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ITC Ltd posts 20 per cent jump in net profit

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ITC Ltd has reported a net profit of Rs 7.83 billion ($193 million) for the quarter ended June 30, 2007, as compared with Rs 6.52 billion for the same quarter a year ago. This marks a 20 per cent rise, boosted by higher cigarette prices and growth in the company’s packaged foods and hotels businesses. Net sales rose 17 per cent to Rs 33.25 billion.

ITC, 31.7 per cent owned by British American Tobacco Plc, has forayed into personal care, apparel, retail and snack foods, but cigarettes contribute two-thirds of revenues. Shares in ITC, valued at $15.6 billion, gained 3 per cent during the aforementioned quarter.

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