FMCG, paper and hotels major ITC today reported a 20 per cent rise in profit after tax (PAT) in the quarter ended June 30, 2007, (Q1FY08), at Rs 783 crore on the back of a 16 per cent rise in sales at Rs 3325 crore in the quarter, taking earnings per share to Rs 2.08.ITC chairman Y C Deveshwar told shareholders at the annual general meeting here today that sales were driven by an 18 per cent rise in non-cigarette revenues at a time when cigarette revenues and operations came under intense pressure owing to the imposition of value added tax and other levies by states in the quarter.He indicated that strong growth in non-cigarette revenues was expected to sustain the improvement in performance which he described as "satisfactory".However, cigarette sales accounted for most of the profits before tax of the company in the quarter while profit before tax grew only marginally for the other divisions and actually dipped for the paper division despite rise in sales.The other FMCG products saw a sharp rise in sales and managed to bring down its losses.Other income in Q1 of this fiscal was at Rs 101 crore, against Rs 84 crore in Q1 of the last fiscal.Cigarette sales in Q1 of this fiscal were at Rs 3441 crore with profit before tax for the segment at Rs 939 crore, as against a revenue of Rs 3159 crore and PBT of Rs 815 crore in Q1 of FY07.Other FMCG sales (comprising foods, garments, cards, stationery, agarbattis and matches) in Q1 of this fiscal was at Rs 542 crore with the segment reporting a loss of Rs 44 crore, against revenue of Rs 359 crore and loss of Rs 58 crore in Q1 of FY07.Hotel revenues in Q1 of this fiscal was at Rs 221 crore with profit before tax for the segment at Rs 64 crore, against revenue of Rs 198 crore and PBT of Rs 57 crore in Q1 of FY07.Agribusiness division revenues in Q1 of this fiscal was at Rs 1418 crore with profit before tax for the segment at Rs 54 crore, against revenue of Rs 1111 crore and PBT of Rs 47 crore in Q1 of FY07.The paperboards, paper and packaging division revenue in Q1 of this fiscal was Rs 526 crore with profit before tax for the segment dipping to Rs 86 crore, against revenue of Rs 501 crore and PBT of Rs 104 crore in Q1 of the last FY07.ITC said it was focussing on exports and enahnacement of manufacturing capacities for its lifestyle retailing business while the hotels business was reporting better revenue per available room (REVPAR) and improved margins from food and beverages sales.The paper business was investing in developing high calibre fibre sources in collaboration with farmers located close to its paper mills in Andhra Pradesh, through supply of imrpved clone saplings and related measures.The agribusiness division has done well thanks to increased leaf tobacco exports, rise in soya trade volumes and higher wheat sales, as also higher revenue from newly launched rural malls called choupal sagars, which had extended the network to 18 choupal sagars in three states.
