Conglomerate ITC Ltd reported a 12 percent increase in net profit for the second quarter of the current year to Rs 2,954.67 crore from Rs 2,639.8 crore, last year, as per its stock exchange filing. The gain was driven by cigarettes, FMCG and paper segments.
The company's revenue from operations for the July-September 2018 period was up by 7.3 percent on a year-on-year basis to Rs 11,069 crore with cigarettes business gaining a 10.4 percent growth at Rs 5,026 crore. ITC-owned brands make up for 80 percent of the cigarettes sold in India. The earnings before interest and tax (EBIT) from this segment was up by 8.7 percent to Rs 3,579.07 crore in the quarter under review.
ITC's revenue from hotel and agri-business rose by 20.78 percent and 12.79 percent, respectively, from the same period last year.
Shares of the company were trading lower by 3.71 percent down at Rs 276.60 apiece after the results were declared. Meanwhile, BSE's benchmark Sensex was down 0.81 percent at 33,416 points.