Bangalore-based food products company, Britannia Industries (BIL), has reported that its net profit has been stagnant at Rs 46.1 crore for the third quarter ended December 31, 2008, as compared to Rs 45.3 crore in the corresponding quarter last fiscal. Higher operational expenses like rise in cost of raw materials impacted the company's net profit growth. Its overall expenses went up by 26 per cent to Rs 761.2 crore compared to the same quarter last year.
Its sales for the period went up by 24.8 per cent to Rs 828 crore compared to the same period last year. The operating profit for the third quarter rose by 15 per cent to Rs 58.8 crore as against the same quarter last year. The company's sales were driven by a healthy blend of volume, mix and price, the company said in a release.
Commenting on the performance, Vinita Bali, managing director, BIL said: "In the current economic scenario, we have focused on a diversity of packaging and price points to keep the purchase and consumption momentum. Going forward, there will be greater emphasis on operational excellence to contribute to margin expansion. Britannia continues to evolve its portfolio to offer a diversity of brands, packs and price points. Our latest offering of 'Good Day' at Rs 5 per pack has got good traction. Additionally, Tiger Cream was renovated with superior packaging, better taste and a wider choice for consumers with 3 new exciting flavours."
Thursday, January 29, 2009
MORE THAN A HALF DECLINE IN THE PROFIT OF MARUTI SUZUKI IN Q3 ENDING DECEMBER 2008
Maruti Suzuki Q3 net dips 54% at Rs 214 cr
Maruti Suzuki India (MSIL), the country's leading car maker, has reported a 54.27 per cent decline in its net profit at Rs 213.57 crore for the third quarter ended December 31, 2008, on the back of reduced prices of its vehicles resulting from relaxed excise duty rates.
The company has posted a net profit of Rs 213.57 crore in the third quarter of the current fiscal, as compared to Rs 467.04 crore posted in the corresponding quarter last year.
“This (reduced rates of excise duty) has resulted in a reduction in net sales and profit before tax during the quarter and nine months ended December 31, 2008,” according to a statement issued by the company to the Bombay Stock Exchange.
The company had created a provision of Rs 55 crore for vehicles purchased by the dealers at old prices which included higher rate of excise duty and remaining unsold with them as on December 06, 2008, as per the statement.
The company's total income decreased to Rs 4,803.50 crore for the quarter under review as against Rs 4844.80 crore.
Net sales of the company have declined by Rs 49 crore at Rs 4,625 crore posted in the quarter.
During the nine month ended December 2008, the company's net profit declined to Rs 975.54 crore, as compared to Rs 1,433.14 crore in the corresponding period last fiscal.
Total income of the nine-month ended December 2008 rose to Rs 14,915.52 crore, whereas it was Rs 13,753.81 crore in the year-ago period.
Maruti Suzuki currently holds alomost a half of the Indian car market. Japan’s Suzuki Motor Corporation owns a 54.2 per cent stake in the company.
The company’s shares are currently trading at Rs 520.50, up 4 per cent on the BSE.
The company has posted a net profit of Rs 213.57 crore in the third quarter of the current fiscal, as compared to Rs 467.04 crore posted in the corresponding quarter last year.
“This (reduced rates of excise duty) has resulted in a reduction in net sales and profit before tax during the quarter and nine months ended December 31, 2008,” according to a statement issued by the company to the Bombay Stock Exchange.
The company had created a provision of Rs 55 crore for vehicles purchased by the dealers at old prices which included higher rate of excise duty and remaining unsold with them as on December 06, 2008, as per the statement.
The company's total income decreased to Rs 4,803.50 crore for the quarter under review as against Rs 4844.80 crore.
Net sales of the company have declined by Rs 49 crore at Rs 4,625 crore posted in the quarter.
During the nine month ended December 2008, the company's net profit declined to Rs 975.54 crore, as compared to Rs 1,433.14 crore in the corresponding period last fiscal.
Total income of the nine-month ended December 2008 rose to Rs 14,915.52 crore, whereas it was Rs 13,753.81 crore in the year-ago period.
Maruti Suzuki currently holds alomost a half of the Indian car market. Japan’s Suzuki Motor Corporation owns a 54.2 per cent stake in the company.
The company’s shares are currently trading at Rs 520.50, up 4 per cent on the BSE.
Tuesday, January 27, 2009
HUL:- A COOL COOL GROWTH
The lower than expected growth in volumes is somewhat worrying.
Hindustan Unilever’s core operating margins for the December 2008 quarter may have expanded by about 80 basis points y-o-y but that’s more the result of lower expenses on marketing and promotions –down 160 basis points y-o-y—and other savings. Had adspends been at last year’s levels, the growth in the earnings before interest and tax would have been closer to 4 per cent instead of 15 per cent. Also, while the FMCG major’s headline numbers for the quarter look reasonably good---a near 17 per cent rise in the top line to Rs 4,300 crore and an increase in adjusted profits of about 13 per cent to Rs 610 crore, the lower than expected volumes –up just 2.3 per cent—is cause for concern.
The soaps and detergents segment, for instance, saw a smart 25 per cent rise in sales, but volumes actually fell. The personal products business, on the other hand, was driven by volumes that were about 10 per cent higher but margins have remained flat at just under 33 per cent. It will be difficult for HUL to raise prices in the near future-- the increase in realisations is possibly at its highest level in about four years.
In fact, the company recently cut the price of Lifebuoy soap and a few more price cuts should help revive volumes. However, it’s unlikely that the robust sales numbers of 18-20 per cent seen in the past few quarters will sustain and going ahead, the top line will probably grow in low double or high single digits. With input prices coming off though, the operating margins could expand even if adspends are upped.
During the quarter, the company lost market share across almost all key categories except laundry. For sure, it is not easy to continuously gain market share especially in segments where the base is already high and HUL has done a fairly good job of keeping smaller players at bay. There are some categories where it has gained share at the top end of the range---shampoos for instance---which is creditable.
But in the long run, HUL needs to grow volumes across price points to keep competitors like ITC from making inroads into key segments. HUL was the best performing Sensex stock in 2008; given that earnings will grow at a much better pace of an estimated at 17 per cent in 2009-10, than for the rest of the market, it should continue to outperform.
Hindustan Unilever’s core operating margins for the December 2008 quarter may have expanded by about 80 basis points y-o-y but that’s more the result of lower expenses on marketing and promotions –down 160 basis points y-o-y—and other savings. Had adspends been at last year’s levels, the growth in the earnings before interest and tax would have been closer to 4 per cent instead of 15 per cent. Also, while the FMCG major’s headline numbers for the quarter look reasonably good---a near 17 per cent rise in the top line to Rs 4,300 crore and an increase in adjusted profits of about 13 per cent to Rs 610 crore, the lower than expected volumes –up just 2.3 per cent—is cause for concern.
The soaps and detergents segment, for instance, saw a smart 25 per cent rise in sales, but volumes actually fell. The personal products business, on the other hand, was driven by volumes that were about 10 per cent higher but margins have remained flat at just under 33 per cent. It will be difficult for HUL to raise prices in the near future-- the increase in realisations is possibly at its highest level in about four years.
In fact, the company recently cut the price of Lifebuoy soap and a few more price cuts should help revive volumes. However, it’s unlikely that the robust sales numbers of 18-20 per cent seen in the past few quarters will sustain and going ahead, the top line will probably grow in low double or high single digits. With input prices coming off though, the operating margins could expand even if adspends are upped.
During the quarter, the company lost market share across almost all key categories except laundry. For sure, it is not easy to continuously gain market share especially in segments where the base is already high and HUL has done a fairly good job of keeping smaller players at bay. There are some categories where it has gained share at the top end of the range---shampoos for instance---which is creditable.
But in the long run, HUL needs to grow volumes across price points to keep competitors like ITC from making inroads into key segments. HUL was the best performing Sensex stock in 2008; given that earnings will grow at a much better pace of an estimated at 17 per cent in 2009-10, than for the rest of the market, it should continue to outperform.
Sunday, January 25, 2009
Hind Unilever net falls marginally in Q4
Sales increase by 17%; board approves change in accounting year.
Shashi Ashiwal Mr D. Sundaram, Vice-Chairman and Chief Financial Officer, Hindustan Unilever Ltd, announcing the company’s quarterly results in Mumbai on Sunday. —
Our Bureau
Mumbai, Jan. 25 Consumer goods major Hindustan Unilever Ltd (HUL) reported a 2.5 per cent decline in net profit for the fourth quarter ended December 31, 2008 at Rs 615.74 crore, compared with Rs 631.44 crore in the corresponding quarter of the previous year.
The fall, the company said, was mostly on account of certain exceptional and extraordinary items. Under the exceptional items, the company had a gain of Rs 112.87 crore in the quarter ended December 2007 on the sale of one of its properties, while during the quarter under review, the company posted a loss of Rs 30 crore on account of advance paid in connection with a case pending in court.
The net profit before exceptional items grew by 12.7 per cent at Rs 612.26 crore in the quarter (Rs 543.05 crore), the company said in a statement.
Net sales at Rs 4,307.71 crore grew by 16.8 per cent during the quarter (Rs 3,687.40 crore). Exports, however, dropped to Rs 264.97 crore from Rs 343.65 crore. The company’s raw material costs increased to Rs. 1,689.85 crore from Rs 1,359.57 crore in the year-ago period.
The board has approved a change in accounting year to commence from April 1 and end on March 31 of the following year. As a result, as a transitory arrangement, the next period of annual accounts will be for a period of 15 months from January 1, 2008 to March 31, 2009.
For the 12-month period ending December 2008, the company’s net sales were up at Rs 16,345.2 crore (Rs 13,717.75 crore) and net profit was up at Rs 2,101.47 crore (Rs 1,925.47 crore)
Mr. D. Sundaram, Vice-Chairman and Chief Financial Officer, said that overall FMCG business grew by 21 per cent.
The year saw volume price equation loaded in favour of price due to high cost, but this will change in the current year, he said.
The company spent Rs 371.02 crore towards advertising and promotions during the quarter. “On an annual basis, I do not think there will be any reduction in our advertising and promotion costs,” Mr. Sundaram said.
He said input cost inflation has started receding and, if sustained, will reflect in lower consuming costs. He, however was not willing to comment on whether there will be further price cuts in the coming quarters.
Related Stories:Giving depth to Pond’sHindustan Unilever standing tall in the storm
Sales increase by 17%; board approves change in accounting year.
Shashi Ashiwal Mr D. Sundaram, Vice-Chairman and Chief Financial Officer, Hindustan Unilever Ltd, announcing the company’s quarterly results in Mumbai on Sunday. —
Our Bureau
Mumbai, Jan. 25 Consumer goods major Hindustan Unilever Ltd (HUL) reported a 2.5 per cent decline in net profit for the fourth quarter ended December 31, 2008 at Rs 615.74 crore, compared with Rs 631.44 crore in the corresponding quarter of the previous year.
The fall, the company said, was mostly on account of certain exceptional and extraordinary items. Under the exceptional items, the company had a gain of Rs 112.87 crore in the quarter ended December 2007 on the sale of one of its properties, while during the quarter under review, the company posted a loss of Rs 30 crore on account of advance paid in connection with a case pending in court.
The net profit before exceptional items grew by 12.7 per cent at Rs 612.26 crore in the quarter (Rs 543.05 crore), the company said in a statement.
Net sales at Rs 4,307.71 crore grew by 16.8 per cent during the quarter (Rs 3,687.40 crore). Exports, however, dropped to Rs 264.97 crore from Rs 343.65 crore. The company’s raw material costs increased to Rs. 1,689.85 crore from Rs 1,359.57 crore in the year-ago period.
The board has approved a change in accounting year to commence from April 1 and end on March 31 of the following year. As a result, as a transitory arrangement, the next period of annual accounts will be for a period of 15 months from January 1, 2008 to March 31, 2009.
For the 12-month period ending December 2008, the company’s net sales were up at Rs 16,345.2 crore (Rs 13,717.75 crore) and net profit was up at Rs 2,101.47 crore (Rs 1,925.47 crore)
Mr. D. Sundaram, Vice-Chairman and Chief Financial Officer, said that overall FMCG business grew by 21 per cent.
The year saw volume price equation loaded in favour of price due to high cost, but this will change in the current year, he said.
The company spent Rs 371.02 crore towards advertising and promotions during the quarter. “On an annual basis, I do not think there will be any reduction in our advertising and promotion costs,” Mr. Sundaram said.
He said input cost inflation has started receding and, if sustained, will reflect in lower consuming costs. He, however was not willing to comment on whether there will be further price cuts in the coming quarters.
Related Stories:Giving depth to Pond’sHindustan Unilever standing tall in the storm
Saturday, January 24, 2009
DECLINE IN THE SALE OF VISHAL MEGA MART
Vishal Retail: Sell
A slowing topline may lead to a deteriorating profit picture, pointing to earnings uncertainty for the next couple of years.
In the light of slowing consumer spending, Vishal is restricting expansion plans.
Bhavana Acharya
Value retailers were, for some time, a preferred option among retail stocks based on the belief that they fare better during tough times. But recent numbers from Vishal Retail, a value retailer present in 181 stores across most Indian states, suggest that not all value retailers are well-placed to weather the slowdown.
Despite its very low valuations, investors can consider selling this stock. The company’s sales growth appears set to slow down sharply, as its same-store sales moderate and it scales back on expansion plans.
A slowing topline, given the thin margins and a high debt burden, may lead to a deteriorating profit picture, pointing to earnings uncertainty for the next couple of years. The stock has fallen precipitously from our earlier ‘Book Profits’ recommendation at Rs 689 (June 22, 2008) and now trades at Rs 53. It is valued at a PE of four times its trailing 12 month earnings with an enterprise value of 0.6 times its 12 month sales and 0.5 times its estimated FY-10 sales.
Space addition was aggressively pursued, its store network surging from the pre-IPO 49 to the current 181. Vishal had floated its IPO in mid-2007, raising about Rs 110 crore, primarily to fund space expansion. Of this, Rs 104 crore, besides debt, was employed for the purpose.
Sales slowdown
Successive quarters, post-IPO, saw revenues on the rise, and sales in the quarter ended December 2008 increased 24 per cent over the same period last fiscal. But this is clouded by the fact that sales have been weakening sequentially, shrinking by 5 per cent in June quarter and again by 6 per cent in December quarter of this fiscal.
Vishal’s sales in North India, especially, have been severely affected; its concentration in that region has dealt quite a blow to sales. The company’s focus on Tier-III cities — 139 of its 181 stores — means an overall yield per square foot that is lower than peers. Over 50 per cent of Vishal’s sales come from apparel retailing, where spending has been vulnerable as consumers feel the pinch on their household budgets.
Reliance on existing stores
In the light of slowing consumer spending, and narrowing discretionary spending evidenced by low turnover in the consumer durables segment, Vishal is restricting expansion plans to about 5-10 per cent on a year-on-year basis.
Any addition to retail space will be undertaken through franchisees. Franchise stores currently number 13, and have not contributed significantly to the company’s expenses or margins as yet.
Cutting back expansion means that Vishal will have to rely for its growth on sales generation from existing stores rather than additions as has been the case thus far. The picture on this is not confidence-inspiring, as same-store sales growth for the first two quarters of FY-08 was just 7-8 per cent and then turned negative in the third quarter.
There has also been a drop in daily footfalls on a quarterly basis by about 7 per cent. Vishal has managed a marginal increase in conversion rates, but given an overall slowdown in spending, this aspect offers little cheer.
Narrowing margins
Viewed in relation to its peers, Vishal has performed reasonably well at the operating level, with margins for the past two quarters at 12 per cent. It has been able to bring down operating costs by re-negotiating rentals with landlords; in some cases managing a 40-50 per cent reduction in rates.
Added to this, it has reduced areas in some stores, and cut down on its warehouse space by nearly half. Logistics has been redesigned in an effort to make it more cost efficient. Using the franchisee mode of expansion in place of owning new stores will require almost nil capex requirements and reduced expenses on power and rentals. Such cost controls may not be possible with owned stores.
However, despite these measures, with the deceleration in sales, high interest costs and depreciation have cut net profit margins down to less than 1 per cent in the December quarter. Debt rose by 44 per cent , with interest payouts more than doubling in the past year. Fixed assets increased 34 per cent in FY09, having already doubled in FY08, pushing up depreciation costs by 80 per cent in a year.
Even so, asset turnover has steadily declined in the past three years, a trend mirrored by inventory turnover. Vishal aims at minimising inventory levels by bringing them in line with sales and will attempt clearing out stocks via discounts. While this may unlock working capital, it will have negative margin implications.
Burdened by debt
Vishal’s debt equity ratio is fairly high at 2.6 times. However, it is the interest cover which is more of a concern, having shrunk from seven times to 2.6 times in three years. A portion of debt is due to be repaid this March, and the company has stated that it proposes to roll over debt, for the second time since last year.
Given the more stringent environment now prevailing on bank credit, this may pose challenges, especially given its weak operational cash flows and depleting interest cover. Benefits from extending credit period allowed to it by other creditors may also not improve cash flows significantly.
Related Stories:Vishal Retail: Book profitsVishal Retail to raise Rs 3,000 cr for expansion
A slowing topline may lead to a deteriorating profit picture, pointing to earnings uncertainty for the next couple of years.
In the light of slowing consumer spending, Vishal is restricting expansion plans.
Bhavana Acharya
Value retailers were, for some time, a preferred option among retail stocks based on the belief that they fare better during tough times. But recent numbers from Vishal Retail, a value retailer present in 181 stores across most Indian states, suggest that not all value retailers are well-placed to weather the slowdown.
Despite its very low valuations, investors can consider selling this stock. The company’s sales growth appears set to slow down sharply, as its same-store sales moderate and it scales back on expansion plans.
A slowing topline, given the thin margins and a high debt burden, may lead to a deteriorating profit picture, pointing to earnings uncertainty for the next couple of years. The stock has fallen precipitously from our earlier ‘Book Profits’ recommendation at Rs 689 (June 22, 2008) and now trades at Rs 53. It is valued at a PE of four times its trailing 12 month earnings with an enterprise value of 0.6 times its 12 month sales and 0.5 times its estimated FY-10 sales.
Space addition was aggressively pursued, its store network surging from the pre-IPO 49 to the current 181. Vishal had floated its IPO in mid-2007, raising about Rs 110 crore, primarily to fund space expansion. Of this, Rs 104 crore, besides debt, was employed for the purpose.
Sales slowdown
Successive quarters, post-IPO, saw revenues on the rise, and sales in the quarter ended December 2008 increased 24 per cent over the same period last fiscal. But this is clouded by the fact that sales have been weakening sequentially, shrinking by 5 per cent in June quarter and again by 6 per cent in December quarter of this fiscal.
Vishal’s sales in North India, especially, have been severely affected; its concentration in that region has dealt quite a blow to sales. The company’s focus on Tier-III cities — 139 of its 181 stores — means an overall yield per square foot that is lower than peers. Over 50 per cent of Vishal’s sales come from apparel retailing, where spending has been vulnerable as consumers feel the pinch on their household budgets.
Reliance on existing stores
In the light of slowing consumer spending, and narrowing discretionary spending evidenced by low turnover in the consumer durables segment, Vishal is restricting expansion plans to about 5-10 per cent on a year-on-year basis.
Any addition to retail space will be undertaken through franchisees. Franchise stores currently number 13, and have not contributed significantly to the company’s expenses or margins as yet.
Cutting back expansion means that Vishal will have to rely for its growth on sales generation from existing stores rather than additions as has been the case thus far. The picture on this is not confidence-inspiring, as same-store sales growth for the first two quarters of FY-08 was just 7-8 per cent and then turned negative in the third quarter.
There has also been a drop in daily footfalls on a quarterly basis by about 7 per cent. Vishal has managed a marginal increase in conversion rates, but given an overall slowdown in spending, this aspect offers little cheer.
Narrowing margins
Viewed in relation to its peers, Vishal has performed reasonably well at the operating level, with margins for the past two quarters at 12 per cent. It has been able to bring down operating costs by re-negotiating rentals with landlords; in some cases managing a 40-50 per cent reduction in rates.
Added to this, it has reduced areas in some stores, and cut down on its warehouse space by nearly half. Logistics has been redesigned in an effort to make it more cost efficient. Using the franchisee mode of expansion in place of owning new stores will require almost nil capex requirements and reduced expenses on power and rentals. Such cost controls may not be possible with owned stores.
However, despite these measures, with the deceleration in sales, high interest costs and depreciation have cut net profit margins down to less than 1 per cent in the December quarter. Debt rose by 44 per cent , with interest payouts more than doubling in the past year. Fixed assets increased 34 per cent in FY09, having already doubled in FY08, pushing up depreciation costs by 80 per cent in a year.
Even so, asset turnover has steadily declined in the past three years, a trend mirrored by inventory turnover. Vishal aims at minimising inventory levels by bringing them in line with sales and will attempt clearing out stocks via discounts. While this may unlock working capital, it will have negative margin implications.
Burdened by debt
Vishal’s debt equity ratio is fairly high at 2.6 times. However, it is the interest cover which is more of a concern, having shrunk from seven times to 2.6 times in three years. A portion of debt is due to be repaid this March, and the company has stated that it proposes to roll over debt, for the second time since last year.
Given the more stringent environment now prevailing on bank credit, this may pose challenges, especially given its weak operational cash flows and depleting interest cover. Benefits from extending credit period allowed to it by other creditors may also not improve cash flows significantly.
Related Stories:Vishal Retail: Book profitsVishal Retail to raise Rs 3,000 cr for expansion
Wednesday, January 21, 2009
Bharti Q3 consolidated net up 25% at Rs 2,159 cr
BS Reporter / Mumbai January 22, 2009, 11:42 IST
Bharti Airtel today reported 25.36% rise in consolidated net profit, as per US GAAP, at Rs 2,159.30 crore for the third quarter ended December 31, 2008, when compared with Rs 1,722.40 crore for the corresponding quarter last year.
Total revenue during the period under consideration surged 38% to Rs 9,633.40 crore as against Rs 6,963.90 crore. In contrast, EBIDTA marginally slipped to 41% from 42.6%.
Net profit, however, for the nine-month period, recorded a healthy growth of 29% at Rs 6,230.60 crore for the period ended December 31, 2008 as compared to Rs 4,847.90 crore during the same period last year. The company witnessed 41% rise in revenue at Rs 27,137 crore from Rs 19,205.90 crore.
During the third quarter of the current fiscal, the company’s overall subscriber based increased by 54% to 88.27 million from 57.34 million during the same period last year. Of this, mobile subscribers based rose by 55% to 85.65 million while telemedia services customer base surged by 20% to 2.62 million from 2.18 million. This is the highest quarterly growth in customer base.
“Bharti’s strategy of extensive roll out ahead of competition, especially in new villages has yielded rich dividends. Our launch in Sri Lanka has received a huge response and despite coming in as the fifth operator we hope to be in a leadership position in the coming years”, said Sunil Bharti Mittal, chairman & managing director, Bharti Airtel.As per the Indian GAAP, Bharti Airtel today reported 38.35% surge in consolidated net profit at Rs 1,976.41 crore for the third quarter ended December 31, 2008, when compared with Rs 1,428.56 crore in the corresponding quarter a year ago.
According to a release issued by the company to the BSE today, the group's total income increased by 38% to Rs 9,688.50 crore from Rs 7,017.95 crore in Q3FY08.On a stand-alone basis, Bharti Airtel's Q3 net rose 42% to Rs 2,017.29 crore as against Rs 1,419.84 crore in the same year ago period. Total income was up 32.4% at Rs 8,850.25 crore from Rs 6,682.57 crore.
Monday, January 19, 2009
ITC MAKES A 9% PROFIT DURING THE THIRD QUARTER OF THE YEAR
Diversified conglomerate ITC today reported a 8.73 per cent growth rate in its net profit at Rs 903.21 crore for the third quarter ended December 31, 2008, on the back of strong revenues from the FMCG segment.
The firm had a net profit of Rs 830.72 crore in the December quarter of financial year 2007-2008, ITC said in a filing to the Bombay Stock Exchange.
The revenue from the FMCG segment rose nearly 16 per cent to Rs 2,713.64 crore during the quarter, from Rs 2,339.65 crore in the year-ago period.
According to a release issued by the company to the BSE today, Q3FY09 total income increased by 10.03% to Rs 3,956.21 crore from Rs 3,595.39 crore for the quarter ended December 31, 2007. Other income, however, dropped 29% to Rs 97.56 crore as against Rs 137.40 crore
For the nine month ended December, 2008, ITC reported a 2.94 per cent growth in its net profit at Rs 2,454.60 crore. The total income also rose 15 per cent to Rs 11,655.32 crore in the said period.
Shares of ITC were trading at Rs 172, down 0.15 per cent in the afternoon trade on the BSE.
The firm had a net profit of Rs 830.72 crore in the December quarter of financial year 2007-2008, ITC said in a filing to the Bombay Stock Exchange.
The revenue from the FMCG segment rose nearly 16 per cent to Rs 2,713.64 crore during the quarter, from Rs 2,339.65 crore in the year-ago period.
According to a release issued by the company to the BSE today, Q3FY09 total income increased by 10.03% to Rs 3,956.21 crore from Rs 3,595.39 crore for the quarter ended December 31, 2007. Other income, however, dropped 29% to Rs 97.56 crore as against Rs 137.40 crore
For the nine month ended December, 2008, ITC reported a 2.94 per cent growth in its net profit at Rs 2,454.60 crore. The total income also rose 15 per cent to Rs 11,655.32 crore in the said period.
Shares of ITC were trading at Rs 172, down 0.15 per cent in the afternoon trade on the BSE.
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