Economy Update : ITC’s Q3FY21 standalone net profit down 11.56%

Insight Online News

New Delhi, Feb 11 (IANS) FMCG major ITC on Thursday reported a decine of 11.56 per cent in standalone net profit during the quarter ended December 31, 2020.

Its net profit fell to Rs 3,662.85 crore during the quarter under review from Rs 4,141.93 crore in the corresponding period last year.

“‘Profit After Tax’ stood at Rs 3,662.85 crore representing a decline of 3.7 per cent, on a comparable basis (adjusting for one-time benefit of Rs 340 crore in base period due to reduction of corporate tax rate),” the company said in a statement.

“Total comprehensive income stood at Rs 3,726.18 crore (previous year Rs 3,777.71 crore). Earnings Per Share for the quarter was Rs. 2.98 (previous year Rs.3.37).”

The company’s gross revenue from sale of products and services rose Rs 12,491.63 crore from Rs 11,912.16 crore during the corresponding month of 2020, driven mainly by the agribusiness and FMCG.

The company’s Board recommended an interim dividend of Rs 5 per share for the financial year ending March 31, 2021.

“The marked reduction in daily Covid cases and ongoing vaccination drive are expected to provide a fillip to business sentiment and consumer confidence, as well as boost economic activity going forward.”

“The company continues to closely monitor the situation and is well prepared to respond with agility to strengthen its market standing.”

IANS / AGENCY

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