ITC's Q4 Profit Surges 18.7%; Announces Dividend & New Chairman

ITC Ltd reported an 18.7 percent jump in its net profit for the March-2018 ended quarter to Rs 3,482 crore from a strong sales in its FMCG and cigarette units.

In the same quarter last year, the FCMG giant made a profit of Rs 2,932.7 crore.

The revenue of the company was up 13 percent to Rs 11,992 crore for the fourth quarter of 2018-19 as against Rs 10,587 crore a year ago. Its operating profit or EBITDA (earnings before interest, tax, depreciation and amortization) of the company was at Rs 4,572 crore, and its margin was at 38.1 percent.

ITC's cigarette sales was up by 11.1 percent to Rs 5,486 crore and EBIT rose by 10 percent to Rs 3,856 crore, while margin was at 70.3 percent.

Its total FMCG revenue rose by 9.7 percent to Rs 8,760 crore in the quarter under review from Rs 7,988 crore in 2018. The EBIT was 12.8 percent higher at Rs 4,057 crore and margin at 46.3 percent.

Its revenue from the agri-business revenue rose 16.2 percent to Rs 2,101 crore as against Rs 1,808 crore in the previous year.

The board of directors of the company have appointed Sanjiv Puri, the managing director, to take additional responsibility as the chairman of ITC Ltd with effect from 13 May, 2019. The decision comes after the demise of the company's former chairman, YC Deveshwar, on 11 May.

Further, the board recommended a dividend of Rs 5.75 per ordinary share.

Shares of ITC Ltd closed 3.01 percent lower at Rs 288.80 apiece on Monday.