ITC Q1 PAT up 16%

ITC Ltd has reported 16 per growth in PAT (profit after tax) for the first quarter of the current financial year ended June 30, 2006 at Rs 652 crore on the back of net income of Rs 2,934 crore in the same period against PAT of Rs 558 crore and turnover of Rs 2,351 crore in Q1 of 2005-06.

The company's PBT (profit before tax) for the June quarter was Rs 967 crore, while depreciation absorbed Rs 87 crore, against PBT of Rs 830 crore and depreciation of Rs 80 crore in Q1FY06.

The company did not include in its results released today the impact of provisioning of Rs 449 crore in respect of disputed state taxes, the levy and collection of which had been stayed.

Its earnings per share edged up to Rs 1.74 on expanded paid-up equity capital of Rs 375 crore in Q1FY07 from Rs 1.49 on equity of Rs 249 crore in Q1FY06.

ITC's revenue from the cigarette business touched Rs 3,159 crore and that from its non-cigarette FMCG business Rs 359 crore in the June quarter of 2006-07, with the cigarettes division reporting PBT of Rs 815 crore and the other FMCG business a loss of Rs 58 crore.

In comparison, revenue from the cigarette business was Rs 2,843 crore and that from the non-cigarette FMCG business Rs 200 crore in Q1FY06, with the cigarettes reporting PBT of Rs 694 crore and the other FMCG business group a loss of Rs 54 crore.

Revenue from the hotels business touched Rs 198 crore in Q1FY07, with PBT at Rs 57 crore against the Q1FY06 revenue at Rs 146 crore and PBT of Rs 56 crore, indicating pressure on margins.

The paperboards, paper and packaging division of the company reported revenue of Rs 501 crore in Q1FY07 and PBT of Rs 104 crore against revenue of Rs 460 crore and PBT of Rs 89 crore in Q1FY06.

The agri-business division reported revenue of Rs 1,111 crore in the June quarter of 2006-07 and PBT of Rs 47 crore against revenue of Rs 753 crore and PBT of Rs 36 crore in the comparable period of 2005-06.

Overall non-cigarette revenues touched 50.2 per cent of its turnover.

ITC also restated profits of the previous financial year, by reporting a once-off income of Rs 26.77 crore for the quarter ended June 2005 following the settlement with the owners of the Searock Hotel in Mumbai.