Kolkata: ITC Ltd reported 7.4 per cent jump in net profit at Rs 2,560.5 crore for the first quarter ending June 30, 2017, while total income went up by 4.4 per cent at Rs 14,277.19 crore.The Kolkata-based conglomerate’s revenue from operations in the period under review went up by 4.1 per cent at Rs 13,800.42 crore. The company said the legal cigarette industry remained under pressure due to increase in excise duty in February. The business profitability improved by more than three-fold at Rs 5.31 crore which was driven by operating leverage and cost management. ITC said the ban on sale of liquor from outlets in proximity to highways resulted in revenue loss at certain properties, particularly the ITC Grand Chola at Chennai.The conglomerate’s agri-business revenue was down marginally by 1.2 per cent at Rs 2760.52 crore, with profit was almost flat at Rs 235.11 crore. ITC said the business was impacted by subdued demand in FMCG and cigarette industry, lower offtake due to destocking of FMCG and pharma products, unabsorbed capacity in domestic industry and cheap imports from China and ASEAN countries.

Source: Economic Times July 27, 2017 13:35 UTC