacturers in view of the retrospective withdrawal of Central excise exemptions on cigarettes manufactured in the North-Eastern States. Net of this exceptional item, the company's PAT is placed at Rs 2,235 crore (Rs 2,191 crore). The results were taken on record by the board of directors at its meeting here today.

According to an official release by the company issued here today, gross turnover (minus other income) for the whole of 2005-06 increased by a little over 21 per cent to touch Rs 16,224 crore (Rs 13,350 crore), driven by topline growth across all businesses of the company.

It is pointed out that while cigarette sales grew by 13.3 per cent over the previous year, the non-cigarette business is said to have grown by 46.2 per cent as a result of the ramp-up of new FMCG businesses, growth in agri-business and strong performance of the hotels and paperboards segments.

The overall agri-business revenues during 2005-06 is said to have grown by 51 per cent driven largely by wheat, rice exports and leaf tobacco.

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