ITC quarterly net profit grows 26 percent

New Delhi, May 25 (IANS) Diversified conglomerate ITC Friday posted a 26 percent rise in net profit at Rs.1,614 crore for the quarter ended March 31 against Rs.1,281.5 crore during the like period of the previous financial year.

The total income stood at Rs.7,162.5 crore during the quarter under review, up 18 percent against Rs.6,063.4 crore during the year ago period, the company said in a statement.

The non-cigarette fast moving consumer goods (FMCG) segment registered revenue growth of 23.6 percent and continued to demonstrate improving profitability.

The hotels business, however, was impacted by the weak economic environment in global source markets and slowdown of the domestic economy.

The agri business profits grew 13.6 percent driven by better realisations and higher volumes. Paper and Pulp investments leveraged to improve value capture.

The board also recommended a dividend of Rs.4.50 per share for the year ended March 31, 2012.

At the Bombay Stock Exchange, shares of the company closed 0.75 down at Rs.231.75.