ITC shares up 1.5% post Q4 results

ITC ITC Ltd

Its cigarette revenue during the year ended March 31, also decreased by 32 per cent to Rs 22,894.01 crore.

Hindalco on Wednesday posted 24.98 per cent year-on-year drop in profit at Rs 376.97 crore for the quarter ended March.

For the full year, ITC's net profit rose 10% to Rs11,223.25 crore, or Rs9.16 per share, compared with Rs8.38 per share in fiscal 2017.

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.

"In view of the aforesaid restructuring of indirect taxes, Total Income from Operations for the quarter and twelve months ended 31 March, 2018 are not comparable with the previous periods", said ITC.

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"The legal cigarette industry, already reeling under the cumulative impact of a steep increase in taxation over the last five years and intense regulatory pressures, was further impacted by the sharp upward revision in GST Compensation Cess announced in July 2017", the company said.

The Cigarette-to-soap maker's net sales for March quarter is noted at Rs 12,126 crore, which is 9 percent higher on year, as per the Reuters estimates. It was Rs 2,885.76 crore in the year-ago period.

Earnings before interest, tax, depreciationand amortisation (EBITDA) is likely to surge 9 percent YoY to Rs 4,236 crore.

At NSE, shares of the company went up by 1.41 per cent to close at Rs 285.85.

The company posted "muted growth of 3.6 percent in gross sales value (GSV) due to decline in agri business revenue; GSV excluding Agri Business up 5.7 percent driven mainly by FMCG-Others and Hotels", said ITC in a statement. However, its hotel business fared better, posting an EBIT jump of 13 per cent year-on-year in the quarter under review. ITC's shares were trading firm at Rs285.75 each on BSE, up 1.4% at 2.45pm in a weak market.

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