ITC standalone net profit up 8.7 percent in Q2

Kolkata, Oct 31 (IANS) Kolkata based diversified conglomerate ITC Ltd’s standalone net profit rose 8.7 percent to Rs 2,425.16 crore during July-September of the current fiscal, the company announced on Friday.

The company had posted a net profit of Rs. 2,230.53 crore in the year ago period.

The standalone total income went up to Rs.9,023.74 crore for the quarter ended Sep 30 as against Rs 7.862.3 crore during the corresponding period of 2013-14.

In a post on BSE, the company reported that the scheme of arrangement between it and Wimco Limited became effective on June 27. The scheme, with effect from April 1, 2013, provided for the demerger of the non-engineering business of Wimco into the Company.

"The results for the quarters ended June 30, 2014 and Sep 30, 2014 and for the six months ended Sep 30, 2014 reflect the effect of the scheme, and consequently, the figures for the previous periods are not strictly comparable," the company said.

It also reported that Pavan Poplar Limited and Prag Agro Farm Limited have become direct subsidiaries of the company with effect from June 27, consequent upon the scheme becoming effective.

ITC’s revenue earnings from its cigarette business shot up to Rs.4,250.86 crore during the July-September quarter, compared to Rs.3,723.81 crore in the same period of 2013-14 fiscal.

Earnings from FMCG segment other than cigarettes was Rs.2,196.01 crore in the second quarter of 2014-15. The figure was Rs 1,962.22 crore in the year-ago quarter.