ITC Q2 net increases 5.59% at Rs 2640 crore

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The ITC reported on Friday 5.59% YoY increase in September quarter net profit of Rs 2,640 crore. The company had reported Rs 2,500 crore net profit in the same quarter of last year. The firm also reported 3.1 percent increase in profit on the QoQ basis. The company’s income sharply slipped for the September quarter to Rs 9,760 crore from Rs 13, 491 crores. In this period, the value-added tax was replaced by the Goods and Services Tax.

The company added that its sales from cigarette segment slipped to Rs 4,554.21 crore for the September quarter from Rs 8,528 crore in the corresponding quarter of last year. Commenting on the hotel business, it enjoyed a smooth growth in revenue at Rs 300 crore, whereas income for agribusiness rose to Rs 1967.41 crore.

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