Profit for the quarter ended March 31 came in at Rs 2,933 crore ($432.44 million) from Rs 2,669 crore reported previous year, the company, which also makes biscuits and noodles under the Sunfeast brand, said. However, revenue surged by 9.86% versus Rs 9,952.19 crore of preceding quarter.
The Kolkata-headquartered company saw its revenue from total FMCG business, including cigarettes, dive to Rs 7,988.27 crore during the quarter, down from Rs 11,840.70 crore in the corresponding quarter of the last fiscal. Net profit during the quarter came in at Rs 2,932.71 crore against Rs 2,669.47 crore in the corresponding quarter previous year. The profit before tax for the company's mainstay - cigarettes - stood at Rs 3,505.76 crore in Q4 FY 18 compared to Rs 3,258.76 crore in Q4 FY17, a jump of around 8 per cent.
ITC said it was making progress on the construction of hotels in Hyderabad, Calcutta and Ahmedabad and WelcomHotels in Guntur and Bhubaneshwar.
Paper business did marginally better with profits going up from Rs 240.17 crore to Rs 242.42 crore as input costs remain benign, higher substitution of imported pulp with in-house production and continued focus on product mix.
Revenue from cigarettes during the March quarter fell by nearly 45 per cent to Rs 4,936.45 crore over Rs 8,954.94 crore in same period of previous fiscal.
The company will be paying a dividend of Rs5.15 per share for the year ended 31 March.
"Gross sales value and post-tax profit for the year up by 4.5 per cent and 10 per cent respectively, amidst a sharp slowdown in the economy, steep increase in tax incidence on cigarettes, subdued demand conditions in the FMCG industry, shortage of tobacco crop in Andhra Pradesh and lack of trading opportunities in the agri business", it said in a statement.
Meanwhile, in a separate filing, ITC said its board of directors in a meeting held today re-designated its CEO and Wholetime Director as Managing Director, with effect from today.
Revenue from FMCG-Others segment was at Rs 3,051.82 crore during January-March quarter.