Diversified business firm ITC Ltd today posted 20.21% rise in net profit to Rs 1,602.14 crore for the first quarter ended June 30, 2012, on the back of robust sales across non-cigarette FMCG businesses.
It had posted a net profit of Rs 1,332.72 crore during the same period 2011-12, according to an ITC statement.
Net sales of the company rose to Rs 6,552.21 crore for the April-June quarter of 2012-13, as compared to Rs 5,767.47 crore during the same period of the last financial year.
In the FMCG segment, including cigarettes vertical, the company posted net revenues of Rs 4,777.29 crore during the quarter, compared to Rs 4,071.32 crore in the same period of 2011-12.
The non-cigarette FMCG business -- comprising branded packaged food, personal care, education and stationery -- posted net revenues of Rs 1,473.05 crore during the quarter, up 22.98% from same period of previous fiscal.
In the branded packaged foods category of the FMCG segment, the company said it enhanced market standing across categories and posted significant growth in revenues during the quarter.
"Sales of value-added and premium products grew at a faster pace based on an enriched portfolio mix. Improvement in profitability was further aided by smart commodity sourcing and several strategic cost management initiatives," ITC said.
The Kolkata-based firm said several initiatives were launched during the quarter across the cigarette portfolio in terms of pack modernisation and introduction of variants and limited edition packs under the Classic, Flake, Gold Flake Premium Filter brands.
"The business is also test marketing filter cigarettes of length not exceeding 65 mm. On the manufacturing front, investments continued to be made towards enhancement of quality, productivity and variety," it added.
The company posted revenues of Rs 3,304.24 crore in the cigarettes segment in the first quarter ended June 30, as compared to Rs 2,873.56 crore in the same period of 2011-12 fiscal.
