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  1. #1
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    Default ITC first quarter profit up 20 %

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    ITC reported a 20.2 per cent increase in its first quarter (June 30, 2012) profit which came on the back of a 15.3 per cent increase in net revenue. The net profit was Rs.1,602 crore against Rs.1,332 crore. Net income was higher at Rs.6,713 crore against Rs.5852 crores in the year-ago period.

    The company said that while non-cigarette FMCG segment posted robust growth, hotels business continued to be impacted by weak global and domestic environment.

    ITC has a presence in hotels, paper and paperboards and packaging and agri -business besides branded packaged foods, garments, education and other stationeries, personal care products and matches and agarbattis.

    In hotels, revenue has remained at the same level as the corresponding quarter of the previous year. ITC, has acquired a prime plot of land in Colombo, Sri Lanka, on a 99-year lease from the Government, for developing a five-star luxury property. ITC Grand Chola at Chennai is awaiting statutory clearances prior to commercial launch. Construction activity of the new luxury properties here (its second) and a golf resort near Gurgaon are on course.

    In paper, results improved, driven by continuous enhancement in the product mix. A paperboard machine at Bhadrachalam and a new carton line at Haridwar are expected to become operational by end-2012-13.

    Agri-business recorded significant improvement in profitability during the quarter aided by better realisations and richer mix across the portfolio
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