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ITC’s Q3FY21 standalone net profit down 11.56 pc

ITC

FMCG Major ITC experienced a decrease in its own net income of 11.56 pc for the quarter ended December 31, 2020.

Net profit increased from Rs 4.141.93 billion in the same period last year to Rs 3.662.85 billion for the quarter.

“After-tax income was Rs 3,662.85 billion, down 3.7 pc on a comparable basis (adjusted for the one-time profit of Rs 340 billion in the base period due to the reduction in the corporate tax), “the company said in a statement.

“Total profit was Rs 3,726.18 billion (prior year Rs 3,777.71 billion). Earnings per share for the quarter were Rs 2.98 (prior year Rs 3.37)”.

The company’s gross revenue from the sale of products and services increased by 12,491.63 billion rupees from 11,912.16 billion rupees in the corresponding month of 2020, mainly due to agribusiness and consumer products.

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The company’s board of directors recommended an interim dividend of Rs 5 per share for the year ended March 31, 2021.

“The significant reduction in daily Covid cases and the ongoing vaccination campaign should boost business sentiment and consumer confidence and boost economic activity going forward.”

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

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